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| Date/Time | Headline | Source |
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| 1 | ||
| Wed 16:23 | RNS |
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RNS Number : 7237C Renewable Power and Light Plc 18 November 2009 RENEWABLE POWER & LIGHT PLC
DISPOSAL OF BIODIESEL EQUIPMENT 18 November 2009 Renewable Power & Light plc (AIM: RPL) ("RPL" or "the Company"), today announces that, in conjunction with the previously announced plan for the sale of the Company's "mothballed" biodiesel facility, all the equipment has been sold at auction and proceeds of approximately US$1.5 million (before commissions and expenses) have been collected. For further information, please contact:
(Nominated Adviser) Dealing Disclosure Requirements Under the provisions of Rule 8.3 of the City Code on Takeovers and Mergers (the 'Code'), if any person is, or becomes, 'interested' (directly or indirectly) in 1% or more of any class of 'relevant securities' of RPL, all 'dealings' in any 'relevant securities' of that company (including by means of an option in respect of, or a derivative referenced to, any such 'relevant securities') must be publicly disclosed by no later than 3.30pm (London time) on the London business day following the date of the relevant transaction. This requirement will continue until the date on which the offer becomes, or is declared, unconditional as to acceptances, lapses or is otherwise withdrawn or on which the 'offer period' otherwise ends. If two or more persons act together pursuant to an agreement or understanding, whether formal or informal, to acquire an 'interest' in 'relevant securities' of RPL, they will be deemed to be a single person for the purpose of Rule 8.3. Under the provisions of Rules 8.1 of the Code, all 'dealings' in 'relevant securities' of RPL by a potential offeror, or RPL, or by any of their respective 'associates', must be disclosed by no later than 12.00 noon (London time) on the London business day following the date of the relevant transaction. A disclosure table, giving details of the companies in whose 'relevant securities' 'dealings' should be disclosed, and the number of such securities in issue, can be found on the Takeover Panel's website at www.thetakeoverpanel.org.uk. 'Interests in securities' arise, in summary, when a person has long economic exposure, whether conditional or absolute, to changes in the price of securities. In particular, a person will be treated as having an 'interest' by virtue of the ownership or control of securities, or by virtue of any option in respect of, or derivative referenced to, securities. Terms in quotation marks are defined in the Code, which can also be found on the Panel's website. If you are in any doubt as to whether or not you are required to disclose a 'dealing' under Rule 8, you should consult the Panel. This information is provided by RNS The company news service from the London Stock Exchange END
MSCBLBDBIBBGGCI More |
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| Wed 11:24 | RNS |
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RNS Number : 6948C Renewable Power and Light Plc 18 November 2009 Renewable Power & Light plc (the 'Company' or 'RPL') Results of the General Meeting and Proxy Voting Figures Approval of Second Return 18 November 2009 Further to the announcement made on 3 November 2009 relating to the proposed second reduction of the Company's Share Premium Account, the Company is pleased to announce that at the general meeting held earlier today, both resolutions put to shareholders in order to approve the Second Return were passed on a show of hands. Prior to the General Meeting, the Company received from the shareholders 20 valid proxy cards in respect of 48,808,602 shares, representing 54.99% of the Company's issued share capital. All of the votes cast were in favour of both resolutions. As previously announced, subject to the approval of the Court, the Targeted Effective Date for the Share Premium Reduction is 10 December 2009. Estimated Timetable for Principal Events
Return
Share Premium Reduction
Reduction The terms in this announcement are as defined in the Circular. For further information, please contact:
Tim Hunstad
Gerry Beaney Dealing Disclosure Requirements Under the provisions of Rule 8.3 of the City Code on Takeovers and Mergers (the 'Code'), if any person is, or becomes, 'interested' (directly or indirectly) in 1% or more of any class of 'relevant securities' of RPL, all 'dealings' in any 'relevant securities' of that company (including by means of an option in respect of, or a derivative referenced to, any such 'relevant securities') must be publicly disclosed by no later than 3.30pm (London time) on the London business day following the date of the relevant transaction. This requirement will continue until the date on which the offer becomes, or is declared, unconditional as to acceptances, lapses or is otherwise withdrawn or on which the 'offer period' otherwise ends. If two or more persons act together pursuant to an agreement or understanding, whether formal or informal, to acquire an 'interest' in 'relevant securities' of RPL, they will be deemed to be a single person for the purpose of Rule 8.3. Under the provisions of Rules 8.1 of the Code, all 'dealings' in 'relevant securities' of RPL by a potential offeror, or RPL, or by any of their respective 'associates', must be disclosed by no later than 12.00 noon (London time) on the London business day following the date of the relevant transaction. A disclosure table, giving details of the companies in whose 'relevant securities' 'dealings' should be disclosed, and the number of such securities in issue, can be found on the Takeover Panel's website at www.thetakeoverpanel.org.uk. 'Interests in securities' arise, in summary, when a person has long economic exposure, whether conditional or absolute, to changes in the price of securities. In particular, a person will be treated as having an 'interest' by virtue of the ownership or control of securities, or by virtue of any option in respect of, or derivative referenced to, securities. Terms in quotation marks are defined in the Code, which can also be found on the Panel's website. If you are in any doubt as to whether or not you are required to disclose a 'dealing' under Rule 8, you should consult the Panel. This information is provided by RNS The company news service from the London Stock Exchange END
REGGUGBGGUPBGGR More |
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| 12-11-09 | BZN |
