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| Date/Time | Headline | Source |
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| 03-11-09 | AFX UK Focus |
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LONDON, Nov 3 (Reuters) - Britain's Renewable Energy Holdings is considering taking action against fellow renewables company Novera Energy after the latter made an error in a shareholder document.
($1=.6115 Pound) (Reporting by Victoria Bryan; editing by Simon Jessop) Keywords: NOVERA REH/ (victoria.bryan@thomsonreuters.com; +44 207 542 9688; Reuters Messaging: victoria.bryan.thomsonreuters@reuters.net)
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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| 03-11-09 | RNS |
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RNS Number : 8157B Renewable Energy Holdings plc 03 November 2009 Renewable Energy Holdings plc ("REH" or the "Company") Statement re Error in Novera Energy plc Shareholder Circular dated 26 October 2009 The Board of REH (the "Board") and its advisers have noted the reference to REH in the circular published by Novera Energy plc ("Novera") on 26 October 2009 and sent to its shareholders setting out its defence of the offer by Infinis Energy Limited ("Novera Circular") and the subsequent correction announcement of 30 October 2009. The Board wishes to confirm that the original reference to REH, stating that REH was in the process of selling off assets and having embarked on a programme of returning capital to shareholders, is entirely erroneous and anyone reading the Novera Circular should ignore this statement. In fact, REH continues to operate its wind and methane assets and to develop its pipeline in UK and Europe, in accordance with its stated strategy for the benefit of its shareholders. The Board is currently assessing potential actions, if any, which the Company can take in relation the errors contained in the Novera Circular relating to the Company. Enquiries:
Mike Proffitt, Chief Executive
Rory Murphy/Liam Buswell Financial Dynamics
This information is provided by RNS The company news service from the London Stock Exchange END
MSCBTBLTMMTMBFL More |
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| 30-10-09 | RNS |
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RNS Number : 7309B Novera Energy PLC 30 October 2009 NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION.
FOR IMMEDIATE RELEASE 30 October 2009 Novera Energy plc ("Novera" or the "Company") Shareholder Circular (the "Circular") dated 26 October 2009 - correction On 26 October 2009, the Board of Novera wrote to Novera Shareholders advising them that the Board firmly believed that the Offer of 62.5 pence per Novera Share made by Infinis Energy ("Infinis") substantially undervalued Novera and its prospects and unanimously recommended that Novera Shareholders rejected the Offer. It is noted that on page 9 that there are limited alternative UK quoted vehicles for investors to participate in the UK wind sector. The statistics and commentary relating to Greenko Group plc and Renewable Energy Holdings plc should have read as follows: Greenko Group plc Installed MW - 91.0 Installed UK onshore wind MW - none Commentary - Biomass and hydro operations in Asia Renewable Energy Holdings plc Installed MW - 41.5 Installed UK onshore wind MW - none Commentary - Operational assets in wind in Germany and landfill gas in the UK As stated on page 9, the Directors believe that Novera has a scarcity value. Words and expressions where defined in the Circular shall, unless the context provides otherwise, have the same meaning in this announcement. Enquiries: Novera Energy plc Roy Franklin, Chairman Richard Round, Acting Chief Executive Officer/Finance Director Tel: +44 (0) 20 7845 9720 Hawkpoint Partners Limited (Joint Financial Adviser)
Tel: +44 (0) 20 7665 4500 Oriel Securities Limited (Joint Financial Adviser, Nominated Adviser and Broker) Richard Crawley / Michael Shaw Tel: +44 (0) 20 7710 7600 Kreab Gavin Anderson (PR) Ken Cronin / Kate Hill / Michael Turner Tel: +44 (0) 20 7074 1800 A copy of this announcement will be available at the website of the Company at www.noveraenergy.com/announcements.php. Dealing Disclosure Requirements Under the provisions of Rule 8.3 of the Takeover Code (the "Code"), if any person is, or becomes, "interested" (directly or indirectly) in 1% or more of any class of "relevant securities" of Novera, 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 3.30 p.m. (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 Novera, they will be deemed to be a single person for the purpose of Rule 8.3. Under the provisions of Rule 8.1 of the Code, all "dealings" in "relevant securities" of Novera by the Infinis or by Novera, 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. Hawkpoint Partners Limited, which is authorised and regulated in the United Kingdom by the Financial Services Authority, is acting for Novera and no-one else in connection with the matters referred to herein and will not be responsible to anyone other than Novera for providing the protections afforded to clients of Hawkpoint Partners Limited or for giving advice in relation to such matters. Oriel Securities Limited, which is authorised and regulated in the United Kingdom by the Financial Services Authority, is acting for Novera and no-one else in connection with the matters referred to herein and will not be responsible to anyone other than Novera for providing the protections afforded to clients of Oriel Securities Limited or for giving advice in relation to such matters. This information is provided by RNS The company news service from the London Stock Exchange END
MSCEAPEEDAKNFFE More |
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| 26-10-09 | RNS |
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RNS Number : 3345B Renewable Energy Holdings plc 26 October 2009 26 October 2009 Renewable Energy Holdings plc ("REH" or the "Company") Change of Advisers REH, the AIM quoted investor and operator of proven and innovative renewable energy technologies, is pleased to announce that it has appointed Strand Hanson Limited as Nominated Adviser and Novus Capital Markets Ltd as Broker to the Company, both with immediate effect.
