CETO: Key acquisition conditions satisfied

4 Aug 2009 11:33



Renewable Energy Holdings plc 

4 August 2009 

Renewable Energy Holdings plc

("REH" or the "Company")

CETO: Key acquisition conditions satisfied

Renewable Energy Holdings plc (AIM: REH), the AIM quoted investor and operator of proven and innovative renewable energy technologies notes the recent announcement by Carnegie Corporation Limited ("Carnegie") in relation to progress in relation to the sale of REH's CETO Wave Technology (the "Transaction") to Carnegie. 

Earlier today Carnegie announced that it had received the fair and reasonable opinion from its Independent Expert required to allow it to convene an extraordinary general meeting of its shareholders on 4 September 2009 to seek their approval for the Transaction.

REH is also pleased to confirm that it has now received Foreign Investment Review Board ("FIRB") approval in relation to the Transaction.

The Transaction remains conditional upon inter alia: 

If required by Chapter 9 of the Listing Rules of the ASX, REH entering into a restriction agreement in relation to its 32% holding in Carnegie which may restrict REH's ability to trade its shares in Carnegie for a set period of time. 

Mike Proffitt, CEO of REH, commented that: 

"We are pleased that Carnegie continue to make good progress in relation to the crystalisation of the value of CETO for REH shareholders".

- Ends -

For further information, please contact: 

Renewable Energy Holdings plc Tel: 01624 641199

Mike Proffitt, Chief Executive

Ambrian Partners - Nominated Adviser & broker Tel: 020 7634 7405

Richard Swindells / Andrew Craig

Financial Dynamics Tel: 020 7831 3113 

Billy Clegg/Edward Westropp/Alex Beagley