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FORM 8.3 DEALINGS BY PERSONS WITH INTERESTS IN SECURITIES REPRESENTING 1% OR MORE (Rule 8.3 of the Takeover Code)
1. KEY INFORMATION
2. INTERESTS, SHORT POSITIONS AND RIGHTS TO SUBSCRIBE
(a) Interests and short positions (following dealing) in the class of relevant security dealt in (Note 3)
(2) Derivatives (other than options)
(3) Options and agreements to purchase/sell
(b) Interests and short positions in relevant securities of the company, other than the class dealt in (Note 3)
(1) Relevant securities (2) Derivatives (other than options) (3) Options and agreements to purchase/sell Total
(c) Rights to subscribe (Note 3)
3. DEALINGS (Note 4)
(a) Purchases and sales
(b) Derivatives transactions (other than options)
(c) Options transactions in respect of existing securities (i) Writing, selling, purchasing or varying
(ii) Exercising
(d) Other dealings (including new securities) (Note 4)
4. OTHER INFORMATION
Agreements, arrangements or understandings relating to options or derivatives
Is a Supplemental Form 8 attached? (Note 9) NO
If a connected EFM, name of offeree/offeror with which connected If a connected EFM, state nature of connection(Note 10) Notes
More |
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| 03-11-09 | RNS |
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RNS Number : 8426B Renewable Power and Light Plc 03 November 2009 Renewable Power & Light plc ('RPL' or 'the Company') Posting of Circular - Second Reduction of Share Premium Account 3 November 2009 The Company announces that further to the announcement made on 26 October 2009, a circular convening a general meeting of shareholders (the 'Circular') has been posted to shareholders. The purpose of the general meeting is to seek the relevant approvals in respect of the proposed Second Return of capital of 8 pence per RPL share (and the associated proposed Second Reduction of Share Premium Account). The general meeting, will be held at 9 Queen Street, London, W1J 5PE, United Kingdom at 10.00am on 18 November 2009. The full notice, contained in the circular, is available to be downloaded from the Company's website (www.rplplc.com).
Estimated timetable for principal events
Second Return
the Share Premium Reduction
Reduction The terms in this announcement are as defined in the Circular. For further information, please contact: Renewable Power & Light plc
Grant Thornton Corporate Finance (Nomad)
Dealing Disclosure Requirements Under the provisions of Rule 8.3 of the City Code on Takeovers and Mergers (the 'Code'), if any person is, or becomes, 'interested' (directly or indirectly) in 1% or more of any class of 'relevant securities' of RPL, all 'dealings' in any 'relevant securities' of that company (including by means of an option in respect of, or a derivative referenced to, any such 'relevant securities') must be publicly disclosed by no later than 3.30pm (London time) on the London business day following the date of the relevant transaction. This requirement will continue until the date on which the offer becomes, or is declared, unconditional as to acceptances, lapses or is otherwise withdrawn or on which the 'offer period' otherwise ends. If two or more persons act together pursuant to an agreement or understanding, whether formal or informal, to acquire an 'interest' in 'relevant securities' of RPL, they will be deemed to be a single person for the purpose of Rule 8.3. Under the provisions of Rules 8.1 of the Code, all 'dealings' in 'relevant securities' of RPL by a potential offeror, or RPL, or by any of their respective 'associates', must be disclosed by no later than 12.00 noon (London time) on the London business day following the date of the relevant transaction. A disclosure table, giving details of the companies in whose 'relevant securities' 'dealings' should be disclosed, and the number of such securities in issue, can be found on the Takeover Panel's website at www.thetakeoverpanel.org.uk. 'Interests in securities' arise, in summary, when a person has long economic exposure, whether conditional or absolute, to changes in the price of securities. In particular, a person will be treated as having an 'interest' by virtue of the ownership or control of securities, or by virtue of any option in respect of, or derivative referenced to, securities. Terms in quotation marks are defined in the Code, which can also be found on the Panel's website. If you are in any doubt as to whether or not you are required to disclose a 'dealing' under Rule 8, you should consult the Panel. This information is provided by RNS The company news service from the London Stock Exchange END
MSCIIFIALFLVIIA More |
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| 26-10-09 | AFX UK Focus |
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LONDON, Oct 26 (Reuters) - Renewable Power and Light Plc:
((London Equities Newsroom; +44 20 7542 7717)) (For more news, please click here)
COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. More |
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| 26-10-09 | RNS |
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RNS Number : 3383B Renewable Power and Light Plc 26 October 2009 RENEWABLE POWER & LIGHT PLC
DISPOSAL OF MASSENA POWER PLANT 26 October 2009 Renewable Power & Light plc (AIM: RPL) ("RPL" or "the Company"), today announces that, in conjunction with the previously announced signing of an agreement for the sale of the Elmwood Park and Massena power plants on 30 July 2009, it has now closed on the sale of the Massena power plant. The closing on the sale of the Elmwood Park power plant was previously announced on 16 September 2009. This now represents the disposal of the Company's power plants. Further to the Company's investing policy approved by shareholders on 19 August 2009, now that the sale of both of the Company's power plants have completed, the Company intends to make a distribution of capital to shareholders prior to the end of 2009. The exact quantum and timing of the distribution is still to be determined by the board. The distribution will be subject to shareholder approval, including for the purposed of any compliance with Rule 21.1 of the Takeover Code. A circular will be sent to shareholders in due course to seek the requisite approvals. For further information, please contact:
