React Energy PLC Winding up of dormant group subsidiaries (9527O)
August 13 2014 - 2:00AM
UK Regulatory
TIDMREAC
RNS Number : 9527O
React Energy PLC
13 August 2014
REACT Energy plc
("REACT" or the "Company")
Winding up of dormant group subsidiaries
REACT Energy plc (AIM: REAC), the energy infrastructure
developer and operator which focuses on the production of clean
energy in the UK and Ireland today announces that it has been
informed by the directors of non trading and dormant companies of
the Kedco Block Holdings Limited (a sub-group of companies in the
REACT group ("KBHL" or "KBHL sub-group")) that it is the intention
of these companies to hold creditor meetings on 27 August 2014 to
seek liquidation of these entities. The directors of all companies
in the KBHL sub-group are Gerry Madden and Brendan Halpin who are
also directors of REACT. The companies include Kedco Block Holdings
Limited, which is a direct subsidiary of REACT and its wholly owned
subsidiary companies Kedco Energy Limited, Granig Trading Limited,
Kedco Power Limited and Castle Homes Supplies Limited. All of these
companies ceased trading prior to the restructuring undertaken by
the Company in 2012. The Board considers the proposed liquidations
as a final step of the group's restructuring process. The total
amount of net debt owed by KBHL sub group to creditors is EUR 3.5
million. For accounting purposes the balance sheets of the KBHL sub
group have been consolidated into the reported results of
REACT.
- Ends -
For further information:
+353 (0)21
REACT Energy plc 483 9104
Gerry Madden, CEO
+44 (0)20
Shore Capital - Nomad & Broker 7408 4090
Pascal Keane / Anita Ghanekar
Yellow Jersey PR Limited - Public +44 (0)7747
Relations 788 221
Dominic Barretto / Anna Legge
About REACT
REACT Energy plc is committed to operating clean electricity and
heat generation plants in the UK and Ireland.
The Company 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 four operational clean energy plants
generating revenue from the sale of electricity and heat.
The generation of clean electricity and heat from sustainable
sources 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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