Cogenpower PLC Update on Publication of Accounts and Suspension (5070M)
July 31 2017 - 2:00AM
UK Regulatory
TIDMCGP
RNS Number : 5070M
Cogenpower PLC
31 July 2017
Certain information contained in this announcement would have
been deemed inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 until the release of this
announcement.
31 July 2017
Cogenpower plc
("Cogenpower" or the "Company" or the "Group")
Update on Publication of Accounts and Suspension
On 26 June 2017 Cogenpower (CGP.L), the AIM-quoted low carbon
technology energy business, announced that it had become apparent
that the Company would not be in a position to publish its audited
report and accounts for the year ended 31 December 2016 by 30 June
2017 in accordance with the AIM Rules for Companies. As a result
the Company's shares were suspended from trading on AIM at 9.00
a.m. on 26 June 2017 and will remain suspended from trading until
the Company's accounts have been published. The inability to
finalise the accounts prior to 30 June 2017 was primarily due to
unavoidable delays encountered in completing the audit of the
Company's Italian subsidiaries.
The audit of the Group's Italian subsidiaries remains ongoing
and progress is being made however the audit has not yet been
completed. As a result the Company will not be in a position to
publish its accounts in July 2017 as previously announced.
As previously announced the Company's working capital position
is constrained due to a dispute over the payment of green
certificate incentives by the GSE, the Italian supervisory agency
for energy incentives and the Company remains reliant on the
continued support of its principal creditors to mitigate the impact
of lower cash generation during the warmer months and the dispute
with the GSE. The Company has previously announced that they had
been in strategic discussions with infrastructure funds and other
investors with regards to the provision of further funding for the
Group. Such discussions remain ongoing however there can be no
guarantee that such discussions will materialise and that new
funding will become available to the Group.
Further announcements will be made at the appropriate time
-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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