Business
Operational Update and Issue of Loan Note
Operational Update and Issue of Loan Note.
About this update from Forgent Plc
[{"type":"text","content":"\n \nRNS Number : 3171K React Energy PLC 24 June 2014 \n \n\n\n\n\n\n\n\n\n24 June 2014\n\n\n\n\n \nREACT Energy plc\n(\"REACT\" or the \"Company\")\n \nOperational Update\nIssue of £1.5 million secured loan note\nREACT Energy plc (AIM:REAC), the energy infrastructure developer and operator which focuses on the production of clean energy in the UK and Ireland, today provides an update on the progress of its operating and development project portfolio. The Company is also pleased to announce the issue of £1.5 million (before expenses) of a secured loan note (\"SLN\"). \nKey Points:\n· Successful issue of £1.5 million secured loan note to fund ongoing development of the Company through organic and acquisitive growth;\n· Revised term sheet for Enfield Biomass Project expected to be signed in due course, with financial close expected up to 3 months thereafter;\n· Review of technology provider for Phase 2 of the Newry Biomass Project with, decision expected in the coming weeks;\n· Construction of the Old Buckenham Hall School biomass energy system, the third biomass heat generation project to be put into operation, has commenced, with renewable heat due to start being supplied within the next three months;\n· Planning process for the 12.5MW Altilow Windfarm project in County Donegal continues and has been referred to the Irish Planning Authority for a final decision; and\n· Planning approval received for the 500kw Tullagubbeensingle wind turbine project in County Kerry.\nCommenting on today's update, Gerry Madden, CEO of REACT, said: \"We have been working hard across the group's portfolio to progress our projects as quickly and efficiently as possible. We have encountered some time consuming hurdles which have delayed progress, particularly at our Enfield and Newry Biomass Projects. However, the due diligence and term sheet negotiation with regards to the Enfield Project and the review of the technology provider at the Newry Project are key to ensuring we are able to maximise potential return from these projects for shareholders. \nWe are also pleased with the decision of Enterprise Ireland to convert their preference shares into equity in REACT.\nWith the Old Buckenham Hall ...