(Nominated Adviser) Dealing Disclosure Requirements Under the provisions of Rule 8.3 of the City Code on Takeovers and Mergers (the 'Code'), if any person is, or becomes, 'interested' (directly or indirectly) in 1% or more of any class of 'relevant securities' of RPL, all 'dealings' in any 'relevant securities' of that company (including by means of an option in respect of, or a derivative referenced to, any such 'relevant securities') must be publicly disclosed by no later than 3.30pm (London time) on the London business day following the date of the relevant transaction. This requirement will continue until the date on which the offer becomes, or is declared, unconditional as to acceptances, lapses or is otherwise withdrawn or on which the 'offer period' otherwise ends. If two or more persons act together pursuant to an agreement or understanding, whether formal or informal, to acquire an 'interest' in 'relevant securities' of RPL, they will be deemed to be a single person for the purpose of Rule 8.3. Under the provisions of Rules 8.1 of the Code, all 'dealings' in 'relevant securities' of RPL by a potential offeror, or RPL, or by any of their respective 'associates', must be disclosed by no later than 12.00 noon (London time) on the London business day following the date of the relevant transaction. A disclosure table, giving details of the companies in whose 'relevant securities' 'dealings' should be disclosed, and the number of such securities in issue, can be found on the Takeover Panel's website at www.thetakeoverpanel.org.uk. 'Interests in securities' arise, in summary, when a person has long economic exposure, whether conditional or absolute, to changes in the price of securities. In particular, a person will be treated as having an 'interest' by virtue of the ownership or control of securities, or by virtue of any option in respect of, or derivative referenced to, securities. Terms in quotation marks are defined in the Code, which can also be found on the Panel's website. If you are in any doubt as to whether or not you are required to disclose a 'dealing' under Rule 8, you should consult the Panel. This information is provided by RNS The company news service from the London Stock Exchange END
DISBIBDGBSDGGCS More |
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| 13-10-09 | HUG |
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Rule 8.3 - Renewable Power & Light Plc - 12.10.09
FORM 8.3
1. KEY INFORMATION
Name of person dealing (Note 1) GLG PARTNERS LP
Class of relevant security to
disclosed relate (Note 2)
2. INTERESTS, SHORT POSITIONS AND RIGHTS TO SUBSCRIBE
options)
(3) Options and agreements to
purchase/sell
(1) Relevant securities
(2) Derivatives (other than
options)
(3) Options and agreements to
purchase/sell
Total
3)
3. DEALINGS
(Note 4)
4 OTHER
INFORMATION Agreements, arrangements or understandings relating to options or derivatives Full details of any agreement, arrangement or understanding between the person disclosing and any other person relating to the voting rights of any relevant securities under any option referred to on this form or relating to the voting rights or future ac NONE
8 attached? (Note 9)
offeree/offeror with which connected
connection (Note 10) Notes The Notes on Form 8.3 can be viewed on the Takeover Panel's website at www.thetakeoverpanel.org.uk
---END OF MESSAGE--- This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement. More |
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| 12-10-09 | HUG |
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Rule 8.3 - Renewable Power & Light Plc - 09.10.09
DEALINGS BY PERSONS WITH INTERESTS IN SECURITIES REPRESENTING 1% OR MORE (Rule 8.3 of the Takeover Code) 1. KEY INFORMATION
Name of person dealing (Note GLG PARTNERS LP
1)
Class of relevant security to
disclosed relate (Note 2)
2. INTERESTS, SHORT POSITIONS AND RIGHTS TO SUBSCRIBE (a) Interests and short positions (following dealing) in the class of
relevant security dealt in (Note 3)
(2) Derivatives (other than
options)
(3) Options and agreements to
purchase/sell
(b) Interests and short positions in relevant securities of the company, other
than the class dealt in (Note 3)
(1) Relevant securities (2) Derivatives (other than options) (3) Options and agreements to purchase/sell Total Rights to (c) subscribe (Note
3)
3. DEALINGS (Note 4) (a) Purchases
and sales
(b) Derivatives transactions
(other than options)
Options transactions in (c) respect of existing securities (i) Writing, selling, purchasing or varying
(ii) Exercising
(d) Other dealings (including new
securities) (Note 4)
8)
4 OTHER
INFORMATION Agreements, arrangements or understandings relating to options or derivatives Full details of any agreement, arrangement or understanding between the person disclosing and any other person relating to the voting rights of any relevant securities under any option referred to on this form or relating to the voting rights or future ac NONE
Is a Supplemental
(Note 9)
with which connected
connection (Note 10)
---END OF MESSAGE--- This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement. More |
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| 30-09-09 | RNS |
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RNS Number : 9813Z Lloyds Banking Group PLC 30 September 2009 FORM 8.3 DEALINGS BY PERSONS WITH INTERESTS IN SECURITIES REPRESENTING 1% OR MORE (Rule 8.3 of the Takeover Code)
which the dealings being
disclosed relate (Note 2)
(a) Interests and short positions (following dealing) in the class of relevant security dealt in (Note 3)
(2) Derivatives (other than options)
(3) Options and agreements to
purchase/sell
(b) Interests and short positions in relevant securities of the company, other than the class dealt in (Note 3)
(1) Relevant securities (2) Derivatives (other than options) (3) Options and agreements to purchase/sell Total
Class of relevant security: Details
Purchase/sale Number of securities Price per unit (Note 5)
(b) Derivatives transactions (other than options)
Product name, e.g. CFD Long/short (Note 6) Number of securities Price per unit (Note
(c) Options transactions in respect of existing securities (i) Writing, selling, purchasing or varying
Product name, e.g. call option Number of securities Exercise price per unit (Note 5) (d) Other dealings (including new securities) (Note 4) Nature of transaction (Note 8) Details Price per unit (if applicable) (Note 5)
Agreements, arrangements or understandings relating to options or derivatives Full details of any agreement, arrangement or understanding between the person disclosing and any other person relating to the voting rights of any relevant securities under any option referred to on this form or relating to the voting rights or future acquisition or disposal of any relevant securities to which any derivative referred to on this form is referenced. If none, this should be stated.
