Cogenpower PLC Update and receipt of c.EUR400,000 from GSE (0497Q)
07 September 2017 - 4:33PM
UK Regulatory
TIDMCGP
RNS Number : 0497Q
Cogenpower PLC
07 September 2017
Certain information contained in this announcement would have
been deemed inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 until the release of this
announcement.
7 September 2017
Cogenpower Plc
("Cogenpower" or the "Company")
Green Certificate update
Italian Parliament passes new anti-monopoly law and receipt of
c.EUR400,000 from GSE
Cogenpower, the AIM-quoted low-carbon technology energy
business, is pleased to announce that the Italian legislature has
enacted a new law ("Legge annuale per il mercato e la concorrenza",
generally referred to as the Competition Law) which prohibits state
monopolies from retroactively revising decisions they have
previously made, if such revisions would be detrimental to the
affected party.
This law is particularly relevant to Cogenpower. As previously
announced Cogenpower's subsidiary, Cogenpower S.r.l. ("SRL"), has
been in dispute with the GSE, the Italian state entity overseeing
the disbursement of Green Certificate environmental incentives,
with regards to the Company's entitlement to Green Certificates.
The GSE had sought to revise downwards SRL's previously audited and
approved entitlement to Green Certificates and had consequently
claimed a repayment of over EUR900,000 which it subsequently offset
against 2015 certificates issued.
This new legislation comes just over two months after SRL had a
positive decision from the Regional Court in Rome, as announced on
27 June 2017, in which SRL had successfully contested the GSE's
right to offset their demand for repayment against entitlements to
Green Certificates for 2015 and 2016 and that the GSE's basis of
recalculation of entitlements was flawed. The preliminary judgement
was that the Company's case had merit, although the full judgement
of the court would not be announced until March 2018, due to its
significance as a legal precedent.
The Company also announces that the GSE has made an initial
payment to SRL of EUR392,000. These funds have predominantly been
used to settle amounts owed to certain trade creditors of SRL and
put the Company in an improved working capital position. There has
been no further acknowledgement of indebtedness by the GSE.
However, with the enactment of this new law, the Board is confident
of recovering the outstanding amount of approximately EUR1 million
which the Company is owed by the GSE.
On 26 June 2017 Cogenpower announced that it had become apparent
that the Company would not be in a position to publish its audited
report and accounts for the year ended 31 December 2016 by 30 June
2017 in accordance with rule 19 of the AIM Rules for Companies. As
a result the Company's shares were suspended from trading on AIM.
The Company continues to make good progress with the audit and
anticipates being in a position to publish the annual report and
accounts, along with the half yearly report to 30 June 2017, by the
end of September 2017. The Company's ordinary shares remain
suspended pending publication of its annual report and
accounts.
Dr. Francesco Vallone, CEO of the Company, commented:
"We are pleased that this law has been passed, reinforcing the
regional court's decision in June, which fully supports the
Company's position. Despite the damage this dispute has done to the
Company's prospects, we are now looking forward to settling the
matter and growing our business again."
-ENDS-
Further enquiries:
Cogenpower plc Dr. Francesco +39 011 4501466
Vallone +44 7949 209
Ilaria Cannata 301
Martin Groak info@cogenpower.co.uk
------------------------- --------------------- -----------------------
Allenby Capital Limited Nick Athanas
(Nominated Adviser Richard Short +44 (0)20 3328
and Joint Broker) Nick Naylor 5656
------------------------- --------------------- -----------------------
Peterhouse Corporate
Finance Limited (Joint Heena Karani
Broker) Charles Goodfellow +44 (0) 20 7469 0930
------------------------- --------------------- -----------------------
Notes to Editors
Energy efficiency through smart technology: Anaconda
technology
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 was
admitted to trading on AIM in February 2016.
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCFMGGLZVGGNZZ
(END) Dow Jones Newswires
September 07, 2017 02:33 ET (06:33 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