For further information contact:
Renewable Energy Holdings plc
Strand Hanson Limited
Novus Capital Markets Ltd
Financial Dynamics
This information is provided by RNS The company news service from the London Stock Exchange END
APPILFVRIFLVFIA More |
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| 16-10-09 | RNS |
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RNS Number : 9023A Renewable Energy Holdings plc 16 October 2009 16 October 2009 Renewable Energy Holdings plc ("REH" or "the Company") Holding(s) in Company REH received notification on 15 October 2009 that The Tudor BVI Global Portfolio L.P. holds 5,554,333 ordinary shares of 1 pence each in the capital of the Company representing approximately 7.98% of the Company's issued ordinary share capital. Credit Suisse Securities (Europe) Limited is the registered holder of the shares in the Company on behalf of the shareholder. Enquiries: Ian Gribble Company Secretary Renewable Energy Holdings plc 01624 641199 This information is provided by RNS The company news service from the London Stock Exchange END
HOLMGMMGRVZGLZG More |
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| 12-10-09 | RNS |
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RNS Number : 5738A Renewable Energy Holdings plc 12 October 2009 12 October 2009 Renewable Energy Holdings plc ("REH" or "the Company") CETO: Completion of disposal Renewable Energy Holdings plc (AIM: REH), the AIM quoted investor and operator of proven and innovative renewable energy technologies, notes the recent announcement by Carnegie Corporation Limited ("Carnegie") in relation to completion of documentation in relation to the acquisition of REH's CETO Wave Technology ("the Transaction") which was referred to in REH's previous announcement on 4 September 2009. Carnegie previously announced that its shareholders had approved the allotment and issue of 235,000,000 fully paid new ordinary shares of Carnegie to REH as consideration for the Transaction (the "Consideration Shares"). REH has now become Carnegie's largest shareholder with an interest of approximately 33% of Carnegie's current issued share capital and under the rules of the ASX, REH is required to hold the Consideration Shares for 12 months following issuance. In accordance with the agreement, REH plc is no longer responsible for the CETO development costs, which now become the obligation of Carnegie Corporation. REH's Chief Executive Officer, Mike Proffitt, said "We are delighted to become Carnegie's largest shareholder and to have crystallised significant value for REH shareholders, which, based on current market price, values the REH holding at just over £30 million. Upon CETO reaching commercialisation, this transaction will allow REH shareholders the additional value of continuing to participate in the future revenues generated by its world-wide roll-out." In the initial announcement made on 11 May 2009 it was stated that completion of the Transaction would represent a related party transaction for REH pursuant to Rule 13 of the AIM Rules for Companies due to Mike Proffitt and Alan Burns being directors of both REH and Carnegie. The independent directors of REH consider, having consulted with REH's nominated adviser Ambrian Partners Limited, that the terms of the Transaction are fair and reasonable insofar as its shareholders are concerned. For further information, please contact:
Mike Proffitt, Chief Executive
Richard Swindells / Andrew Craig
Jonathon Brill/Billy Clegg/Edward Westropp/Alex Beagley This information is provided by RNS The company news service from the London Stock Exchange END
DISILFEEIRLAIIA More |
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| 30-09-09 | RNS |
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This news article is displayed preformatted as it may contain results tables
RNS Number : 9108Z
Renewable Energy Holdings plc
30 September 2009
30 September 2009
Renewable Energy Holdings plc
("REH" or "the Company")
Interim Results for the six months ended 30 June 2009
Renewable Energy Holdings plc (AIM: REH), the AIM quoted investor and operator of proven and innovative renewable energy technologies is pleased to announce its interim results for the six months ended 30 June 2009.