N/A
If a connected EFM, name of offeree/offeror with which connected If a connected EFM, state nature of connection (Note 10) Notes The Notes on Form 8.3 can be viewed on the Takeover Panel's website at www.thetakeoverpanel.org.uk This information is provided by RNS The company news service from the London Stock Exchange END
RETEALNEDFFNEFE More |
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| 28-09-09 | BZN |
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FORM 8.3 DEALINGS BY PERSONS WITH INTERESTS IN SECURITIES REPRESENTING 1% OR MORE (Rule 8.3 of the Takeover Code)
1. KEY INFORMATION
2. INTERESTS, SHORT POSITIONS AND RIGHTS TO SUBSCRIBE
(a) Interests and short positions (following dealing) in the class of relevant security dealt in (Note 3)
(2) Derivatives (other than options)
(3) Options and agreements to purchase/sell
(b) Interests and short positions in relevant securities of the company, other than the class dealt in (Note 3)
(1) Relevant securities (2) Derivatives (other than options) (3) Options and agreements to purchase/sell Total (c) Rights to subscribe (Note 3) Class of relevant security: Details 3. DEALINGS (Note 4)
(a) Purchases and sales
(b) Derivatives transactions (other than options)
name,e.g. CFD (c) Options transactions in respect of existing securities
(i) Writing, selling, purchasing or varying
moneypaid/received
(ii) Exercising Product name, e.g. call option Number of securities Exercise price per unit(Note 5) (d) Other dealings (including new securities) (Note 4) Nature of transaction(Note 8) Details Price per unit (if applicable)()(Note 5) 4. OTHER INFORMATION
Agreements, arrangements or understandings relating to options or derivatives
Is a Supplemental Form 8 attached? (Note 9) NO
If a connected EFM, name of offeree/offeror with which connected If a connected EFM, state nature of connection(Note 10) Notes
More |
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| 25-09-09 | RNS |
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This news article is displayed preformatted as it may contain results tables
RNS Number : 6435Z
Renewable Power and Light Plc
25 September 2009
25 September 2009
Renewable Power & Light
Interim Results for the Six Month Period Ended 30 June 2009
Chairman's Review
Overview
RPL was established in 2006 as an independent producer of green or renewable power. In December 2008, the details of the Board's strategy to maximise and realise value for shareholders was announced. The strategy had three key elements:
* Return of an initial 10 pence per Ordinary Share to shareholders via a capital distribution;
* Execution of the ongoing asset sale processes; and
* An orderly realisation of the net value of the remaining business for shareholders, considering the remaining assets and liabilities of the Company and the ongoing working capital requirements.
The initial return of 10 pence per share was accomplished in February of this year and in July the Company announced the signing of an agreement to sell both its Elmwood Park and Massena power stations. The sale of the Elmwood Park power station was concluded on 16 September 2009 and the Massena power station sale is anticipated to close by the end of October 2009.
Since the Board's decision to cease the construction of the biodiesel production facility, the Company has been actively seeking a buyer for the equipment. Given the current market conditions this has proven unsuccessful to date and the Company has pursued an alternative strategy to dispose of the equipment which is due to occur as soon as practicable.
The sale of the power plants, the biodiesel facility and an investing policy for the Company were approved by shareholders in August.
At the end of October, the Company's rail car lease will expire. The Board considers that the appropriate timing to commence the approval process required under the RPL investing policy is after the lease has expired and the biodiesel equipment is disposed of.
Financials
Due to the Company's decision in December 2008 to dispose of the power plants, all of the financial results for the facilities are now classed as discontinued operations. Revenue from discontinued operations in the first half of the year was US$3.4 million (2008: US$4.1 million) due to reduced electricity demand, brought on by unseasonably cool weather in the northeast United States and a slowdown in the economy. Operating losses from discontinued operations were reduced to US$1.6 million (2008: US$2.6 million) due to the implementation of management's aggressive cost reduction plan. The loss before tax was reduced to US$2.3 million (2008: US$2.8 million) due to lower administrative expenses.
The Company had total assets of US$25.4 million at 30 June 2009 (as of 31 December 2008: US$42.1 million) which reflects both the impairment write downs on the power station and biodiesel equipment assets and the cash reduction as a result of the capital distribution. The Company has no short-term or long-term debt as of 30 June 2009 or 31 December 2008.
As part of the previously announced strategy to realise value for shareholders and the investing policy approved by shareholders, RPL intends to make further capital distributions as appropriate.
Operating review
There is reduced demand for electricity in the two regional power grids that the Company sells electricity into due to the current recession and cooler than normal summer weather. As a result, the Elmwood Park and Massena power stations have not been dispatched at expected or historical levels. This situation is expected to continue for the remainder of the year. However, due to increased capacity payments at Elmwood Park and the disposal of excess emission credits, the power stations are cashflow positive for the year to date.
The biodiesel equipment continues to be stored in anticipation of the upcoming disposal. The rail car lease expires at the end of October and the Company is in the process of arranging the return of the rail cars and the recovery of the security deposit.
Outlook
With the pending sale of the power stations and the expected disposal of the biodiesel equipment, the Board is in the process of determining the appropriate staffing and Board composition to implement the investing policy of RPL and determine the timing of a further capital distribution to shareholders. A distribution is anticipated before year end. The Company will seek the approval of shareholders prior to making any future capital distribution of the Company.
