Business
Update: Newry project and winding up of KFL
Update: Newry project and winding up of KFL.
About this update from Forgent Plc
[{"type":"text","content":"\n \nRNS Number : 5968R React Energy PLC 12 September 2014 \n \n\n\n\n\n\n\n\n\n12 September 2014\n\n\n\n\n \nREACT Energy plc\n(\"REACT\" or the \"Company\")\n \nUpdate on Newry Biomass project and winding up of Kedco Fabrication\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 announces that further to the announcement dated 24th June 2014 the directors of Newry Biomass Limited (\"NBL\") have advised Kedco Fabrication Limited (\"KFL\" a subsidiary of REACT Energy plc) that KFL does not have a future role as Engineer, Procure and Construct (\"EPC\") provider for the Newry Biomass project.\nNBL is in the final stages of negotiations with an alternative technology provider regarding the provision of a full technology solution for the Newry Biomass project under an EPC contract. It is expected that this alternative provider will take full responsibility for the construction, commissioning and operation of the project and the role of KFL is no longer required. Further updates will be provided in due course. \nREACT has subsequently been informed by the directors of KFL that it is the intention of this company to hold creditor meetings on 29 September 2014 to seek liquidation of the company. The directors of KFL are Gerry Madden and Brendan Halpin who are also directors of REACT. \nThe total amount of net debt owed by KFL to creditors is £1.5 million of which £1.4 million is owed to REACT. \n \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 \nBrendan Halpin, Finance Director\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\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 sources, project development, project finance and project delivery.\n \nREACT currently has four...