Highlights:
* Signed Heads of Agreement to sell CETO intellectual property to Carnegie
* Crystallised material value of approximately £30 million whilst retaining significant stake in future value of CETO
* Received Carnegie shareholder approval for sale on 4 September 2009
* Post period end, acquired Gamar GHL, the Polish windfarm development company, on 7 September 2009
* Gamar GHL now fully permitted to build a 30 MW windfarm in S.E Poland
* 30,197MWh power generated in the period
* Revenue of £2.4m (H1 2008: £2.6m), down 8% due to unseasonal light winds in Germany
* Loss before tax of £2.2m (H1 2008: £930,000)
* Loss per share of 3.3p (H1 2008: 1.15p)
* Board looks to future with confidence
Mike Proffitt, CEO of Renewable Energy Holdings, commented:
"Despite the unseasonal wind conditions experienced during the first half, your company has never been in better shape with electricity producing assets in place, a healthy pipeline of future development projects and access to the upside potential of CETO, whilst having crystallised a substantial gain for our shareholders."
"Your Board looks to the future with confidence."
For further information, please contact:
Renewable Energy Holdings plc Tel: 01624 641199
Mike Proffitt, Chief Executive
Ambrian Partners - Nominated Adviser & Broker Tel: 020 7634 7400
Richard Swindells / Andrew Craig
Financial Dynamics Tel: 020 7831 3113
Jonathon Brill/Billy Clegg/Edward Westropp/Alex Beagley
Chairman's Statement
The half year to 30 June 2009 was notable for poor winds in Germany resulting in lower sales from our German wind farms than in the comparable period to 30 June 2008, but the value crystallised for CETO has increased the company's net assets considerably.
The adverse wind conditions were not specific to our sites but prevailed across much of Germany and Western Europe. As stated in our trading update on 20 May 2009, we consider that these unusual wind conditions are an anomaly to the German 20 year average wind index. As a consequence of these poor winds, we are reporting an operating loss of £1.4 million for the six months to 30 June 2009 (H1 2008: operating loss of £232,932). In addition, a new requirement under IFRS as to the presentation of foreign exchange gains and losses means that we show foreign exchange losses of £2.1 million. This is not a cash loss but a figure arrived at by revaluing property, plant and equipment, along with long term loans, using exchange rates as at 30 June 2009.
The increase in administration costs reflected the carrying of the development of CETO, the Company's wave energy technology, prior to sale. We announced on 11 May 2009 a Heads of Agreement under which REH would sell its Intellectual Property in CETO to Carnegie in exchange for a major shareholding in Carnegie, the Australian Company which has been developing the CETO technology under licence with REH. This important transaction means that we have crystallised material value of approximately £30 million for our shareholders whilst retaining a significant stake in the future value of CETO as the technology is developed and rolled out commercially, and removing the financing of CETO as a future burden on REH shareholders. I am pleased to report that Carnegie shareholders approved this transaction on 4 September 2009 and that financial close is imminent.
I am also very pleased to report that post the period end on 7 September 2009 we acquired Gamar GHL, the Polish Windfarm development company, now fully permitted to build a 30 MW wind farm in S.E Poland. We intend to secure strong shareholder value from this asset which we believe has the ability to produce approximately £7.5 million of revenue annually. Decisions as to how and when to take the project forward will depend on the funding of the construction costs in a situation where financial markets are still very uncertain. However, we believe the renewable energy sector should be one of the first to benefit from a recovery and that long term prospects, reflecting international governmental support for renewable energy, remain encouraging for the Company and the sector.
Outlook
Despite the unseasonal wind conditions experienced during the first half, the winds have since the period end improved and REH has delivered sales meeting management's expectations in Q3. With regards to the welsh landfill gas asset, we drilled new production wells in August, which have increased gas production from a steady rate of 450 MW/h in H1 to an average of 600 MW/h per month since.