Michael G Reynolds
Chairman 24 September 2009
Consolidated Income Statement (unaudited)
Renewable Power & Light plc
Six Months Ended 30 June 2009
Six months Six months
Ended Ended
30 June 2009 30 June 2008
Note $'000 $'000
Continuing Operations:
Revenue - -
Cost of sales - -
Gross loss - -
Administrative expense (2,383) (3,367)
Loss from operations (2,383) (3,367)
Investment income 87 566
Loss before tax (2,296) (2,801)
Income tax (23) (2)
Loss for the period
(2,319) (2,803)
Discontinued Operations:
Loss from discontinued operations 3 (1,578) (2,571)
Loss for the period attributable to equity
holders
of the parent company (3,897) (5,374)
Total comprehensive income for the period (3,897) (5,374)
attributable to equity holders of the parent
company
Loss per share
Basic and diluted from continuing operations 5 $(0.02) $(0.03)
Basic and diluted from discontinued 5 $(0.02) $(0.03)
operations
Basic and diluted from continuing and 5 $(0.04) $(0.06)
discontinued operations
The prior year comparatives have been restated as a result of the decision to discontinue operations from the Group's power plants, biodiesel equipment and railcar operations. This is a reclassification only and has no impact on the net loss for the period.
Consolidated Balance Sheet (unaudited)
Renewable Power & Light plc
30 June 2009
30 June 2009 31 December 2008
Note $'000 $'000
Assets
Non-current assets
Property, plant and equipment 60 76
Total non-current assets 60 76
Current assets
Trade and other receivables 520 760
Non-trade receivables 14 171
Cash and cash equivalents 9,719 25,397
Total current assets 10,253 26,328
3 15,125 15,729
Non-current assets classified as held for sale
Total Assets 25,438 42,133
Equity and Liabilities
Equity
Share capital 6 1,710 1,836
Share premium 80,020 93,593
Investment in own shares 6 - (1,436)
Retained losses (60,329) (56,075)
Total equity attributable to equity holders of the parent 21,401 37,918
Current liabilities
Employee wages and benefits 1,652 1,630
Trade and other payables 312 743
Total current liabilities 1,964 2,373
Liabilities directly associated with non-current assets held for sale 2,073 1,842
Total Equity and Liabilities 25,438 42,133
Consolidated Statement of Cash Flows (unaudited)
Renewable Power & Light plc
Six Months Ended 30 June 2009
Six months ended Six months ended
30 June 2009 30 June 2008
Note $'000 $'000
Net Cash Flow from Operating 8 (1,962) (3,972)
Activities
Investing activities
Interest received 87 566
Purchase of property, plant and (864) (87)
equipment
Cash flow from investing activities (777) 479
Financing activities
Partial capital distribution to (12,939) -
shareholders
Cash flow from financing activities (12,939) -
Net decrease in cash and cash (15,678) (3,493)
equivalents
Cash and Cash Equivalents at 25,397 37,549
Beginning of Period
Cash and Cash Equivalents at End of 9,719 34,056
Period
Consolidated Statement of Changes in Equity (unaudited)
Renewable Power & Light plc
Six Months Ended 30 June 2009
Six Months ended 30 June 2009
Share Share Retained Investment
Capital Premium Loss In Own Shares Total
$'000 $'000 $'000 $'000 $'000
Balance at 1 January 2009 1,836 93,593 (56,075) (1,436) 37,918
Net loss for the period - - (3,897) - (3,897)
Credit to equity for IFRS 2 - - 319 - 319
Cancellation of shares (126) - (1,310) 1,436 -
Partial capital distribution - - (13,573) 13,573 - -
share premium reduction
Partial capital distribution - - (12,939) - (12,939)
Balance at 30 June 2009 1,710 80,020 (60,329) - 21,401
Six Months ended 30 June 2008
Share Share Retained
Capital Premium Loss Total
$'000 $'000 $'000 $'000
Balance at 1 January 2008 1,836 93,593 (14,755) 80,674
Net loss for the period - - (5,374) (5,374)
Credit to equity for IFRS 2 - - 437 437
Balance at 30 June 2008 1,836 93,593 (19,692) 75,737
Notes to the Interim Results (unaudited)
General information
The Company is incorporated in England and Wales under the Companies Act 1985.
The financial statements are presented in US dollars, the currency in which the majority of the Group's transactions are denominated.
1. Significant accounting policies
The financial information in this document has been prepared using accounting principles generally accepted under International Financial Reporting Standards ("IFRS"), as adopted by the European Union. The accounting policies applied are consistent with the financial statements issued for the period ending 31 December 2008. The consolidated financial information comprises the Company and its subsidiaries (together referred to as "the Group").
These unaudited interim financial statements do not constitute statutory accounts within the meaning of s434 of the Companies Act 2006. The statutory accounts for the year ended 31 December 2008, on which the auditors gave an unqualified audit report, have been filed with the Registrar of Companies.
2. Segmental information
Segmental information about business units is presented below:
Business segments
For management purposes, the Group is currently organised into two divisions - power plant operations and biodiesel plant operations. These divisions are the basis on which the Group reports its primary segment information. Given the change in strategy as announced by the Board of Directors, all of the activity of these divisions is included in discontinued operations.
Segment information about these businesses is presented below.
