10 Oct 2017 07:00
10 October 2017
Mytrah Energy Limited
("Mytrah" or the "Company")
Unauthorised Loan
The Independent Members of the Board (the "Board") have been advised that a loan of US$2.4 million was made in early September 2017 to the Company's Chairman, Mr Ravi Kailas, for the purchase of a property which is not related to the Company's operations. The loan was made without prior approval of the Board. Mr Kailas has made arrangements for the full amount of the loan to be repaid by the end of next week.
As a consequence of the above, the Board intends to engage an independent law firm in order to assist in a comprehensive review of the transaction. Following completion of the review, the Board will update shareholders.
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.
For further information, please visit www.mytrah.com or contact:
Mytrah Energy Limited (via Yellow Jersey) Russell Walls, Rohit Phansalkar
| +44 (0)7747 788 221 |
Investec Bank plc Chris Sim / Jeremy Ellis
| +44 (0)20 7597 4000
|
Mirabaud Securities LLP Peter Krens / Rory Scott |
+44 (0)20 7878 3360
|
Yellow Jersey Charles Goodwin / Abena Affum
|
+44 (0)7747 788 221 |
About Mytrah Energy Limited
Mytrah Energy Limited, is a renewable power producer listed on the AIM segment of the London Stock Exchange. The Company is one of the largest Independent Power Producers of the Indian renewable energy sector and a pioneer in this space. Mytrah has a portfolio of 2000MW of operational and under development renewable power projects across 9 Indian states (Punjab, Rajasthan, Gujarat, Madhya Pradesh, Maharashtra, Andhra Pradesh, Telangana, Karnataka and Tamil Nadu). Mytrah also has one of the largest wind data banks in India. It is the only independent power producer with over 200 wind mast locations across the country.
Mytrah Energy (MYT)