DGAP-News: Dyesol Limited: Tasnee Enters Strategic Investment Agreement with Dyesol
(firmenpresse) - DGAP-News: Dyesol Limited / Key word(s): Investment/Agreement
Dyesol Limited: Tasnee Enters Strategic Investment Agreement with
Dyesol
28.02.2013 / 09:08
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Queanbeyan, Australia - 28 February 2013 - Saudi Arabian industrial giant,
The National Industrialization Company of Saudi Arabia, better known as
Tasnee, has invested AUD $4 million in Australian clean energy company,
Dyesol Limited (ASX: DYE), by way of a 15 month redeemable loan note,
convertible into Dyesol shares at 16.6 cents per share, with a 0% coupon
(as is required by Saudi Arabian law).
During an initial 6 month exclusivity period, Tasnee and Dyesol will
discuss a number of partnership and investment possibilities, focusing on
R&D collaboration, large-scale production share, potential demonstration
projects in the Middle East and, importantly, further investment up to a
total of A$20 million.
Tasnee is a $5 billion diversified industrials company listed on the Saudi
Arabian Stock Exchange and the world's second largest producer of titanium
dioxide. It is strongly vertically integrated and owns several titanium
mines in Australia, principally through its acquisition of Bemax Resources.
Its subsidiary, Cristal has been working with Dyesol UK since 2009 to
develop nano-titania for use in Dyesol's major steel project with Tata
Steel Europe in the UK. Nano-titania is a semi-conductor and a key material
in manufacture of DSC photovoltaic solar cells.
Dyesol is a global leader in the field of Dye Solar Cell (DSC) technology.
DSC is a third generation photovoltaic technology often referred to as
'artificial photosynthesis' due to the way the thin layers of key materials
- including the semi-conductor titanium dioxide layer - generate renewable
energy from sunlight, shady light, dappled light or even indoor lighting.
Under the Subscription Agreement, Tasnee will have the right to invest up
to a total of A$20 million in Dyesol during the exclusivity period at 18
cents per share. To the extent that investment is beyond 20% ownership in
Dyesol and/or exceeds capacity under ASX Listing Rule 7.1, the strategic
investment will require shareholder approval as required by the
Corporations Act and the ASX Listing Rules, respectively.
As promised to existing Dyesol shareholders at the 2012 AGM, the Company
will conduct a Share Purchase Plan (SPP) at 16.6 cents per share to raise a
further A$2 million to participate in investment alongside Tasnee. In
addition, Dyesol has investigated other non-dilutionary funding options in
recent months, including Government clean energy funding programs, which
will mean it is confident of fulfilling all its funding obligations in
major projects during 2013 and beyond.
Dr. Talal Bin Ali Al-Shair, Cristal's Chairman and CEO, commented:
'We are so passionate about titanium - from mining to pigments to specialty
chemicals and beyond. Titanium is at the heart of all we do, and this
strategic investment in Dyesol marks our commitment to pioneering
innovation, constant product and process improvement, and our leading role
in contributing to creating a brighter and cleaner world.'
Mr Richard Caldwell, Dyesol Executive Chairman welcomed the investment by
Tasnee:
'Tasnee has demonstrated great commitment to the successful
commercialisation of our Dye Solar Cell technology, both through
participation in long-term R&D programmes and now through its expression of
intent by investment in a convertible note. Tasnee has a very strong
balance sheet and interest to diversify its activities into renewable
energy. Dyesol looks forward to exploring mutually beneficial
opportunities.'
About Tasnee
Tasnee (also known as The National Industrialization Company of Saudi
Arabia) is the second largest industrial company in Saudi Arabia and the
second largest producer of titanium dioxide in the world. It was
established in 1985 as Saudi Arabia's first joint-stock industrial company
fully owned by the private sector. Tasnee erects, manages, operates and
owns petrochemical, chemical, plastic, engineering and metal projects and
provides industrial services and markets its products through five major
sectors. In the chemicals sector, Tasnee operations include the
subsidiary, Cristal, also known as the National Titanium Dioxide Company.
www.tasnee.com
About Cristal
Cristal is the world's second-largest producer of titanium dioxide and a
leading producer of titanium chemicals. Cristal is the world's leading
supplier of ultrafine titanium dioxide products and titanium chemicals and
is a fast-growing producer of mineral sands and titanium metal powder. By
increasing our global presence, staying in the forefront of new titanium
technologies, protecting the environment, and giving back to the
communities where we work, Cristal strives to be a model corporate citizen
and a name synonymous with the benefits of titanium products.
www.cristal.com
About Dyesol Limited
Dyesol is a global supplier of Dye Solar Cell (DSC) materials, technology
and know-how. DSC is a photovoltaic technology enabling metal, glass and
polymeric based products in the building, transport and electronics sectors
to generate energy and improve energy efficiency. Dyesol partners with
leading multinational companies who possess significant market share and
established routes-to-market. The company is listed on the Australian
Stock Exchange (DYE), the German Open Market (D5I.F), and is trading on the
OTCQX (DYSOY) through its depositary BNY Mellon. www.dyesol.com
Media&Investor Relations Contacts:
Germany&Europe: Eva Reuter, DR Reuter Investor Relations Tel: +49 177
605 8804, e.reuter(at)dr-reuter.eu
Dyesol Headquarters: Angela Geary, Dyesol Brand Manager Tel: +61 (0)2
6299 1592, ageary(at)dyesol.com
Australia: Viv Hardy, Callidus PR Tel: +61(0)2 9283 4113 or +61 (0)411
208 951
End of Corporate News
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