CFCL up 10% on first day of trading on London's AIM market

On Thursday 2 March 2006 CFCL was admitted to trading on the AIM market of the London Stock Exchange.

The admission is by way of a placing of 175 million new shares at 21.25p (A$0.50) per share ("Placing Price"), representing 60.7 per cent. of the enlarged issued share capital of the Company. The gross proceeds of the Placing are approximately £37.2m ($87.4m). Following Admission the number of ordinary shares in issue will total 288,176,448.

On the first day of trading on AIM, more than 17.5m shares were traded, up to a high of 25p, before closing at 23.5p, an increase of more than 10% over the issue price.

Around 90 new institutional investors in the UK and Europe are being allocated shares under the placement.

CFCL Chairman Julian Dinsdale said: "The European market is very important to Ceramic Fuel Cells Limited, and we are delighted with the response we have had from institutional investors. The funds raised will help advance CFCL's commercialisation and technology development and will be invested in new manufacturing facilities in Europe. We see this as a significant step for CFCL and look forward to developing the business further.

The Company will remain listed on the Australian Stock Exchange.

More information on the AIM market, and the current price on AIM, is available at www.londonstockexchange.com. The Company's AIM code is CFU.

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