IGAS.L Regulatory News (IGAS)

25 Nov 2005 07:00

KP Renewables PLC25 November 2005 KP Renewables plc ("KP Renewables" or the "Company") is today issuing a circularto shareholders convening an EGM (the "Circular") to be held at the Company'soffices at Suite 101, Boston House, 69-75 Boston Manor Road, Brentford,Middlesex TW8 9JJ on Monday 19 December 2005 at 4.00p.m. The purpose of themeeting is to consider a resolution regarding the directors' ability to issueand allot relevant securities, details of which are set out in the Circular. In the Circular, the Directors provide an update on recent activities asfollows: "The Company has been busy moving forward on a broad range of developmentinitiatives. These cover a variety of renewable technologies in a number oflocations pursuant to the strategic plan outlined in our Admission Document.Furthermore, the Company has been offered development opportunities in Europeanmarkets with established renewable generation regimes, principally in Spain andPoland. Your Board takes the view that such transactions, appropriatelystructured and with project finance availability, should be added to KPRenewables' project portfolio despite not benefiting from the PPA structure thatwe hold within the UK. In addition, negotiations have reached an advanced stage with a number ofpotential partners for a range of biomass and wind projects within the UK. Theseinclude projects identified in our Admission Document and a number of additionalopportunities. The Directors believe that such projects could lead to an initialdevelopment of projects generating approximately 150MW of biomass and 160MW ofwind, with a further pipeline in excess of 100MW. This is consistent with theCompany's longer term aim to develop in excess of 500MW. Pursuant to the development of one of these projects, on 24 November the Companyannounced that it had entered into a joint-development agreement providing aframework to develop, finance, construct and operate up to 100MW of renewableenergy projects in Northern Ireland and Ireland." Copies of the circular will be available at the Company's offices at Suite 101,Boston House, 69-75 Boston Manor Road, Brentford, Middlesex TW8 9JJ in officehours. Enquiries Dr James Watkins, CEORobert Smyth, Finance Director +44 (0) 20 8231 8820 This information is provided by RNS The company news service from the London Stock Exchange