EQT Eqtec Plc

 

TIDMKED 
 
RNS Number : 2521H 
Kedco PLC 
17 February 2010 
 

                      Kedco plc ("Kedco" or the "Company") 
                                 Trading update 
The board of Kedco provides the following update in relation to the development 
of its gasification project located in Newry, Northern Ireland. 
On 8 December, the Company announced that it had signed a joint venture 
agreement in relation to a 4 megawatt gasification project in Newry. The project 
was estimated to have a total financing cost of GBP15 million with GBP5 million 
to be met by Kedco and the balance to be met by bank debt. 
The Company is in continued discussions with potential funders around the 
provision of bank debt for the Newry project however to date, Kedco has been 
unable to secure financing on suitable terms. Due to the lack of debt finance, 
the board does not currently expect to commission the Newry plant in the current 
financial year to 30 June 2010. 
As Kedco has incurred significant costs in relation to the Newry project, it 
continues to seek funding from potential investors. The board is currently 
engaged in discussions with a number of different parties around the potential 
investment of equity and/or debt finance into the Company. The board is 
confident that suitable investment will be secured however, it acknowledges that 
there can be no guarantee such investment will be forthcoming. In the absence of 
suitable investment in the short-term, the board would pursue alternative means 
of maintaining adequate cash reserves including management of its working 
capital position. 
A further update in relation to its financing will be made in due course. 
Enquiries: 
+---------------------------------+---------------------------------+ 
| Kedco plc                       | +353 (0) 21 4670427             | 
| Donal Buckley/Gerry Madden      |                                 | 
|                                 |                                 | 
+---------------------------------+---------------------------------+ 
| Deloitte Corporate Finance      | +44 (0) 20 7936 3000            | 
| (Nomad)                         |                                 | 
| Jonathan Hinton/David Smith     |                                 | 
+---------------------------------+---------------------------------+ 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 TSTBCGDDSXBBGGL 
 

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