React Energy PLC Update: Newry project and winding up of KFL (5968R)
13 September 2014 - 2:19AM
UK Regulatory
TIDMREAC
RNS Number : 5968R
React Energy PLC
12 September 2014
12 September 2014
REACT Energy plc
("REACT" or the "Company")
Update on Newry Biomass project and winding up of Kedco
Fabrication
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 further to the
announcement dated 24(th) June 2014 the directors of Newry Biomass
Limited ("NBL") have advised Kedco Fabrication Limited ("KFL" a
subsidiary of REACT Energy plc) that KFL does not have a future
role as Engineer, Procure and Construct ("EPC") provider for the
Newry Biomass project.
NBL is in the final stages of negotiations with an alternative
technology provider regarding the provision of a full technology
solution for the Newry Biomass project under an EPC contract. It is
expected that this alternative provider will take full
responsibility for the construction, commissioning and operation of
the project and the role of KFL is no longer required. Further
updates will be provided in due course.
REACT has subsequently been informed by the directors of KFL
that it is the intention of this company to hold creditor meetings
on 29 September 2014 to seek liquidation of the company. The
directors of KFL are Gerry Madden and Brendan Halpin who are also
directors of REACT.
The total amount of net debt owed by KFL to creditors is GBP1.5
million of which GBP1.4 million is owed to REACT.
- Ends -
For further information:
+353 (0)21 483
REACT Energy plc 9104
Gerry Madden, CEO
Brendan Halpin, Finance Director
+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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