LONDON (Alliance News) - Shares in Active Energy Group PLC were suspended from trading on AIM on Thursday pending clarification of whether or not it has been issued commercial timber permits in Canada.
Active Energy, a biomass-based renewable energy firm, requested its shares to be suspended from trading as board members are currently in Newfoundland meeting the relevant officials to discuss the permits approval.
On Monday, the company said it had received confirmation of approval by the Ministry of Fisheries & Land Resources of the Canadian province of Newfoundland & Labrador for the issue of two five-year commercial timber permits.
Active Energy had said it would commence planning for the commercial development of these forestry opportunities and the construction and installation of the first CoalSwitch plant in the Northern Peninsula of Newfoundland.
Furthermore, on Thursday the company said it has received all the relevant documentation from the ministry, saying this confirmation was in a response to an article in the Northern Pen in Newfoundland.
The publication said that Gerry Byrne, the minister of Fisheries & Land Resources, denied that the timber permits had been issued.
https://www.northernpen.ca/business/update-fisheries-and-land-resource-minister-denies-timber-permits-have-been-issued-261472/
Active Energy described the Northern Pen report as "without foundation".
The stock was quoted at 1.25 pence, down 7.4% on the day prior to suspension. Active Energy is down 61% over the past three months.
Active Energy (AEG)