The Board feels that your company has never been in better shape, with electricity producing assets in place, a healthy pipeline of future development projects and access to the upside potential of CETO, whilst having crystallised a substantial gain for our shareholders from the development of CETO.
All this being so, your Board looks to the future with confidence.
Sir John Baker
Chairman
Interim consolidated income statement for the six months ended 30 June 2009 (unaudited)
Note Six months Six months Year ended
ended 30 ended 30 31 December
June 2009 June 2008 2008
(Unaudited) (Unaudited) (Audited)
(Restated)
Revenue & gross profit 2,424,129 2,634,228 5,307,954
Other operating income 37,123 - 59,220
Administrative expenses (3,842,950) (2,867,160) (6,234,698)
Loss from operations (1,381,698) (232,932) (867,524)
Finance costs (720,162) (911,419) (1,215,391)
Finance income 76,016 214,552 288,640
Share of losses in associates (155,196) - (195,660)
Loss before tax 3 (2,181,040) (929,799) (1,989,935)
Tax expense (227,384) 87,858 86,710
Loss after tax attributable to (2,408,424) (841,941) (1,903,225)
the equity holders of the
parent
Loss per share - basic (3.67p) (1.15p) (2.91p)
and diluted
Interim consolidated statement of comprehensive income for the six months ended 30 June 2009 (unaudited)
Six months Six months Year ended
ended ended 31
30 June 30 June December
2009 2008 2008
(Unaudited) (Unaudited) (Audited)
(Restated)
Loss for the period (2,408,424) (841,941) (1,903,225)
Other comprehensive income
Exchange differences on (2,158,174) 825,692 3,810,976
translating foreign operations
Revaluation of available for 259,926 - (34,066)
sale financial assets
Total comprehensive (4,306,672) (16,249) 1,873,685
income/(expense) for the
period
Total comprehensive (4,306,672) (16,249) 1,873,685
income/(expense) attributable
to the equity holders of the
parent
Interim consolidated statement of changes in equity for the six months ended 30 June 2009 (unaudited)
Share capital Share premium Convertible Foreign exchange Share based payment Merger reserve Available for sale Retained earnings Total equity
reserve loan notes reserve reserve reserve
£ £ £ £ £ £ £ £ £
Balance at 31 December 2008 655,586 26,025,411 1,500,000 4,580,654 1,046,960 4,410,000 (34,066) (9,142,784) 29,041,761
Changes in
equity 1 Jan 2009 -
30 June 2009
Total comprehensive income for - - - (2,158,174) - - 259,926 (2,408,424) (4,306,672)
the year
Share based payment charge
- - - - 16,163 - - - 16,163
Balance at 30 June 655,586 26,025,411 1,500,000 2,422,480 1,063,123 4,410,000 225,860 (11,551,208) 24,751,252
2009
Interim consolidated statement of changes in equity for the six months ended 30 June 2008 (unaudited)
Share Share Convertible Foreign Share Merger Retained Total
capital Premium loan notes Exchange Based reserve earnings equity
reserve reserve Payment
reserve
£ £ £ £ £ £ £ £
Balance at 1 Jan 2008 619,586 24,261,411 - 769,678 1,009,119 4,410,000 (6,489,559) 24,580,235
As previously reported
Change in accounting policy - - - - - - (750,000) (750,000)
(note 2)
Restated balance 619,586 24,261,411 - 769,678 1,009,119 4,410,000 (7,239,559) 23,830,235
Changes in
equity 1 Jan 2008 to 30 June
2008
Total comprehensive income for - - - 825,692 - - (841,941) (16,249)
the year (Restated)
Share based payment charge - - - - 12,202 - - 12,202
Issue of share capital 36,000 1,764,000 - - - - - 1,800,000
Issue of convertible loan - - 1,500,000 - - - - 1,500,000
notes
Balance at 30 June 2008
655,586 26,025,411 1,500,000 1,595,370 1,021,321 4,410,000 (8,081,500) 27,126,188
Consolidated statement in changes in equity for the year ended 31 December 2008 (Audited)
Share capital Share premium Convertible loan Foreign exchange Share based payment Merger reserve Available for sale Retained earnings Total equity
reserve notes reserve reserve reserve
£ £ £ £ £ £ £ £ £
Balance at 31 December 2007 619,586 24,261,411 - 769,678 1,009,119 4,410,000 - (6,489,559) 24,580,235
As previously reported
Change in accounting policy - - - - - - - (750,000) (750,000)
