Key Developments: Renewable Energy Holdings PLC (REH.BE)
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24 Apr 2013
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Latest Key Developments (Source: Significant Developments)
Renewable Energy Holding PLC Announces Resignation Of Chairman And Chief Executive
Renewable Energy Holding PLC announced consequent to declared strategy of realising the value of assets by disposing of them, returning available cash to shareholders and reducing overheads, the following changes to the board of directors of the Company (Board) will take effect from April 1, 2013 Sir John Baker will stand down as Chairman of the Board, but will remain a non-Executive Director; Roger Harper, currently a non-Executive Director, will become non-Executive Chairman; and Michael Proffitt, currently Chief Executive, will stand down as a Director and as Chief Executive to concentrate on other interests. Full Article
Renewable Energy Holdings plc Announces Disposal Of Shareholding In Carnegie Wave Energy Limited
Renewable Energy Holdings plc announced the sale, on July 12, 2012, of 113,639,808 ordinary shares in Carnegie Wave Energy Limited (CWE), representing approximately 11% of the entire issued share capital of CWE, to a small consortium of Australian investors, led by 88 Green Ventures (Australia) (together, the Purchasers) (the Sale). The Sale was effected via an off-market transfer at a price of one Australian cent per share, representing a discount of 2.5 Australian cents to the current market price and a total cash consideration of AUD1,136,398 (approximately GBP746,000) and represents approximately 53 per cent. of REH's previous shareholding in CWE. Following completion of the Sale, REH will hold 101,330,192 shares in CWE, representing approximately 10% of the entire issued share capital of CWE. However, REH also announced that it has agreed to distribute this remaining shareholding in CWE to all REH shareholders via an in specie distribution (the Distribution), expected to be completed before the end of 2012. REH's remaining CWE shares will be held in voluntary escrow until the Distribution occurs and further announcements will be made in due course as appropriate. It is currently intended that the net proceeds of the Sale will be used to meet the Company's ongoing working capital requirements. Full Article
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