Business
Response to Renewable Power &
Response to Renewable Power &.
About this update from Thalassa Holdings Ltd
[{"type":"text","content":"\n RNS Number : 8682L Thalassa Holdings Limited 13 May 2010 \n\nThalassa Holdings Ltd\n(\"the Company\", Ticker Reuters THAL.L Bloomberg THAL LN)\n \nResponse to Renewable Power & Light plc\n(\"RPL\", Ticker Reuters RPL.L Bloomberg RPL LN)\n \nThe board of the Company notes RPL's announcement of 21st April 2010 and wishes to comment as follows:\n \n1. It is very disappointed to see that the board of RPL appear to have persistently made defamatory allegations against the Company and Mr Soukup personally. Neither the Company nor Mr Soukup condone such behaviour and thinks it more productive and respectful to shareholders of RPL to focus on the facts.\n \n2. If elected, the new board of RPL intends, after reviewing the current situation and net cash position of RPL, to report to shareholders and present an investing policy as soon as possible thereafter. RPL shareholders will be cognisant of the fact that it is first necessary to establish RPL's 'actual' financial condition before being in a position to formulate a narrowly defined investing policy as required under the AIM Rules.\n \n3. The RPL board has accused the Company of trying to gain control of RPL by attempting to influence board composition rather than paying full value to shareholders. In January 2010 Mr Soukup and his colleagues had a number of meetings and conversations with members of RPL's board. During these meetings and conversations RPL's representatives made it quite clear that they thought there was more value in utilising RPL as an investment vehicle than completing the current Investing Policy which had been approved by shareholders in August 2009. The Company's representatives suggested that they would like to see RPL acquire one or more targets in a reverse takeover transaction and they informed the RPL board members that given their ability to block a liquidation of RPL that they would appreciate it if RPL would abort plans to liquidate the Company or to undertake any actions that would reduce cash or be inconsistent with this objective prior to it being tabled to shareholders. It was agreed that the Company would, in due course, nominate a number of board representatives and would seek to work with the current board to acquire a business through a reverse takeover transaction. Indeed i...