(note 2)
Restated balance 619,586 24,261,411 - 769,678 1,009,119 4,410,000 - (7,239,559) 23,830,235
Changes in
equity 2008
Total comprehensive income for - - - 3,810,976 - - (34,066) (1,903,225) 1,873,685
the year
Share based payment charge - - - - 37,841 - - - 37,841
Issue of share capital 36,000 1,764,000 - - - - - - 1,800,000
Issue of convertible loan - - 1,500,000 - - - - - 1,500,000
notes
Balance at 31 December 2008
655,586 26,025,411 1,500,000 4,580,654 1,046,960 4,410,000 (34,066) (9,142,784) 29,041,761
Interim balance sheet at 30 June 2009
Note 30 June 30 June 31 December
2009 2008 2008
(Unaudited) (Unaudited) (Audited)
(Restated)
£ £ £
Non-current assets
Property, plant & equipment 3 38,201,970 36,876,423 44,635,539
Intangible assets 3 1,773,533 10,589,662 11,718,616
Non current assets held for 3 10,721,228 - -
sale
Investments in equity 3 139,144 49 294,340
accounted associates
Current assets
Cash and cash equivalents 4,060,648 9,566,277 6,451,580
Trade and other receivables 1,807,162 1,791,429 2,384,473
Available for sale investments 497,393 - 221,711
Total current assets 3 6,365,203 11,357,706 8,836,053
Total assets 57,201,078 58,823,840 65,706,259
Current liabilities
Trade and other payables 1,645,868 1,633,021 727,683
Tax liability 227,384 - -
Other financial liabilities 2,326,743 2,142,625 2,688,317
Total current liabilities 4,199,995 3,775,646 3,416,000
Non current liabilities
Financial liabilities 24,114,608 24,957,893 29,358,234
Deferred licence fee income 3,905,314 2,750,000 3,626,981
Deferred tax liability 229,909 214,113 263,283
Total non current liabilities 28,249,831 27,922,006 33,248,498
Total liabilities 3 32,449,826 31,697,652 36,664,498
NET ASSETS 3 24,751,252 27,126,188 29,041,761
Interim balance sheet at 30 June 2009 (continued)
Note 30 June 30 June 31 December
2009 2008 2008
(Unaudited) (Unaudited) (Audited)
(Restated)
£ £ £
Capital and reserves
attributable to equity holders
of the company
Share capital 655,586 655,586 655,586
Share premium reserve 26,025,411 26,025,411 26,025,411
Convertible loan notes 1,500,000 1,500,000 1,500,000
Foreign exchange reserve 2,422,480 1,595,370 4,580,654
Share based payment reserve 1,063,123 1,021,321 1,046,960
Merger reserve 4,410,000 4,410,000 4,410,000
Available for sale reserve 225,860 - (34,066)
Retained earnings (11,551,208) (8,081,500) (9,142,784)
TOTAL EQUITY 24,751,252 27,126,188 29,041,761
These financial statements were approved by the Directors on September 2009
John Baker, Chairman Michael J. Proffitt, Director
Interim cash flow statement for the six months ended 30 June 2009
Note 30 June 30 June 31
2009 2008 December
(Unaudited) (Unaudited) 2008
(Restated) (Audited)
£ £ £
Operating activities
Loss before tax (2,181,040) (929,799) (1,989,935)
Adjustments for :
Depreciation 1,147,337 1,042,510 2,174,834
Amortisation 52,679 52,440 105,358
Foreign exchange gain/(loss) (247,158) 24 230,887
Finance income (76,016) (214,552) (288,640)
Finance expense 720,162 911,419 1,215,391
Share of loss in associate 155,197 - 195,660
Equity settled share based 16,163 12,202 37,841
payment
Cashflow from operating (412,676) 874,244 1,681,396
activities before changes in
working capital
(Increase)/decrease in trade 659,322 (181,146) (774,190)
and other receivables
Increase in trade and other 1,163,143 2,404,390 2,346,707
payables
Cash generated from operations 1,409,789 3,097,488 3,253,913
Income taxes received/(paid) - (47,372) 165,208
Cash flows from operating 1,409,789 3,050,116 3,419,121
activities
Interim cash flow statement for the six months ended 30 June 2009 (continued)
Note 30 June 30 June 31
2009 2008 December
(Unaudited) (Unaudited) 2008
(Restated) (Audited)
£ £ £
Cash flows from operating 1,409,789 3,050,116 3,419,121
activities (brought forward)
Investing activities
Acquisition of property, plant (286,912) - (622,708)
& equipment
Acquisition of intangible (825,879) (2,069,853) (3,285,831)
assets
Investment in associate - (49) (490,000)
Acquisition of investments - (255,777)
available for sale
