Business
Further re winding up of dormant subsidiaries
Further re winding up of dormant subsidiaries.
About this update from Forgent Plc
[{"type":"text","content":"\n \nRNS Number : 1719Q React Energy PLC 27 August 2014 \n \n\n\n\n\n\n\n\n\n27 August 2014\n\n\n\n\n \nREACT Energy plc\n(\"REACT\" or the \"Company\")\n \nWinding up of dormant group subsidiaries\nFurther to the announcement on 13 August 2014, REACT Energy plc (AIM: REAC), the energy infrastructure developer and operator which focuses on the production of clean energy in the UK and Ireland today announces that following shareholder and creditor meetings held on 27 August 2014 the following non trading and dormant companies of the Kedco Block Holdings Limited Group (a sub-group of companies in the REACT group (\"KBHL\" or \"KBHL sub-group\")) being Kedco Block Holdings Limited, which is a direct subsidiary of REACT and its wholly owned subsidiary companies Kedco Energy Limited, Granig Trading Limited, Kedco Power Limited and Castle Homes Supplies Limited entered into creditors' voluntary liquidation following the appointment of a liquidator to each company. \nPursuant to Rule 17 of the AIM Rules for Companies (the \"AIM Rules\"), the following disclosure falls to be disclosed under Schedule Two, paragraph (g) of the AIM Rules: the directors of all companies in the KBHL sub-group are Gerry Madden and Brendan Halpin who are also directors of REACT.\nAs previously announced, the Board considers the proposed liquidations to be a final step of the group's restructuring process. The total amount of net debt owed by KBHL sub-group to creditors is EUR 3.5 million. In relation to the net debt owed, there is no recourse to REACT.\nAs from 27 August 2014, the balance sheets of the KBHL sub-group will no longer be consolidated into the reported results of REACT. \n \n- Ends -\nFor further information:\n \n\n\n\n\nREACT Energy plc\n\n\n+353 (0)21 483 9104\n\n\n\n\nGerry Madden, CEO \n\n\n\n\n\n\n\nShore Capital - Nomad & Broker\n\n\n+44 (0)20 7408 4090\n\n\n\n\nPascal Keane / Anita Ghanekar\n\n\n\n\n\n\n\nYellow Jersey PR Limited - Public Relations\n\n\n+44 (0)7747 788 221\n\n\n\n\nDominic Barretto / Anna Legge\n\n\n\n\n\n\n\nAbout REACT \n \nREACT Energy plc is committed to operating clean electricity and heat generation plants in the UK and Ireland. \n \nThe Company identifies, builds owns and operates plants and possesses significant knowledge of energy markets, clean technologies, fuel source...