Further re winding up of dormant subsidiaries

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:

REACT Energy plc	[phone]
Gerry Madden, CEO
Shore Capital - Nomad & Broker	[phone]
Pascal Keane / Anita Ghanekar
Yellow Jersey PR Limited - Public Relations	[phone]
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

 

END

 

 

FURUBONRSOAWUAR