Active Energy Group PLC Update on FMA Application (2054D)
October 08 2018 - 1:00AM
UK Regulatory
TIDMAEG
RNS Number : 2054D
Active Energy Group PLC
08 October 2018
Active Energy Group Plc / EPIC: AEG / Sector: Alternative
Energy
8 October 2018
Active Energy Group Plc ('Active Energy', the 'Company' or the
'Group')
Update on the application to the Crown Province of Newfoundland
and Labrador (the "Province') for a Forestry Management Agreement
('FMA')
Active Energy, the London quoted international biomass based
renewable energy and forestry management business, confirms that
last week meetings were held in the Province with the Minister of
Fisheries and Land Resources ("FLR"), the Honourable Gerry Byrne
and Minister of Tourism, Culture, Industry and Innovation ("TCII"),
the Honourable Christopher Mitchelmore, and their respective team
members. All have been actively involved in advancing the Company's
proposed forestry and biomass fuel production application (the
'Application') over the last 18 months and Active Energy wishes to
update the market of the current status of the Application.
The Province, and in particular the Ministry of TCII and the
Ministry of FLR, continue to support the advancement of the
Application to final approval. Furthermore, they have been
complimentary of the Company's continuing commitment to the
Province and all the work that Active Energy has done in regard to
the whole application process. To that end, there were constructive
discussions last week and based upon those discussions, Active
Energy is now amending its application to focus exclusively on the
forestry opportunities and the development of one or more dedicated
CoalSwitch(TM) plants for the Districts 17 and 18.
Minister of Fisheries and Land Resources, the Honourable Gerry
Byrne, spent a significant amount of time meeting with Richard
Spinks to address concerns and confirmed his continuing support for
the Company's proposal. Active Energy has been given no reason to
be concerned at the delay in the process and can confirm that it is
encouraged by the positive and supportive approach by all
Government departments to the questions presented and requests
made.
The Company continues to believe that a significant long term
commercial opportunity exists for both the Company and the Province
through the introduction of its proprietary CoalSwitch(TM)
biomass-based fuel as a significant export revenue generator for
the Province.
In order to ensure the energy and focus required to expedite
this opportunity, Richard Spinks, who is currently an Executive
Director of the Company, has decided to relinquish his Active
Energy board responsibilities and will focus solely on his position
as Managing Director of Timberlands, effective from 1 November
2018. As such, Richard will focus specifically on strengthening the
Group's Newfoundland and Labrador relationships and the associated
opportunities.
Richard Spinks, Managing Director of Timberlands said, "The
Province of Newfoundland and Labrador represents an area of
significant interest to Active Energy and Timberlands. I was
particularly encouraged during my visit to the Province by the
level of genuine interest and support expressed by Government,
academia and Industry. Once again, I thank Minister Byrne for the
positive and constructive discussions held in Corner Brook.
"Timberlands and Active Energy have already made a tremendous
investment in the Province over the last two years and Timberlands
is working harder than ever to bring to fruition these common
commercial goals for both the Group and the Province.
"My ultimate objective is to make a significant contribution to
the Government's stated goal of revitalising the forestry industry
in the Province and this remains the central focus of our
activities, both present and future. I believe that based upon the
recent meetings, a long term relationship between both the Province
and Timberlands has been established and is set to grow further.
Active Energy looks forward to providing shareholders with further
updates as appropriate."
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) 596/2014.
**ENDS**
Enquiries& Further Information:
Website LinkedIn
www.active-energy.com www.linkedin.com/company/activeenergy
www.aeg-plc.com
--------------------------------------
Enquiries
Active Energy Group Michael Rowan michael.rowan@aegplc.com
Plc Chief Executive Officer (Active
Energy)
--------------------------------- ----------------------------
Richard Spinks richard.spinks@aegplc.com
Managing Director (Timberlands
International Ltd)
--------------------------------- ----------------------------
Northland Capital David Hignell / Gerry Beaney Office: +44 (0)20
Partners Limited 3861 6625
Nominated Adviser
--------------------------------- ----------------------------
Optiva Securities Graeme Dickson / Ed McDermott Office: +44 (0)20
Ltd Broker 3137 1902
--------------------------------- ----------------------------
St Brides Partners Susie Geliher / Isabel de info@stbridespartners.co.uk
Financial PR Adviser Salis Office: +44 (0) 20
7236 1177
--------------------------------- ----------------------------
About Active Energy Group:
Active Energy Group Plc (AIM: AEG.L) is a London Stock
Exchange-listed international renewable energy business based upon
forestry assets. Its model is focussed on capturing the entire
forestry value chain through sourcing, utilising and
commercialising assets, and setting a new standard in the
sustainable management and optimisation of timber resources.
The Company is led by a highly technical and commercial team
with the experience to execute its defined growth strategy and
build its visibility, primarily as a London-listed timber
opportunity with a revolutionary biomass fuel technology.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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