30 June 2009
Discontinued
Power plant Biodiesel plant Unallocated Total
operations operations
$'000 $'000 $'000 $'000
Revenue
External sales 3,069 334 - 3,403
Total revenue 3,069 334 - 3,403
Result
Segment result (725) (853) (2,383) (3,961)
Investment income 87
Loss before tax (3,874)
Taxation charge (23)
Loss after tax attributable to (3,897)
equity holders of parent
30 June 2009
Discontinued
Power plant Biodiesel plant operations Unallocated Total
operations
$'000 $'000 $'000 $'000
Segment assets 9,749 5,376 10,313 25,438
Segment liabilities 1,845 228 1,964 4,037
Net assets 21,401
30 June 2009
Discontinued
Power plant Biodiesel plant operations Unallocated Total
operations
$'000 $'000 $'000 $'000
Capital expenditure on
property, plant and equipment
Additions 864 - - 864
30 June 2008
Discontinued
Power plant Biodiesel plant Unallocated Total
operations operations
$'000 $'000 $'000 $'000
Revenue
External sales 3,765 343 - 4,108
Total revenue 3,765 343 - 4,108
Result
Segment result (2,193) (378) (3,367) (5,938)
Investment income 566
Loss before tax (5,372)
Taxation charge (2)
Loss after tax attributable to (5,374)
equity holders of parent
31 December 2008
Discontinued
Power plant Biodiesel plant operations Unallocated Total
operations
$'000 $'000 $'000 $'000
Segment assets 10,235 5,494 26,404 42,133
Segment liabilities 1,523 319 2,373 4,215
Net assets 37,918
30 June 2008
Discontinued
Power plant Biodiesel plant operations Unallocated Total
operations
$'000 $'000 $'000 $'000
Capital expenditure on
property, plant and equipment
Additions 82 - 5 87
Geographical segments
The Group has one geographical segment being the USA.
3. Assets of disposal group classified as held for sale and discontinued operations
The assets and liabilities related to the power plants, biodiesel equipment, and railcars have been presented as held for sale following the Board of Directors' decision to pursue a sale of these assets. See Footnote 9 for subsequent events relating to the sale of the power plants.
Analysis of the cashflows of discontinued operations is as follows:
Period ended Period ended
30 June 2009 30 June 2008
$'000 $'000
Operating cash flows 121 (396)
Investing cash flows (864) (82)
Total cash flows (743) (478)
Assets of disposal group classified as held for sale:
Period ended Period ended
30 June 2009 31 December 2008
$'000 $'000
Property, plant and equipment 9,983 10,519
Inventory 3,279 3,271
Other current assets 1,863 1,939
Total 15,125 15,729
Liabilities of disposal group classified as held for sale:
Period ended Period ended
30 June 2009 31 December 2008
$'000 $'000
Trade and other payables 702 351
Employee wages and benefits 20 10
Other current liabilities 111 241
Provisions 1,240 1,240
Total 2,073 1,842
Analysis of the results of discontinued operations is as follows:
Period ended Period ended
30 June 2009 30 June 2008
$'000 $'000
Revenue 3,403 4,108
Cost of sales (3,581) (6,679)
Impairment of tangible fixed assets (1,400) -
Gross loss before tax of discontinued (1,578) (2,571)
operations
Income tax - -
Loss for the year from discontinued operations (1,578) (2,571)
4. Initial Return of Capital
On 19 February 2009, the Company completed an Initial Return of Capital of 10 pence per share. The purpose of this strategy is to effect an immediate return of capital to shareholders and to position the Company to provide future distributions of capital to shareholders as assets are sold and working capital needs diminish.
5. Loss and net assets per share
Basic loss per share
The calculation of basic loss per share has been determined as the net loss after tax divided by the weighted average number of equity shares outstanding during the period.
Period ended 30 Period ended
June 2009 30 June 2008
Net loss attributable to ordinary
shareholders in thousands of
dollars
Net loss attributable to ordinary (2,319) (2,803)
shareholders from continuing
operations
Net loss attributable to ordinary (1,578) (2,571)
shareholders from discontinued
operations
Number of ordinary shares in
thousands of shares
Issued ordinary shares at the 95,298 95,298
beginning of the period
Issued ordinary shares at the end 88,765 95,298
of the period
Weighted average number of 94,209 95,298
ordinary shares in thousands of
shares
Weighted average number of
ordinary shares during the period
$(0.02) $(0.03)
Basic loss per share from
continuing operations
Basic loss per share from $(0.02) $(0.03)
discontinued operations
Basic loss per share from $(0.04) $(0.06)
continuing and discontinued
operations
Diluted loss per share is calculated by dividing the loss attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period adjusted for the effects of all potentially dilutive shares.
The only potentially dilutive shares were the share options. These shares are anti-dilutive as they would decrease the loss per share. There is therefore no difference between the basic loss per share and diluted loss per share for the period.
Net assets per share
30 June 2009 31 December 2008
Net assets per share
Net assets attributable to shareholders in 21,401 37,918
thousands of dollars
Basic weighted average of ordinary shares in 94,209 95,298
thousand of shares
101,354 102,443
Diluted weighted average of potential shares
in thousand of shares
$0.227 $0.398
Basic net assets per share
Diluted net assets per share $0.211 $0.370
6. Share capital and reserves
The Company's uthorized share capital comprises 10,000,000,000 ordinary shares of 1p each (2008: 10,000,000,000) and 88,764,646 of these shares were in issue at 30 June 2009 (2008: 95,297,603). 6,532,957 shares were held in the Employee Benefit Trust, which were cancelled with the dissolution of the Employee Benefit Trust on 1 June 2009.
7. Financial commitments
The Group leases railcars and office space under non-cancellable operating lease agreements.
