REH22 Sep 2010 16:30
There may be leaks soon but I suspect we wont see any change until 23/12/2010. There is a General Meeting tomorrow but I suspect Carnegie will announce big developments and updates around 23/12/2010 when REH SP will rise and those that vought big on 21.10.10 can benefit from. - see below extracts from tomorrows agenda
CETO
The Group currently holds approximately a 29.2 per cent. shareholding in Carnegie, which has a value,
based on the current share price as at 6 September 2010 of approximately £12 million and which REH
is restricted from trading until 23 December 2010.
REH has the right to appoint two directors to the board of Carnegie, and has appointed Michael Proffitt
and Jeff Harding (a former Director of REH and an Australian resident). Through its representation on
the Carnegie board, the Company is continuing to monitor the progress of CETO, to assess the
likelihood and timing of commercial success and to ensure REH’s interests, and those of Shareholders,
are appropriately represented.
Based on the results of ongoing testing of the CETO wave technology to date, the Directors believe that
this strategic shareholding will provide value for Shareholders in the long term.
Shareholder approval and General Meeting
The Disposal is deemed to be a disposal resulting in a fundamental change to the Company’s business
for the purposes of Rule 15 of the AIM Rules and is therefore conditional, inter alia, on the approval of
Shareholders being given at the General Meeting.
The General Meeting, at which the Resolution to enable the Disposal to take place will be proposed, is
to be held at 11.00 a.m. on 23 September 2010 at the registered offices of the Company, being IOMA
House, Hope Street, Douglas, Isle of Man IM1 1AP. If the Resolution is passed, it will permit the
Company to dispose of the German Wind Assets pursuant to the terms of the Agreement
Sign In
Follow the stocks
