Kedco PLC Proposed acquisition of Reforce Energy Limited (4657M)

TIDMKED

RNS Number : 4657M

Kedco PLC

18 September 2012

 
Press release  18 September 2012 
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Kedco plc

("Kedco" or the "Company")

Proposed acquisition of Reforce Energy Limited

Kedco plc, (AIM:KED) the renewable energy group focusing on the production of clean energy in the UK and Ireland, announces that it has signed a heads of agreement with Reforce Energy Limited ("Reforce") in relation to the acquisition of its entire share capital (the "Acquisition"). Both parties are now proceeding to final legal contracts and the completion of all pre-conditions relating to the Acquisition. The consideration for the Acquisition, if completed, would be satisfied by the issue of new Kedco ordinary shares and would not involve cash consideration.

Reforce is a renewable energy development company focused on small-scale renewable projects across various technologies. The company's key markets are the UK, Ireland and Northern Ireland where it already has an active pipeline of over 60 projects with a capacity of in excess of 40MWs at various stages of development. Reforce was founded by Steve Dalton and Tim O'Keeffe in 2011.

Steve Dalton was previously head of UIster Bank's / RBS project finance business in Ireland with specific responsibility for the financing of renewable energy projects. For over six years he led the financing of 35 renewable energy projects with a combined capacity in excess of 500MWs including the Kedco 4MW Newry Biomass project. Steve is also currently a director of Mexican Renewable Energy Limited, a development company with 250MWs of wind and solar projects under development in Mexico.

Tim O'Keeffe is an experienced senior executive with a successful track record spanning 30 years across many different businesses and industries including renewable energy, dairy and media. From 1986 to 2009 he was the financial controller of Lee Strand Co-op, based in Co. Kerry, Ireland. Throughout his time with Lee Strand he played a key role in a number of acquisitions and investments made by the Co-op including the development of a 15MW wind farm.

The Company will make further announcements in respect of the Acquisition in due course.

Gerry Madden, CEO of Kedco, commented:

"As recently reported to Kedco shareholders, we have been examining a potential acquisition which we believe has an attractive and diverse portfolio of complimentary projects as well as a strong and experienced management team. We are delighted today to be able to announce the proposed acquisition of Reforce Energy Limited. Kedco has a clear strategy to become one of the UK & Irelands largest independent renewable energy companies. This Acquisition would add both breadth to the pipeline and available technologies as well as depth to the management team."

- Ends -

For further information:

 
                                                 +353 (0)21 483 
Kedco plc                                         9104 
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Gerry Madden, Interim CEO and Finance Director 
-----------------------------------------------  -------------- 
                                                 +44 (0)20 7936 
Deloitte Corporate Finance - Nomad                3000 
-----------------------------------------------  -------------- 
Jonathan Hinton / David Smith 
-----------------------------------------------  -------------- 
                                                 +44 (0)20 7638 
SVS Securities plc - Broker                       5600 
-----------------------------------------------  -------------- 
Ian Callaway / Alex Mattey 
-----------------------------------------------  -------------- 
                                                 +44 (0)20 7398 
Abchurch Communications                           7707 
-----------------------------------------------  -------------- 
Ashleigh Lezard / Shabnam Bashir 
-----------------------------------------------  --------------

Further information on Kedco plc

Kedco plc's business strategy is to identify, develop, build, own and operate renewable energy electricity and heat generation plants in the UK and Ireland. These plants will contribute to the need for sustainable energy from renewable sources.

The Company possesses significant knowledge of renewable energy markets, clean technologies, biomass and waste fuel sources, project development, project finance and project delivery.

Kedco has a strong pipeline of additional plants at varying stages of development, including a site in North London with full Planning and Environmental Permission for the conversion of 60,000 tonnes of waste timber per annum into up to 12MW of electricity and heat. The Company is also currently engaged in the planning process for proposed biomass projects in Rutland, East Anglia and Clay Cross, Derbyshire.

Kedco was admitted to trading on AIM, a market operated by the London Stock Exchange, in October 2008 (AIM:KED).

www.kedco.com

This information is provided by RNS

The company news service from the London Stock Exchange

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