React Energy PLC Reforce Deferred Consideration (6518D)
April 01 2014 - 2:00AM
UK Regulatory
TIDMREAC
RNS Number : 6518D
React Energy PLC
01 April 2014
1 April 2014
REACT Energy plc
("REACT" or the "Group")
Reforce Deferred Consideration
REACT Energy plc (AIM:REAC), the energy infrastructure developer
and operator which focuses on the production of clean energy in the
UK and Ireland, announces that the conditions in relation to the
deferred consideration payable to the previous shareholders of
Reforce Energy Limited ("Reforce") have now been satisfied.
As announced on the 21 December 2012, the acquisition of Reforce
included a maximum deferred consideration of 1,194,743 new ordinary
shares* which were to be issued to the former shareholders of
Reforce on receipt of planning permission for eight (8) renewable
energy projects from Reforce's project pipeline.
The Company has been notified that Reforce has successfully met
all conditions in relation to the issue of the deferred
consideration including planning permission for eight (8) renewable
energy projects. In addition to this it has also achieved planning
permission for a further two 500kW single wind turbine projects in
the last few weeks as set out in the Company's half year
results.
A company owned and controlled by Mr Steve Dalton, a director of
REACT and a former founder shareholder of Reforce has been allotted
and issued 482,924 shares, under the terms of the share purchase
agreement announced on 21 December 2012. Mr Dalton was appointed a
director of REACT on the completion of the acquisition of Reforce
in December 2012. Following the issue of the deferred consideration
shares, Mr Dalton will hold 689,892 ordinary shares in the Company
amounting to 2.33% of the issued share capital together with 68,989
warrants.
Application has been made for the admission of 1,194,743 new
ordinary shares of EUR0.10 each in REACT to trading on AIM. The new
ordinary shares, which will be issued, fully paid, will rank pari
passu in all respects with the existing ordinary shares of REACT.
Admission of the new ordinary shares to trading on AIM is expected
to occur on Friday 4 April 2014.
REACT's total issued and voting share capital will comprise
29,617,417 ordinary shares. Shareholders should use this figure 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 REACT, under the FCA's Disclosure and
Transparency Rules.
*Number of shares post share consolidation in December 2013
- Ends -
For further information:
+353 (0)21 483
REACT Energy plc 9104
Gerry Madden, CEO
+44 (0)20 7408
Shore Capital - Nomad & Broker 4090
Pascal Keane / Anita Ghanekar
+44 (0)7768 537
Yellow Jersey PR Limited - Public Relations 739
Dominic Barretto / Anne Legge
About REACT
REACT Energy plc is committed to operating clean electricity and
heat generation plants in the UK and Ireland.
The Group identifies, builds owns and operates plants and
possesses significant knowledge of energy markets, clean
technologies, fuel sources, project development, project finance
and project delivery.
REACT currently has three operational clean energy plants
generating electricity and heat for sale.
The generation of clean electricity and heat from biomass has
the potential to address the key energy challenges of energy
security and carbon commitment and provide strong returns on
capital employed.
The company is listed on AIM and trades as
REAC.www.reactenergyplc.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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