Business
Update on Memorandum of Understanding
Update on Memorandum of Understanding.
About this update from Oracle Power Plc
[{"type":"text","content":"\n \nRNS Number : 0963U Oracle Power PLC 27 March 2019 \n\n27 March 2019\n \n \n \nORACLE POWER PLC\n(\"Oracle\" or the \"Company\" or the \"Group\")\n \n \nUpdate on Memorandum of Understanding\n \nOracle Power PLC (AIM:ORCP), the UK energy developer of a combined lignite coal mine and mine mouth power plant located in Block VI of the Thar desert in the south-east of the Sindh Province of Pakistan, announces a revision to the equity holdings as originally agreed in its Memorandum of Understanding (\"MOU\") announced on 20 December 2018 with Beijing Jingneng Power Company Limited (\"BJPC\") and PowerChina International Group Limited (\"PowerChina\") (the \"2018 MOU\"). Pursuant to an MOU dated 26 March 2019 (the \"2019 MOU\"), Oracle, BJPC and PowerChina have agreed to a change in the proposed equity holdings of the parties in the project as follows:\n \n \n\n\n\n\n\n\n2018 MOU\n\n\n2019 MOU\n\n\n\n\nBJPC\n\n\n78%\n\n\n73%\n\n\n\n\nPowerChina\n\n\n9.9%\n\n\n15%\n\n\n\n\nOracle\n\n\n12.1%\n\n\n12%\n\n\n\n \nIn all other material respects, the terms of the 2019 MOU remain the same as those contained within the 2018 MOU.\n \nMs Naheed Memon, CEO of Oracle, commented:\n \n\"There is a lot of detailed work at present being undertaken with our Chinese partners to optimise the project, as well as with the authorities in Pakistan. An increase in the proposed shareholding of PowerChina, who are global investors and developers for power and mining, reflects their belief, confidence and commitment to the project. We would like to thank our principal sponsor, BJPC, for accommodating this request from PowerChina.\n \n\"The Company continues to make good progress and we will keep the market updated.\"\n \nThe information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.\n \n \nFor further information please contact:\n \n\n\n\nOracle Power PLC\nNaheed Memon\n\n\n+44 (0) 203 580 4314\n\n\n\n\nStrand Hanson Limited (Nominated Adviser)\nRory Murphy, James Harris, Jack Botros\n\n\n+44 (0) 20 7409 3494\n\n\n\n\nBrandon Hill Capital Limited\nOliver...