Renewable Energy Holdings plc Amendment of Loan and Loan Facility with Utilico (7545Z)
December 15 2014 - 5:15AM
UK Regulatory
TIDMREH
RNS Number : 7545Z
Renewable Energy Holdings plc
15 December 2014
15 December 2014
Renewable Energy Holdings plc
("REH" or the "Company")
Amendment of Loan and Loan Facility with Utilico Investments
Limited ("Utilico")
REH announces that on 12 December 2014 it agreed with Utilico to
amend both its loan with Utilico, originally dated 31 July 2009 and
subsequently amended ("2009 Loan"), and its loan facility with
Utilico, originally entered into on 5 February 2014 and
subsequently amended ("Loan Facility") (together the
"Amendments").
The 2009 Loan's maturity date is extended to 31 July 2015. All
other terms remain the same as previously announced and detailed in
the Company's Annual Accounts.
The Loan Facility is increased from GBP3.25 million to GBP4.25
million and the maturity date amended to 31 July 2015. All other
terms remain the same other than the success fee payable to
Utilico, previously set out in the Company's announcement of 6
February 2013 (and subsequently in the Company's Annual Accounts),
which is increased by GBP0.5 million. The directors of REH
("Directors") believe that it is likely that the full further GBP1
million will be drawn down over the course of 2015 to progress the
Mynydd y Gwynt project, which will have a planning decision by 20
November 2015 via the Planning Inspectorate, the government agency
responsible for examining planning applications for nationally
significant infrastructure projects. The Directors expect further
discussions with Utilico on the maturity dates for the 2009 Loan
and the Loan Facility in July next year.
Utilico is interested in approximately 28.71 per cent of the
issued share capital of REH and as such is considered a "Related
Party" under the AIM Rules for Companies. The independent directors
of the Company (Clive Callister and Alex Bush), having consulted
with Strand Hanson Limited, consider the terms of the Amendments to
be fair and reasonable insofar as shareholders are concerned.
Enquiries:
Renewable Energy Holdings plc:
David Weir (Chairman)
Clive Callister (Chief Operating
Officer) +44 (0) 1624 641199
Strand Hanson Limited: +44 (0)20 7409 3494
Rory Murphy/James Spinney
This information is provided by RNS
The company news service from the London Stock Exchange
END
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