21st Aug 2015 10:23
LONDON (Alliance News) - Marechale Capital PLC on Friday responded to a jump in its share price by confirming that a committee will hold a meeting later this month to consider a planning application made over the proposed site of a project for Northfield UK Solar Ltd, a company in which it owns a 26% stake.
The meeting of the Full Planning Committee of Kettering County Council is due to take place on Tuesday next week.
The proposed site of the project is Desborough Airfield.
"Whilst the development control manager has recommended to the Committee that the Application be approved, no decision has yet been made," Marechale Capital said in a statement.
"Should the committee approve the application, Northfield will move onto the next stage of developing the project - including seeking to contract for the construction of the site," Marechale added.
Marechale in July said that its "most significant initiative" in the renewable energy sector is the development of large scale solar energy sites in the UK. Those activities occur through Northfield.
"As previously reported we are still awaiting the outcome of a planning appeal on the first site, on which a decision is due in the Autumn of 2015. Northfield's second large scale site is now in planning and we expect to hear a decision later this Summer," Marechale said in July.
"Whilst it is difficult to attribute values until planning permissions and grid connections for sites have been secured, there is significant potential uplift value for Marechale's shareholders; the valuation on the balance sheet represents the last funding round, and the company's investment is being carried at GBP140,000 [...]" Marechale said in July.
Marechale shares were up 72% at 3.31 pence on Friday morning, comfortably the best performer in the AIM All-Share.
By Samuel Agini; [email protected]; @samuelagini
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