Cogenpower PLC Italian Regional Court Decision (2172J)
June 27 2017 - 2:00AM
UK Regulatory
TIDMCGP
RNS Number : 2172J
Cogenpower PLC
27 June 2017
27 June 2017
Cogenpower plc
("Cogenpower" or the "Company" or the "Group")
Italian Regional Court Decision
The Company is pleased to announce the preliminary decision of
the Regional Administrative Court of Rome, Italy (the "Regional
Court") in relation to the dispute between the Company and the
Italian supervisory agency for energy incentives, the GSE.
As announced on 5 January 2017 and 3 May 2017, the Company has
been in dispute with the GSE surrounding the Company's entitlement
to Green Certificates. The GSE had, in the Company's view, without
any justification, revised downwards the basis of calculation for
such entitlement retroactively and had demanded an immediate
repayment of over EUR900,000 which it subsequently offset against
2015 certificates issued under its revised calculation basis.
Given the Group's previously announced working capital
constraints, the Company sought an emergency hearing to deal with
this matter and had the opportunity to present its case to the
Regional Court in Rome, refuting both the right of the GSE to act
in the way it had and the GSE's revised method of calculation,
which it had not disclosed until the end of May 2017 when required
to do so by the court.
The Company is pleased to announce that, following the hearing
on 14 June 2017, the Regional Court has pronounced that the
Company's case had merit and a definitive ruling would be made at a
future hearing to take place on 23 March 2018.
The Company believes that this represents an important positive
step forward in this highly disruptive dispute and will make
further announcements as the situation develops.
-ENDS-
Further enquiries:
Cogenpower plc Dr. Francesco +39 011 4501466
Vallone +44 7949 209
Ilaria Cannata 301
Martin Groak info@cogenpower.co.uk
------------------------- --------------------- -----------------------
Allenby Capital Limited Nick Athanas
(Nominated Adviser Richard Short +44 (0)20 3328
and Joint Broker) Nick Naylor 5656
------------------------- --------------------- -----------------------
Peterhouse Corporate
Finance Limited Heena Karani
(Joint Broker) Charles Goodfellow +44 (0) 20 7469 0930
------------------------- --------------------- -----------------------
Notes to Editors
Energy efficiency through smart technology: Anaconda
technology
Cogenpower (CGP.L) designs, builds or transforms, owns and
operates high efficiency district heating and cooling schemes,
scalable to serve communities from 3,000 to 50,000 people. At the
heart of the business is Cogenpower's Anaconda Artificial
Intelligence technology, an automated, Artificial Intelligence
energy generation and control system equipped with a heat storage
facility that delivers heat to customers and electricity to the
grid with proven energy efficiency of more than 90%. Cogenpower was
admitted to trading on AIM in February 2016.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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