30th Sep 2013 13:25
LONDON (Alliance News) - Renewable Energy Holdings PLC Monday said its major shareholder, Utilico Investments Ltd, has agreed to extend the term of a secured convertible loan that was due to end September 30 to December 31, 2014 and to increase another lending facility it has provided the company.
Utilico had given the original GBP2.5 million loan in 2009, but the cumulative balance including capital and interest is now GBP3.5 million.
It has also extended another loan facility it provided in February this year by GBP1.5 million to GBP3.25 million. Renewable Energy said it wants the money to progress its Welsh and Polish projects and for general working purposes.
Renewable Energy Holdings reported a net loss of GBP849,000 for the six months to end-June compared with a GBP5.9 million loss a year earlier after it booked a big loss on a disposal last year. It also cut its overhead costs, and expects to book more cost cuts for the full year after it restructured.
Renewable Energy shares were up 10% at 3.9875 pence Monday afternoon.
By Steve McGrath; [email protected]; @SteveMcGrath1
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