4th Dec 2007 14:41
Renewable Energy Generation Ltd04 December 2007 4 December 2007 Renewable Energy Generation Ltd ("REG", "the Company" or "the Group") Purchase of REG Power Management Ltd Renewable Energy Generation (AIM: RWE), the developer, owner and operator ofrenewable energy projects, announces it has purchased its management company REGPower Management ("RPM") for a consideration of £1.6m in cash. All management arrangements between REG and RPM have ceased with effect from 31October 2007 including the payment of management and finders fees in relation tofuture REG projects. The cessation of management and finders fee payments to RPMshould result in material cash savings to REG in future years. Pursuant to the termination of the arrangements between REG and RPM, JohnDonelan will step down from the Board of REG. David Crockford will join theBoard as Finance Director. Andrew Whalley, CEO, says "The resources consolidated within RPM have allowedREG to develop its wind assets both in the UK and Canada. However, REG nowemploys the necessary development, operational and financial expertise toprogress our business in the future. The appointment of David Crockford asFinance Director is the final step in internalising the operations of REGthrough full time employees. We are grateful to The Probyn Group and to PremierAsset Management for the considerable efforts they have made on behalf of REGshareholders and we wish them every success in the future". Enquiries Renewable Energy GenerationAndrew Whalley, Chief Executive Officer +44 (0) 1483 400 425David Crockford, Finance Director +44 (0) 1483 400 482 Numis SecuritiesDavid Shapton/Charles Farquhar +44 (0) 207 260 1000 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
WIND.L