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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Renewable Energy Holdings Plc       GB00B063PD00

RENEWABLE ENERGY HOLDINGS PLC

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Renewable Energy : Amendment of Loan and Loan Facility

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12/25/2015 | 07:10pm EST

Renewable Energy Holdings plc

('REH' or the 'Company')

Amendment of Loan and Loan Facility

REH announces that on 22 December 2015 it agreed with Utilico to amend the maturity dates on its loan with Utilico Investments Limited ('Utilico'), originally dated 31 July 2009 and subsequently amended (the '2009 Loan'), and its loan facility with Utilico, originally entered into on 5 February 2014 and subsequently amended (the 'Loan Facility') (together the 'Outstanding Loans'). The maturity dates of the Outstanding Loans have been amended from 31 December 2015 to 31 March 2016 (the 'Extension'). All other terms remain the same as previously announced. The amount drawn down at present from the Loan Facility of £4.25 million is £4.22 million and the 2009 Loan is fully drawn.

The purpose of the Extension is to allow time for the Company to lodge an application for a Judicial Review of the Secretary of State's decision, which disregarded the Planning Inspectorate's recommendation, and so refused consent to the Mynydd y Gwynt wind farm, as announced on 20 November 2015 (the 'Rejection').

In parallel the directors of REH (the 'Directors') are continuing discussions with Utilico, to determine whether the Company can and should remain trading in light of the Rejection. However the Directors believe that the Company is likely to commence insolvency proceedings in Q1 2016. The trading of the Company's shares on AIM remains suspended.

Utilico is interested in approximately 28.71 per cent of the issued share capital of REH and as such is considered a 'Related Party' under the AIM Rules for Companies. The independent directors of the Company (Clive Callister and Alex Bush), having consulted with Strand Hanson Limited, consider the Amendments to be fair and reasonable insofar as shareholders are concerned.

Further announcements will be made in due course.

Enquiries:

Renewable Energy Holdings plc:

David Weir (Chairman)

Clive Callister (Chief Operating Officer)

+44 (0) 1624 641199

Strand Hanson Limited:

+44 (0)20 7409 3494

Rory Murphy/James Spinney

Renewable Energy Holdings plc issued this content on 2015-12-24 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 2015-12-26 00:10:00 UTC

Original Document: http://hsprod.investis.com/ir/reh/ir.jsp?page=news-item&item=2308658738233344

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Managers
NameTitle
David Thomas Weir Non-Executive Chairman
Clive Ricky Callister Chief Operating Officer & Director
Alexander Bush Non-Executive Director
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