React Energy PLC Further re winding up of dormant subsidiaries (1719Q)
August 27 2014 - 11:34AM
UK Regulatory
TIDMREAC
RNS Number : 1719Q
React Energy PLC
27 August 2014
27 August 2014
REACT Energy plc
("REACT" or the "Company")
Winding up of dormant group subsidiaries
Further to the announcement on 13 August 2014, REACT Energy plc
(AIM: REAC), the energy infrastructure developer and operator which
focuses on the production of clean energy in the UK and Ireland
today announces that following shareholder and creditor meetings
held on 27 August 2014 the following non trading and dormant
companies of the Kedco Block Holdings Limited Group (a sub-group of
companies in the REACT group ("KBHL" or "KBHL sub-group")) being
Kedco Block Holdings Limited, which is a direct subsidiary of REACT
and its wholly owned subsidiary companies Kedco Energy Limited,
Granig Trading Limited, Kedco Power Limited and Castle Homes
Supplies Limited entered into creditors' voluntary liquidation
following the appointment of a liquidator to each company.
Pursuant to Rule 17 of the AIM Rules for Companies (the "AIM
Rules"), the following disclosure falls to be disclosed under
Schedule Two, paragraph (g) of the AIM Rules: the directors of all
companies in the KBHL sub-group are Gerry Madden and Brendan Halpin
who are also directors of REACT.
As previously announced, the Board considers the proposed
liquidations to be a final step of the group's restructuring
process. The total amount of net debt owed by KBHL sub-group to
creditors is EUR 3.5 million. In relation to the net debt owed,
there is no recourse to REACT.
As from 27 August 2014, the balance sheets of the KBHL sub-group
will no longer be consolidated into the reported results of
REACT.
- Ends -
For further information:
+353 (0)21 483
REACT Energy plc 9104
Gerry Madden, CEO
+44 (0)20 7408
Shore Capital - Nomad & Broker 4090
Pascal Keane / Anita Ghanekar
+44 (0)7747 788
Yellow Jersey PR Limited - Public Relations 221
Dominic Barretto / Anna Legge
About REACT
REACT Energy plc is committed to operating clean electricity and
heat generation plants in the UK and Ireland.
The Company identifies, builds owns and operates plants and
possesses significant knowledge of energy markets, clean
technologies, fuel sources, project development, project finance
and project delivery.
REACT currently has four operational clean energy plants
generating revenue from the sale of electricity and heat.
The generation of clean electricity and heat from sustainable
sources has the potential to address the key energy challenges of
energy security and carbon commitment and provide strong returns on
capital employed.
The company is listed on AIM and trades as
REAC.www.reactenergyplc.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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