Business
Winding up of dormant group subsidiaries
Winding up of dormant group subsidiaries.
About this update from Forgent Plc
[{"type":"text","content":"\n \nRNS Number : 9527O React Energy PLC 13 August 2014 \n\n \nREACT Energy plc\n(\"REACT\" or the \"Company\")\n \nWinding up of dormant group subsidiaries\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 it has been informed by the directors of non trading and dormant companies of the Kedco Block Holdings Limited (a sub-group of companies in the REACT group (\"KBHL\" or \"KBHL sub-group\")) that it is the intention of these companies to hold creditor meetings on 27 August 2014 to seek liquidation of these entities. The directors of all companies in the KBHL sub-group are Gerry Madden and Brendan Halpin who are also directors of REACT. The companies include 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. All of these companies ceased trading prior to the restructuring undertaken by the Company in 2012. The Board considers the proposed liquidations as 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. For accounting purposes the balance sheets of the KBHL sub group have been 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 sources, project development, project finance and project delivery.\n \nREACT currently has four operational clean energy plants generating revenue from the sale of electricity and heat. \n \nThe generation of clean electricity and heat from sustainable sources has the po...