Alternative Energy Limited Status Update (8913I)
31 March 2015 - 1:33AM
UK Regulatory
TIDMALR
RNS Number : 8913I
Alternative Energy Limited
30 March 2015
30 March 2015
ALTERNATIVE ENERGY LIMITED
(the "Company")
Status Update
Due to the significant amount of market activity during the last
few weeks the Board feels that it is appropriate to provide an
update on the Company's current status.
Firstly, the Company is under considerable funding pressure as
drawdowns under the Company's convertible note programme
("Program") (as announced on 1 April 2014 in the Company's Interim
Results) are currently on hold whilst the Company seeks to get back
on the SETS platform for trading. Being on the SETS trading
platform is a condition of the Company's Program which condition
was complied with at the time the Program was entered into. The
Company was taken off the SETS platform whilst its shares were
suspended last year and has been seeking to re-join that platform
with the assistance of its brokers. Despite efforts, this has so
far not been resolved but, in the meantime, the Chairman has
continued to fund minor bills but has been unable to provide major
funding to supplement the Program or pay its larger creditors. The
Company is engaged in other funding discussions but these have not
yet come to fruition. The combination of this has been to put the
Company under considerable pressure and the Company is currently
urgently exploring other means of raising interim funding to pay
for its ongoing operations and settle outstanding sums due to its
creditors.
The Company has taken drastic measures to eliminate expenditure
which have included not renewing the Company's lease of its
Singapore premises, cutting staff and changing the terms of the
contracts of remaining staff to reduce costs. All directors'
salaries are being frozen until the Company's circumstances
change.
The Company is continuing to work on the sales of its products,
in particular its street lights which are currently being tested in
the UK by a number of different potential customers. Tests have so
far been positive and orders are being pursued.
The Company has also commenced preliminary discussions with a
number of different parties with a view to acquiring additional
businesses or projects which could secure the Company's future.
These discussions may lead to a substantial further issue of shares
in exchange for an asset or business and may result in a reverse
takeover of the Company.
In the meantime, the Board are working with the Company's
creditors and potential investors in order to enable the Company to
continue to trade but the market should be aware that failure to
either restore funding to the Company through the Program, or find
additional funding or a suitable acquisition in the near term will
mean that the Board may need to request a suspension in the shares
of the Company. The Board hopes to clarify the Company's position
shortly and in the meantime, extreme caution is therefore advised
in dealing in the Company's shares.
ALTERNATIVE ENERGY LIMITED
Richard Lascelles, Independent Non-executive Director Tel: +44 (0) 20 7408 1067
Eric Goh, Executive Director Tel: +65 68737782
BEAUMONT CORNISH LIMITED (Nomad)
Roland Cornish and Emily Staples Tel: +44 (0) 20 7628 3396
BEAUFORT SECURITIES LIMITED (Broker)
Jon Levinson and Elliot Hance Tel: +44 (0)20 7382 8300
This information is provided by RNS
The company news service from the London Stock Exchange
END
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