23rd Nov 2018 14:51
LONDON (Alliance News) - The Newfoundland Fisheries & Land Resources minister has denied approving two five-year commercial timber permits for Active Energy Group PLC, stating that there may have been confusion by the London-listed company, The Northern Pen reported on Thursday.
Minister Gerry Byrne told the local Canadian newspaper: "We have been dealing directly with the president. The president may or may not have communicated certain things to the chief executive officer or board of directors.
"The communication that was made, was made from the board of directors. There may have been – I can't say for certain – some miscommunication or error in communication between the president and the CEO. We reported to the company that an error appears to have been made."
https://www.northernpen.ca/news/local/trading-on-active-energy-group-temporarily-suspended-until-status-of-forestry-permits-confirmed-for-northern-peninsula-261769/
On Thursday, Active Energy, a biomass-based renewable energy firm, requested its shares be suspended from trading on AIM, as board members were in Newfoundland meeting the relevant provincial officials to discuss the permits approval.
The company said it had received all the relevant documentation from the ministry, saying this confirmation was in a response to an article in the Northern Pen.
The Northern Pen had reported that, on Wednesday, Byrne, called the newspaper denying the information in a press release issued by Active Energy on Monday stating that the company had received approval from the ministry for the issue of the permits.
The newspaper said that, according to Byrne, no timber permits had been issued.
"We have informed the company that pending the resolution of certain other matters, that we're in a position now to look at finalizing arrangements," he told The Northern Pen.
He added: "But those arrangements are not yet finalized, and no commercial permits have been issued to date. It would be by my hand that those permits are issued, and my hand has not signed such deals."
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