The future aggregate minimum lease payments under other non-cancellable operating leases are as follows:
30 June 2009 31 December 2008
$'000 $'000
No later than 1 year 436 936
Later than 1 year and no later than 5 398 422
years
Later than 5 years - 27
834 1,385
The future aggregate minimum sublease payments to be received under non-cancellable operating leases are as follows:
30 June 2009 31 December 2008
$'000 $'000
No later than 1 year 199 615
8. Reconciliation of loss from operations to net cash from operating activity
Period ended 30 June Period ended 30 June 2008
2009
$'000 $'000
Loss from operations (3,961) (5,938)
Adjustments for:
Depreciation of property, 16 1,201
plant and equipment
Impairment of property, plant 1,400 -
and equipment
IFRS 2 charge on share options 319 437
Operating cash flows before (2,226) (4,300)
movement in working capital
(Increase) in inventories (8) (53)
Decrease/(Increase) in 474 (963)
receivables
(Decrease)/Increase in (179) 1,346
payables
Cash used in operations (1,939) (3,970)
(23) (2)
Income tax
Net cash from operating (1,962) (3,972)
activities
9. Subsequent Events
In July 2009, the Company announced the signing of an agreement to sell both its Elmwood Park and Massena power stations. The sale of the Elmwood Park power station was concluded on 16 September 2009 and the Massena power station sale is anticipated to close by the end of October 2009.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR LIMFTMMTTBFL
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| 24-09-09 | RNS |
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RNS Number : 6310Z Renewable Power and Light Plc 24 September 2009 RENEWABLE POWER & LIGHT PLC Director Resignations 24 September 2009 Renewable Power & Light plc (AIM: RPL) ("RPL" or "the Company"), today announces that Mr Donald Verbick and Mr Mark Draper have resigned as directors of the Company with immediate effect. The resignations of Mr Verbick and Mr Draper have been accepted by the board of directors of the Company (the "Board"). At a general meeting on 19 August 2009 the Company decided to adopt a new investment policy to dispose of its operating assets, further reduce overheads, preserve cash and maximize and realise value for shareholders. These resignations are part of the ongoing implementation of this policy. Mr Verbick was the Senior Vice-President and operations officer of the Company. Mr Verbick has agreed to continue to act as a director of RPL Holdings Inc., the Company's wholly owned US subsidiary, for such time as required by the Board. Mr Draper was a non-executive director of the Company. The Board would like to take this opportunity to thank Mr Verbick and Mr Draper for their valuable contribution to the Company. For further information, please contact:
(Nominated Adviser) Dealing Disclosure Requirements Under the provisions of Rule 8.3 of the City Code on Takeovers and Mergers (the 'Code'), if any person is, or becomes, 'interested' (directly or indirectly) in 1% or more of any class of 'relevant securities' of RPL, all 'dealings' in any 'relevant securities' of that company (including by means of an option in respect of, or a derivative referenced to, any such 'relevant securities') must be publicly disclosed by no later than 3.30pm (London time) on the London business day following the date of the relevant transaction. This requirement will continue until the date on which the offer becomes, or is declared, unconditional as to acceptances, lapses or is otherwise withdrawn or on which the 'offer period' otherwise ends. If two or more persons act together pursuant to an agreement or understanding, whether formal or informal, to acquire an 'interest' in 'relevant securities' of RPL, they will be deemed to be a single person for the purpose of Rule 8.3. Under the provisions of Rules 8.1 of the Code, all 'dealings' in 'relevant securities' of RPL by a potential offeror, or RPL, or by any of their respective 'associates', must be disclosed by no later than 12.00 noon (London time) on the London business day following the date of the relevant transaction. A disclosure table, giving details of the companies in whose 'relevant securities' 'dealings' should be disclosed, and the number of such securities in issue, can be found on the Takeover Panel's website at www.thetakeoverpanel.org.uk. 'Interests in securities' arise, in summary, when a person has long economic exposure, whether conditional or absolute, to changes in the price of securities. In particular, a person will be treated as having an 'interest' by virtue of the ownership or control of securities, or by virtue of any option in respect of, or derivative referenced to, securities. Terms in quotation marks are defined in the Code, which can also be found on the Panel's website. If you are in any doubt as to whether or not you are required to disclose a 'dealing' under Rule 8, you should consult the Panel. This information is provided by RNS The company news service from the London Stock Exchange END
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| 17-09-09 | RNS |
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RNS Number : 2120Z Renewable Power and Light Plc 17 September 2009 RENEWABLE POWER & LIGHT PLC
DISPOSAL OF ELMWOOD PARK POWER PLANT 17 September 2009 Renewable Power & Light plc (AIM: RPL) ("RPL" or "the Company"), today announces that, in conjunction with its previously announced signing of an agreement for the sale of the Elmwood Park and Massena power plants, it has closed on the sale of the Elmwood Park power plant. The sale of the Massena power plant is now expected to close by the end of October, due to a delay in obtaining New York State regulatory approval. For further information, please contact:
(Nominated Adviser) Dealing Disclosure Requirements Under the provisions of Rule 8.3 of the City Code on Takeovers and Mergers (the 'Code'), if any person is, or becomes, 'interested' (directly or indirectly) in 1% or more of any class of 'relevant securities' of RPL, all 'dealings' in any 'relevant securities' of that company (including by means of an option in respect of, or a derivative referenced to, any such 'relevant securities') must be publicly disclosed by no later than 3.30pm (London time) on the London business day following the date of the relevant transaction. This requirement will continue until the date on which the offer becomes, or is declared, unconditional as to acceptances, lapses or is otherwise withdrawn or on which the 'offer period' otherwise ends. If two or more persons act together pursuant to an agreement or understanding, whether formal or informal, to acquire an 'interest' in 'relevant securities' of RPL, they will be deemed to be a single person for the purpose of Rule 8.3. Under