Last checked at 1 Apr 2014 07:00
1 April 2014 |
REACT Energy plc
("REACT" or the "Group")
Reforce Deferred Consideration
REACT Energy plc (AIM:REAC), the energy infrastructure developer and operator which focuses on the production of clean energy in the UK and Ireland, announces that the conditions in relation to the deferred consideration payable to the previous shareholders of Reforce Energy Limited ("Reforce") have now been satisfied.
As announced on the 21 December 2012, the acquisition of Reforce included a maximum deferred consideration of 1,194,743 new ordinary shares* which were to be issued to the former shareholders of Reforce on receipt of planning permission for eight (8) renewable energy projects from Reforce's project pipeline.
The Company has been notified that Reforce has successfully met all conditions in relation to the issue of the deferred consideration including planning permission for eight (8) renewable energy projects. In addition to this it has also achieved planning permission for a further two 500kW single wind turbine projects in the last few weeks as set out in the Company's half year results.
A company owned and controlled by Mr Steve Dalton, a director of REACT and a former founder shareholder of Reforce has been allotted and issued 482,924 shares, under the terms of the share purchase agreement announced on 21 December 2012. Mr Dalton was appointed a director of REACT on the completion of the acquisition of Reforce in December 2012. Following the issue of the deferred consideration shares, Mr Dalton will hold 689,892 ordinary shares in the Company amounting to 2.33% of the issued share capital together with 68,989 warrants.
Application has been made for the admission of 1,194,743 new ordinary shares of €0.10 each in REACT to trading on AIM. The new ordinary shares, which will be issued, fully paid, will rank pari passu in all respects with the existing ordinary shares of REACT. Admission of the new ordinary shares to trading on AIM is expected to occur on Friday 4 April 2014.
REACT's total issued and voting share capital will comprise 29,617,417 ordinary shares. Shareholders should use this figure as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in REACT, under the FCA's Disclosure and Transparency Rules.
*Number of shares post share consolidation in December 2013
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For further information:
REACT Energy plc | +353 (0)21 483 9104 |
Gerry Madden, CEO | |
Shore Capital - Nomad & Broker | +44 (0)20 7408 4090 |
Pascal Keane / Anita Ghanekar | |
Yellow Jersey PR Limited - Public Relations | +44 (0)7768 537 739 |
Dominic Barretto / Anne Legge |
About REACT
REACT Energy plc is committed to operating clean electricity and heat generation plants in the UK and Ireland.
The Group identifies, builds owns and operates plants and possesses significant knowledge of energy markets, clean technologies, fuel sources, project development, project finance and project delivery.
REACT currently has three operational clean energy plants generating electricity and heat for sale.
The generation of clean electricity and heat from biomass has the potential to address the key energy challenges of energy security and carbon commitment and provide strong returns on capital employed.
The company is listed on AIM and trades as REAC.www.reactenergyplc.com.