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Doosan Babcock and Doosan Heavy Industries did not own any shares of HTC prior to this acquisition. Doosan Babcock and Doosan Heavy Industries intend to hold the common shares as an investment.
Under the terms of the subscription agreement, Doosan Babcock and Doosan Heavy Industries have the right to participate in any offerings of common shares by HTC to the extent of Doosan Babcock and Doosan Heavy Industries' percentage ownership of common shares and have the right to have one person nominated and recommended by management of HTC for election to the board of directors, as long as Doosan Babcock and Doosan Heavy Industries own not less than 2,300,000 common shares comprising not less than 7.5% of the issued and outstanding common shares of HTC.
Doosan Babcock, Doosan Heavy Industries and HTC also entered into a piggyback registration agreement providing for, among other things, the grant by HTC of registration rights, if at any time HTC proposes to file a registration statement under the United States Securities Act of 1933.
Notes to Editors
About Doosan Babcock
Doosan Babcock designs, supplies and constructs advanced steam generation technology for the power industry. We develop some of the cleanest, most efficient coal-powered plant in the world. Doosan Babcock is also a leading energy services company operating in the thermal power, nuclear, oil & gas and petrochemical industries. Through our innovation we support and enhance the service life of energy assets across the world. With global headquarters in the UK, Doosan Babcock employs around 5,000 personnel.
Doosan Babcock is a wholly owned subsidiary of Doosan Heavy Industries and Construction, which is a part of the Korean based conglomerate Doosan Group.
About HTC
HTC is a publicly traded (HTC:TSX-V) energy technology product development company, that collaborates with the University of Regina, Saskatchewan, Canada. It is one of the world's leading companies that is commercialising CO(2) Capture Technology for power generation facilities.
SOURCE: Doosan Babcock
Matt Tapsell, Doosan Babcock, Tel: +44 (0) 1293 584887, E-mail: MTapsell@doosanbabcock.com; Katharina Lindemann, Hill & Knowlton, Tel:+44 (0) 20 7413 3092, E-mail: Katharina.Lindemann@hillandknowlton.com
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