Last checked at 26 Nov 2018 13:30
Active Energy Group Plc / EPIC: AEG / Sector: Alternative Energy
26 November 2018
Active Energy Group Plc
('Active Energy' or the 'Company')
Restoration of Trading and Grant of Commercial Timber Permits
Active Energy, the London quoted international biomass based renewable energy and forestry management business, announces that further to its announcements of 19 November 2018 and 22 November 2018, trading in the Company's ordinary shares on AIM will resume with effect from 1:30p.m. today (Monday 26 November 2018).
The Board of Active Energy confirms that its subsidiary, Timberlands International ('Timberlands International') through its local operating company Timberlands International (Newfoundland and Labrador) Inc ('Timberlands Newfoundland'), was formally issued two five-year Commercial Timber Permits ('CTPs') for Forestry Management Areas 17 and 18 by the Ministry of Fisheries and Land Resources of the Crown Province of Newfoundland and Labrador (the 'Ministry') on Friday 23 November 2018. The CTPs are issued with a five-year revolving renewal facility relating to a total Annual Allowable Cut ('AAC') of 100,000 cubic metres per annum, which equates to 500,000 cubic metres over five years. In addition, the CTPs specify certain standard conditions including the species, class and volume of timber that may be cut and the locations from where such timber may be cut.
The Ministry had approval to grant the CTPs on 16 November 2018. At that time, Timberlands Newfoundland had not been granted the CTPs as their issue was still subject to the formal acceptance by Timberlands Newfoundland of certain standard conditions relating to the CTPs. Following meetings between representatives of the Company and the Ministry last week, the details relating to the formal grant of the CTPs (including acceptance of the standard permit conditions) were then finalised on Friday 23 November 2018.
Active Energy Chief Executive Officer, Michael Rowan, said, "The Board of Active Energy is delighted with this outcome and we are looking forward to working with the Ministry in Newfoundland. Further announcements will be made as appropriate."
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014 (MAR).
**ENDS**
For further information visit www.aegplc.com or follow on Twitter: @aegplc
Enquiries | ||
Active Energy Group Plc | Michael Rowan Chief Executive Officer
| info@aegplc.com
|
Northland Capital Partners Limited Nominated Adviser
| David Hignell / Gerry Beaney / Domile Andruskeviciute | +44 (0)20 3861 6625 |
Optiva Securities Ltd Broker | Jeremy King / Ed McDermott | +44 (0)20 3137 1902 |
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About Active Energy Group:
Active Energy Group Plc (AIM: AEG) is a London Stock Exchange-listed international renewable energy business based upon forestry assets. Its model is focussed on capturing the entire forestry value chain through sourcing, utilising and commercialising assets, and setting a new standard in the sustainable management and optimisation of timber resources.
The Company is led by a highly technical and commercial team with the experience to execute its defined growth strategy and build its visibility, primarily as a London-listed timber opportunity with a revolutionary biomass fuel technology.