Business
Update on investment in Renew
Update on investment in Renew.
About this update from Thalassa Holdings Ltd
[{"type":"text","content":"\n RNS Number : 6980I Thalassa Holdings Limited 17 March 2010 \n\nThalassa Holdings Ltd\n(\"the Company\", Ticker THAL.L )\n \nUpdate on investment in Renewable Power & Light plc \n(\"RPL\", Ticker RPL.L)\n \nThe Boards of the Company and CityPoint Holdings Ltd (“CPH”) confirm that they have issued a notice to requisition a general meeting of RPL (as set out in full in the letter to RPL below which is also available on the Company’s website www.thalassaholdingsltd.com) to propose, in summary, the following resolutions:- \n \n\n \n1. to appoint Messrs Duncan Soukup, Peter Redmond and Robert Porter to the board of RPL and to remove the current board with the exception of Mr Timothy Hunstad, \n \nThe Company and CPH would welcome potential nominations for RPL directors from existing shareholders.\n \n2. to discontinue the current investment strategy to wind RPL up, and\n \n3. to become an investment company which shall seek to acquire or invest in one or more opportunities which the newly appointed board consider to be undervalued or to have potential growth prospects. \n \nThe proposal to replace the current board of RPL was reached following the voting down of all the resolutions proposed by the board of RPL at the general meeting held on 15 February 2010 and, most importantly, because the board of RPL failed to inform shareholders that they had received, prior to the that general meeting, a competing and substantially higher offer for RPL's US subsidiary, at a 100,000% premium to the $1 price that the board of RPL was recommending. \n \nThe Company and CPH are convinced that their proposals for change are in the best interests of ALL RPL shareholders and would request that those RPL shareholders who agree with the proposed resolutions make their voting intentions known to the board of RPL. \n \nShould the board of RPL, other than Mr Hunstad, voluntarily tender their resignations and appoint the proposed nominees in their place as a result of RPL shareholders making their intentions known to the board of RPL, the Company and CPH would immediately withdraw the requisition thereby saving RPL (and ultimately its shareholders) the time and expense of this formal process.\n \nContact:\n \nDuncan Soukup, Executive Chairman &nb...