13th Aug 2014 08:43
LONDON (Alliance News) - REACT Energy PLC said Wednesday its subsidiary Kedco Block Holdings Ltd's non-trading and dormant companies will be winding up.
The directors of these companies Gerry Madden and Brendan Halpin, who are also directors of REACT, informed REACT that the companies will hold creditor meetings on August 27 to seek liquidation. The net debt owed to creditors by these companies is EUR3.5 million, which will be consolidated into REACT's reported results for accounting purposes, it said.
Included in these companies are Kedco Energy Ltd, Granig Trading Ltd, Kedco Power Ltd and Castle Homes Supplies Ltd. All of the companies ceased trading prior to restructuring at REACT in 2012. The winding down of the companies will be the "final step" in its restructuring process, REACT said.
Shares in REACT were trading down 4.4% at 15.30 pence Wednesday.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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