Carnegie Wave Energy : UIL Limited Becomes Significant CWE Shareholder

UIL Limited (formely Utilico investments Limited and Utilico Limited) has completed an acquisition of 101,330,192 shares in CWE from Renewable Energy Holdings PLC. The shares represent 5.07% of the total shares in CWE, making UIL the second largest shareholder in CWE. UIL has also agreed to a 12 month voluntary trading escrow, preventing sale of their shares for 12 months.

All documentation relating to the share acquisition has been completed and the share transfer has been processed today.

UIL is an Bermudan incorporated investment company, established as a successor company to Utilico Investment Trust plc. UIL's objective is to maximise shareholder returns by identifying and investing in investments worldwide where the underlying value is not reflected in the market price. UIL's investment policy is to invest in undervalued investments in a wide range of sectors and markets. UIL aims to identify and invest in opportunities where the underlying value is not reflected in the market price.

UIL has the flexibility to invest in markets worldwide although investments in the utilities and infrastructure sectors will principally be made in the developed markets of Australasia, Western Europe and North America, as UIL's exposure to the emerging markets utilities and infrastructure sectors will primarily be through its holding in Utilico Emerging Markets Limited. UIL has the flexibility to invest directly in these sectors in emerging markets with the prior agreement of Utilico Emerging Markets Limited. Infratil Limited and Utilico Emerging Markets Limited set the precedent, and over the last three years UIL has supported the formation of Somers Limited (financial services); Zeta (commodities); and Bermuda First Investment Company Limited (Bermuda centric assets).

Carnegie Wave Energy Limited is an Australian, ASX-listed (ASX:CWE) wave energy technology developer. Carnegie is the 100% owner and developer of the CETO Wave Energy Technology intellectual property. Carnegie is focussed on commercial opportunities in key target markets including UK, Europe and remote islands. Carnegie also owns 35% of leading Australian battery/solar microgrid EPC Energy Made Clean with whom Carnegie has a Strategic Alliance agreement focused on delivering mixed renewable microgrid projects to islands and remote and fringe of grid communities.