the provisions of Rules 8.1 of the Code, all 'dealings' in 'relevant securities' of RPL by a potential offeror, or RPL, or by any of their respective 'associates', must be disclosed by no later than 12.00 noon (London time) on the London business day following the date of the relevant transaction. A disclosure table, giving details of the companies in whose 'relevant securities' 'dealings' should be disclosed, and the number of such securities in issue, can be found on the Takeover Panel's website at www.thetakeoverpanel.org.uk 'Interests in securities' arise, in summary, when a person has long economic exposure, whether conditional or absolute, to changes in the price of securities. In particular, a person will be treated as having an 'interest' by virtue of the ownership or control of securities, or by virtue of any option in respect of, or derivative referenced to, securities. Terms in quotation marks are defined in the Code, which can also be found on the Panel's website. If you are in any doubt as to whether or not you are required to disclose a 'dealing' under Rule 8, you should consult the Panel. This information is provided by RNS The company news service from the London Stock Exchange END
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| 02-09-09 | BZN |
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FORM 8.3 DEALINGS BY PERSONS WITH INTERESTS IN SECURITIES REPRESENTING 1% OR MORE (Rule 8.3 of the Takeover Code)
1. KEY INFORMATION
2. INTERESTS, SHORT POSITIONS AND RIGHTS TO SUBSCRIBE
(a) Interests and short positions (following dealing) in the class of relevant security dealt in (Note 3)
(2) Derivatives (other than options)
(3) Options and agreements to purchase/sell
(b) Interests and short positions in relevant securities of the company, other than the class dealt in (Note 3)
(1) Relevant securities (2) Derivatives (other than options) (3) Options and agreements to purchase/sell Total
(c) Rights to subscribe (Note 3)
3. DEALINGS (Note 4)
(a) Purchases and sales
(b) Derivatives transactions (other than options)
(c) Options transactions in respect of existing securities
(i) Writing, selling, purchasing or varying
(ii) Exercising
(d) Other dealings (including new securities) (Note 4)
4. OTHER INFORMATION
Agreements, arrangements or understandings relating to options or derivatives
Is a Supplemental Form 8 attached? (Note 9) NO
If a connected EFM, name of offeree/offeror with which connected If a connected EFM, state nature of connection(Note 10) Notes
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| 01-09-09 | RNS |
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RNS Number : 3370Y Lloyds Banking Group PLC 01 September 2009 FORM 8.3 DEALINGS BY PERSONS WITH INTERESTS IN SECURITIES REPRESENTING 1% OR MORE (Rule 8.3 of the Takeover Code)
which the dealings being
disclosed relate (Note 2)
(a) Interests and short positions (following dealing) in the class of relevant security dealt in (Note 3)
(2) Derivatives (other than options)
(3) Options and agreements to
purchase/sell
(b) Interests and short positions in relevant securities of the company, other than the class dealt in (Note 3)
(1) Relevant securities (2) Derivatives (other than options) (3) Options and agreements to purchase/sell Total
Class of relevant security: Details
Purchase/sale Number of securities Price per unit (Note 5)
(b) Derivatives transactions (other than options)
Product name, e.g. CFD Long/short (Note 6) Number of securities Price per unit (Note
(c) Options transactions in respect of existing securities (i) Writing, selling, purchasing or varying
Product name, e.g. call option Number of securities Exercise price per unit (Note 5) (d) Other dealings (including new securities) (Note 4) Nature of transaction (Note 8) Details Price per unit (if applicable) (Note 5)
Agreements, arrangements or understandings relating to options or derivatives Full details of any agreement, arrangement or understanding between the person disclosing and any other person relating to the voting rights of any relevant securities under any option referred to on this form or relating to the voting rights or future acquisition or disposal of any relevant securities to which any derivative referred to on this form is referenced. If none, this should be stated.
N/A
If a connected EFM, name of offeree/offeror with which connected If a connected EFM, state nature of connection (Note 10) Notes The Notes on Form 8.3 can be viewed on the Takeover Panel's website at www.thetakeoverpanel.org.uk This information is provided by RNS The company news service from the London Stock Exchange END
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| 27-08-09 | RNS |
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RNS Number : 1338Y Lloyds Banking Group PLC 27 August 2009 FORM 8.3 DEALINGS BY PERSONS WITH INTERESTS IN SECURITIES REPRESENTING 1% OR MORE (Rule 8.3 of the Takeover Code)
which the dealings being
disclosed relate (Note 2)
(a) Interests and short positions (following dealing) in the class of relevant security dealt in (Note 3)
(2) Derivatives (other than options)
(3) Options and agreements to
purchase/sell
(b) Interests and short positions in relevant securities of the company, other than the class dealt in (Note 3)
(1) Relevant securities (2) Derivatives (other than options) (3) Options and agreements to purchase/sell Total
Class of relevant security: Details
Purchase/sale Number of securities Price per unit (Note 5)
(b) Derivatives transactions (other than options)
Product name, e.g. CFD Long/short (Note 6) Number of securities Price per unit (Note
(c) Options transactions in respect of existing securities (i) Writing, selling, purchasing or varying
Product name, e.g. call option Number of securities Exercise price per unit (Note 5) (d) Other dealings (including new securities) (Note 4) Nature of transaction (Note 8) Details Price per unit (if applicable) (Note 5)
Agreements, arrangements or understandings relating to options or derivatives Full details of any agreement, arrangement or understanding between the person disclosing and any other person relating to the voting rights of any relevant securities under any option referred to on this form or relating to the voting rights or future acquisition or disposal of any relevant securities to which any derivative referred to on this form is referenced. If none, this should be stated.
N/A
If a connected EFM, name of offeree/offeror with which connected If a connected EFM, state nature of connection (Note 10) Notes The Notes on Form 8.3 can be viewed on the Takeover Panel's website at www.thetakeoverpanel.org.uk This information is provided by RNS The company news service from the London Stock Exchange END
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