Winding up of dormant group subsidiaries

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.

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For further information:

REACT Energy plc	[phone]
Gerry Madden, CEO
Shore Capital - Nomad & Broker	[phone]
Pascal Keane / Anita Ghanekar
Yellow Jersey PR Limited - Public Relations	[phone]
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

 

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