Last checked at 12 Sep 2014 17:19
12 September 2014 |
REACT Energy plc
("REACT" or the "Company")
Update on Newry Biomass project and winding up of Kedco Fabrication
REACT Energy plc (AIM: REAC), the energy infrastructure developer and operator which focuses on the production of clean energy in the UK and Ireland today announces that further to the announcement dated 24th June 2014 the directors of Newry Biomass Limited ("NBL") have advised Kedco Fabrication Limited ("KFL" a subsidiary of REACT Energy plc) that KFL does not have a future role as Engineer, Procure and Construct ("EPC") provider for the Newry Biomass project.
NBL is in the final stages of negotiations with an alternative technology provider regarding the provision of a full technology solution for the Newry Biomass project under an EPC contract. It is expected that this alternative provider will take full responsibility for the construction, commissioning and operation of the project and the role of KFL is no longer required. Further updates will be provided in due course.
REACT has subsequently been informed by the directors of KFL that it is the intention of this company to hold creditor meetings on 29 September 2014 to seek liquidation of the company. The directors of KFL are Gerry Madden and Brendan Halpin who are also directors of REACT.
The total amount of net debt owed by KFL to creditors is £1.5 million of which £1.4 million is owed to REACT.
- Ends -
For further information:
REACT Energy plc | +353 (0)21 483 9104 |
Gerry Madden, CEO Brendan Halpin, Finance Director | |
Shore Capital - Nomad & Broker | +44 (0)20 7408 4090 |
Pascal Keane / Anita Ghanekar | |
Yellow Jersey PR Limited - Public Relations | +44 (0)7747 788 221 |
Dominic Barretto / Anna Legge |
About REACT
REACT Energy plc is committed to operating clean electricity and heat generation plants in the UK and Ireland.
The Company 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 four operational clean energy plants generating revenue from the sale of electricity and heat.
The generation of clean electricity and heat from sustainable sources 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