21 Dec 2015 07:00
RNS
21 December 2015
redT energy plc
("redT" or the "Company")
Roll-in of further economic interests in REDT
The board of redT energy plc ("redT energy" or the "Company") is pleased to announce that it has reached an agreement to acquire (the "Transaction") an additional 2.6 per cent. economic interest in Renewable Energy Dynamics Holdings Limited ("REDH"), the holding company for its energy storage business. The consideration is the issue of, in aggregate, 8,157,897 new redT energy ordinary shares of €0.01 each (the "Consideration Shares").
Following completion of the Transaction, redT energy will have an economic interest in 99.7% of REDH and will continue to have effective voting control of 100% of the shares in REDH, which it achieved through the roll-in announced on 30 September 2015 and related announcements on 8 and 14 October 2015. In due course, redT energy intends to seek to acquire the remaining 0.3% economic interest in REDH which would be subject to a separate transaction.
The Transaction is being effected through the acquisition of a 7.34% minority stake in an intermediate holding company of REDH, Re-Fuel Technology Limited, of which the Company already has an interest of 91.86%. Post completion of the Transaction, the Company will have an interest in Re-Fuel Technology Limited of 99.20%.
As part of the Transaction, each of the vendors under the Transaction has undertaken to the Company that, save with prior written consent of the board of the Company, they will not dispose of any of their respective Consideration Shares for a period of 12 months.
Application has been made for 8,157,897 Consideration Shares to be admitted to trading on AIM. Admission is expected to take place on 24 December 2015.
Following completion of the Transaction, the Company will have 409,833,227 ordinary shares of €0.01 each in issue. This figure of 409,833,227 may be used by shareholders 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, the Company under the FCA's Disclosure and Transparency Rules.
Enquiries:
redT energy plc | +44 (0)207 121 6100 |
Scott McGregor, Chief Executive Officer | |
Jonathan Marren, Chief Financial Officer | |
finnCap Ltd (Nominated Adviser and Broker) | +44 (0)207 220 0500 |
Julian Blunt (Corporate Finance) | |
Tony Quirke (Corporate Broking) | |
Celicourt (Financial PR) Mark Antelme
| +44 (0)207 520 9266 |
About redT
redT develops and supplies durable and robust energy storage systems based on proprietary vanadium redox flow technology for on and off-grid applications. The liquid storage medium affords an exceptionally long life of over 10,000 full charge/discharge cycles and a 100% usable depth of discharge. Combined with low maintenance requirements this delivers industry leading levelised cost of storage (LCOS) and total cost of ownership (TCO) results. The modular approach allows the power and energy components of systems to be independently sized to meet customer requirements.
Until now it has not been possible to directly compare variable renewable energy generation sources with firm diesel or fossil fuel generation. PV + Storage is now reaching 'grid parity' in many countries, a paradigm shift in energy production, which will ultimately enable a distributed energy network optimising conventional and renewable generation. The redT system has applications in remote power, smart grids, power quality, and all aspects of renewable energy management.