Cogenpower PLC Resignation of auditor (7162E)
10 May 2017 - 5:45PM
UK Regulatory
TIDMCGP
RNS Number : 7162E
Cogenpower PLC
10 May 2017
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 ("MAR"). With the
publication of this announcement via a Regulatory Information
Service ("RIS"), this inside information is now considered to be in
the public domain.
10 May 2017
Cogenpower plc
("Cogenpower" or the "Company")
Resignation of auditor
Cogenpower (CGP.L), the AIM-quoted low carbon technology energy
business, announces that it has received a letter, dated 8 May
2017, from its auditors, BDO LLP ("BDO"), confirming to the Company
BDO's agreed resignation as the Company's auditor.
As highlighted in the Company's announcement on 3 May 2017, the
Company's working capital position remains constrained due to: i) a
dispute over the receipt of Green Certificate incentives, as
previously announced; and ii) the seasonality of Cogenpower's
business. The Company therefore currently remains reliant on the
continued support of Unicredit S.p.A (its main banker) and its
principal trade creditors to mitigate the impact of: i) lower cash
generation during the warmer months of the year; and ii) the
dispute with the GSE, the supervisory body that is withholding the
Green Certificates earned by the Company in previous years. One of
the Company's trade creditors is BDO.
After discussion with BDO on the likely timing of the Company
clearing outstanding balances, which the Company has advised BDO it
wishes to review, it became clear that it was unlikely to be
resolved before the end of June, when an audit certificate would be
required. BDO explained that, in that case, their ability to be
independent would be compromised and they would not be able to give
an audit opinion. It was therefore agreed that they would stand
down as auditor of the Company.
In accordance with section 519 of the UK Companies Act 2006, BDO
has deposited a statement with the Company of these circumstances
connected with it ceasing to hold office as auditor of the Company.
In accordance with the requirements of section 520 of the UK
Companies Act 2006, a copy of the statement received from BDO will
be sent to all shareholders and creditors.
The Company would like to thank BDO for its service to the
Company and notes that BDO Italia remains as auditor of the
Company's Italian subsidiaries.
The Company is in discussions with a replacement auditor and a
further announcement will be made shortly.
-ENDS-
Further enquiries:
Cogenpower plc Dr. Francesco +39 011 4501466
Vallone
Ilaria Cannata +44 7949 209 301
Martin Groak info@cogenpower.co.uk
--------------------- ----------------- -----------------------
Allenby Capital Nick Athanas
(Nominated Adviser Richard Short +44 (0)20 3328
and Broker) Nick Naylor 5656
--------------------- ----------------- -----------------------
Notes to Editors
About Cogenpower
Cogenpower (CGP.L) designs, builds or transforms, owns and
operates high efficiency district heating and cooling schemes,
scalable to serve communities from 3,000 to 50,000 people. At the
heart of the business is Cogenpower's Anaconda Artificial
Intelligence technology, an automated, Artificial Intelligence
energy generation and control system equipped with a heat storage
facility that delivers heat to customers and electricity to the
grid with proven energy efficiency of more than 90%. Cogenpower's
shares were admitted to trading on AIM in February 2016.
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCGRGDUXSBBGRG
(END) Dow Jones Newswires
May 10, 2017 03:45 ET (07:45 GMT)
Hostmore (LSE:MORE)
Historical Stock Chart
From Apr 2024 to May 2024
Hostmore (LSE:MORE)
Historical Stock Chart
From May 2023 to May 2024