Business
Restoration of Trading and Grant of Timber Permits
Restoration of Trading and Grant of Timber Permits.
About this update from Active Energy Group Plc
[{"type":"text","content":"\n \nRNS Number : 5138I Active Energy Group PLC 26 November 2018 \n\nActive Energy Group Plc / EPIC: AEG / Sector: Alternative Energy\n26 November 2018\n \nActive Energy Group Plc\n('Active Energy' or the 'Company')\n \nRestoration of Trading and Grant of Commercial Timber Permits\n \nActive Energy, the London quoted international biomass based renewable energy and forestry management business, announces that further to its announcements of 19 November 2018 and 22 November 2018, trading in the Company's ordinary shares on AIM will resume with effect from 1:30p.m. today (Monday 26 November 2018).\n \nThe Board of Active Energy confirms that its subsidiary, Timberlands International ('Timberlands International') through its local operating company Timberlands International (Newfoundland and Labrador) Inc ('Timberlands Newfoundland'), was formally issued two five-year Commercial Timber Permits ('CTPs') for Forestry Management Areas 17 and 18 by the Ministry of Fisheries and Land Resources of the Crown Province of Newfoundland and Labrador (the 'Ministry') on Friday 23 November 2018. The CTPs are issued with a five-year revolving renewal facility relating to a total Annual Allowable Cut ('AAC') of 100,000 cubic metres per annum, which equates to 500,000 cubic metres over five years. In addition, the CTPs specify certain standard conditions including the species, class and volume of timber that may be cut and the locations from where such timber may be cut.\n \nThe Ministry had approval to grant the CTPs on 16 November 2018. At that time, Timberlands Newfoundland had not been granted the CTPs as their issue was still subject to the formal acceptance by Timberlands Newfoundland of certain standard conditions relating to the CTPs. Following meetings between representatives of the Company and the Ministry last week, the details relating to the formal grant of the CTPs (including acceptance of the standard permit conditions) were then finalised on Friday 23 November 2018.\n \nActive Energy Chief Executive Officer, Michael Rowan, said, \"The Board of Active Energy is delighted with this outcome and we are looking forward to working with the Ministry in Newfoundland. Further announcements will be made as appropriate.\"\n \nThis announcement contains inside information for the purposes of...