4th Sep 2009 08:30
4 September 2009
Renewable Energy Holdings plc
("REH" or "the Company")
CETO: Completion of disposal
Renewable Energy Holdings plc (AIM: REH), the AIM quoted investor and operator of proven and innovative renewable energy technologies, notes the recent announcement by Carnegie Corporation Limited ("Carnegie") in relation to the approval by their shareholders of the acquisition of REH's CETO Wave Technology ("the Transaction").
Following a general meeting of Carnegie shareholders earlier today, Carnegie announced that its shareholders had approved the allotment and issue of 235,000,000 fully paid new ordinary shares of Carnegie to REH as consideration for the Transaction (the "Consideration Shares"). Accordingly, REH is pleased to confirm that all of the conditions precedent to the Transaction have now been completed and that it expects to complete the Transaction once final documentation has been entered into ("Completion") in the coming weeks.
Upon Completion it is expected that REH will become Carnegie's largest shareholder with an interest of approximately 33% of Carnegie's current issued share capital. Under the rules of the ASX, it is expected that REH will be required to hold the Consideration Shares for a period of at least 12 months from the date of Completion
A further announcement will be made in due course.
REH's Chief Executive Officer, Mike Proffitt, said:
"We are extremely pleased that the Transaction has been approved by Carnegie's shareholders. On Completion, and as I previously stated, the Transaction will allow REH shareholders to continue to participate in the future revenues generated by CETO's world-wide roll-out whilst benefitting from the strengthened balance sheet that the Transaction affords REH."
For further information, please contact:
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Renewable Energy Holdings plc |
Tel: 01624 641199 |
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Mike Proffitt, Chief Executive |
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Ambrian Partners - Nominated Adviser & broker |
Tel: 020 7634 4705 |
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Richard Swindells / Andrew Craig |
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Financial Dynamics |
Tel: 020 7831 3113 |
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Jonathon Brill/Billy Clegg/Edward Westropp/Alex Beagley |
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Related Shares:
REH.L