Paternoster Resources PLC Announcement by Plutus PowerGen PLC (7051P)
21 November 2016 - 9:22PM
UK Regulatory
TIDMPRS
RNS Number : 7051P
Paternoster Resources PLC
21 November 2016
21 November 2016
Paternoster Resources plc
("Paternoster" or the "Company")
Plutus PowerGen plc Indicative Partnership with Blue Chip
Utility Company
Paternoster is pleased to note the announcement this morning by
Plutus PowerGen plc ("PPG"), an investee company of Paternoster,
which is set out below.
Nicholas Lee, Chairman, said:
"I am pleased that the company is expecting to make another very
positive step forward following on the heels of the recent
commissioning of its first project. "
For more information, please contact:
Paternoster Resources plc:
Nicholas Lee, Chairman +44 20 7580 7576
Nominated Advisor and
Joint Broker:
Stockdale Securities
Antonio Bossi/David Coaten +44 20 7601 6100
Joint Broker:
Peterhouse Corporate Finance
Lucy Williams +44 20 7562 3351
Full text of Plutus PowerGen plc announcement:
Plutus PowerGen plc, the AIM listed power company focused on the
development, construction and operation of flexible power projects
in the UK, is pleased to announce that it has received an offer by
a leading Big Six multinational utility company to fund up to 20%
of any 20MW renewable fuel or gas powered flexible energy projects
going forward.
This fits ideally with the Company's strategy to deliver
projects in which it holds an 80% interest and this relationship is
envisaged to provide sufficient equity to allow PPG to develop
majority owned assets while maintaining its zero dilution to
shareholders policy. The Board is confident that it will be able to
fund its portion of the development costs via debt, particularly
given the endorsement of this major energy and services company.
This belief is also underpinned by the Company's recent securement
of asset financing for the development of its recently commissioned
project in Plymouth.
PPG CEO Phil Stephens said, "This interest from a major
utilities company is transformational. Most importantly, it enables
PPG to start implementing the next phase of our strategy, which is
focused on retaining a much larger share of the value of our
projects for the benefit of our shareholders. It also endorses both
our business model, which is focused on delivering a consistent
source of power to mitigate the UK's risk of brown or black outs,
and the quality of our projects, given the blue chip nature of the
prospective partner. With our first project recently commissioned
and generating revenues, this is a very exciting time for PPG and
we look forward to providing updates in the near term as we
continue to implement our business plan."
**ENDS**
This information is provided by RNS
The company news service from the London Stock Exchange
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