Last checked at 3 Jun 2015 07:00
3 June 2015
REACT Energy plc
("REACT" or the "Company")
Corporate update
REACT announced on 1 December 2014 that trading in the Company's ordinary shares on AIM had been suspended pending a notification to clarify REACT's financial position.The Company announced on 20 May 2015 that the High Court in Dublin had approved the appointment of an Examiner to REACT and its related companies Newry Biomass Limited, Enfield Biomass Limited, Reforce Energy Limited, Grass Door Limited and Plymouth Biomass Limited.
REACT continues to hold discussions with potential providers of finance for the Company. There is no guarantee that these discussions will be positively concluded.
As previously announced on 1 December 2014 the landlord of the Enfield Biomass project site, the Foresight Group, who were also a party to a Collaboration Agreement signed with the Company, gave the Company verbal notice purporting to terminate the Enfield Lease agreement in relation to the Enfield Site. The Company continues to contest Foresight's ability to terminate the lease under the terms of the Collaboration Agreement.
Enfield Biomass has recently filed particulars of a claim with the Chancery Division of the Royal Courts of Justice seeking a declaration that the landlord was not entitled to forfeit the lease, that no valid forfeiture took place and/or that the purported act of forfeiture was not effective to terminate the lease. Alternatively Enfield Biomass is seeking relief from forfeiture. Enfield Biomass has also filed a Unilateral Notice application with the Land Registry in relation to its claim.
A further update will be provided in due course.
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For further information:
REACT Energy plc | +353 (0)21 2409 056 |
Gerry Madden/Brendan Halpin | |
Shore Capital - Nomad & Broker | +44 (0)20 7408 4090 |
Pascal Keane / Anita Ghanekar |
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