20th Mar 2015 10:18
LONDON (Alliance News) - REACT Energy PLC on Friday said its Newry Biomass Ltd joint venture has approved the issue of loan notes to Farmer Business Developments PLC, REACT's joint venture partner and majority shareholder.
REACT said the proceeds from the loan notes will be used to repay in full borrowings owed by Newry Biomass to Ulster Bank Ltd, amounting to GBP5.4 million.
Farmer Business Developments owns a stake of around 20% in REACT Energy.
React shares are currently suspended.
By Sam Unsted; [email protected]; @SamUAtAlliance
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