Finance income received 76,016 214,552 288,640
Cash flow from investing (1,036,775) (1,855,350) (4,365,676)
actvities
Financing activities
Issue of ordinary shares - 1,800,000 1,800,000
Issue of convertible loan - 1,500,000 1,500,000
notes
Repayment of bank borrowing (1,571,996) (1,345,825) (2,599,910)
Finance costs paid (802,172) (911,419) (1,215,391)
Cash flow from financing (2,374,168) 1,042,756 (515,301)
actvities
Increase/ (decrease) in cash (2,001,154) 2,237,522 (1,461,856)
and cash equivalents
Cash and cash equivalents at 6,451,580 7,115,053 7,115,053
beginning of period
Exchange gains on cash and (389,778) 213,702 798,383
cash equivalents
Cash and cash equivalents at 4,060,648 9,566,277 6,451,580
end of period
1. Basis of preparation
This unaudited consolidated interim financial information has been prepared using the recognition and measurement principles of International Accounting Standards, International Financial Reporting Standards and Interpretations adopted for use in the European Union (collectively EU IFRSs).
The principal accounting policies used in preparing the interim results are those the Group expects to apply in its financial statement for the year ended 31 December 2009 and are unchanged from those disclosed in the Group's Report and Financial Statements for the year ended 31 December 2008, except for the adoption of IAS 1 "Presentation of Financial Statements" (Revised).
IAS 1 Presentation of Financial Statements (Revised) includes the requirement to present a Statement of Changes in Equity as a primary statement and introduces the possibility of either a single Statement of Comprehensive (combining the Income Statement and a Statement of Comprehensive Income) or to retain the Income Statement with a supplementary Statement of Comprehensive Income. The second option has been adopted by the Group in the preparation of the interim financial statements. As this standard is concerned with presentation only it does not have any impact on the results or net assets of the Group.
While the financial information included in this interim consolidated financial information has been prepared in accordance with the recognition and measurement criteria of International Financial Reporting Standards as adopted by the EU (IFRSs), this interim consolidated financial information does not itself contain sufficient information to comply fully with IFRSs.
The financial information for the six months ended 30 June 2009 and 30 June 2008 is unaudited and does not constitute the Group's statutory financial statements for those periods. The comparative financial information for the full year ended 31 December 2008 has, however, been derived from the statutory financial statements for that period. The auditors' report on those accounts was unqualified, did not include references to any matters to which the auditors drew attention by way of emphasis without qualifying their report and did not contain a statement under section 15.4 of the Isle of Man Companies Act 1982.
2. Change in accounting policy
The comparative figures for the six month period to the 30 June 2008 have been restated in accordance with the change in accounting policy as explained in the annual report for the year ended 31 December 2008.
3. Segment Information
The Group's reporting segments are; Head Office, CETO development, Windfarms, and Landfill gas. This reflects the internal reporting structure of the group.
Six months ended 30 June 2009 Head CETO Development Landfill gas Total
Office Windfarms
Isle of Man Australia Germany Wales
£ £ £ £ £
Income
Revenue 145,677 - 2,079,695 198,757 2,424,129
Finance income 70,799 32 5,098 87 76,016
Other income 36,204 919 - - 37,123
252,680 951 2,084,793 198,844 2,537,268
Total profit/(loss) before (1,227,876) (470,699) (482,322) (143) (2,181,040)
taxation
Balance Sheet
Property, plant & 793,544 - 37,221,330 187,096 38,201,970
equipment
Intangible assets - - - 1,773,533 1,773,533
Investment in associate 139,144 - - - 139,144
Non current assets held for - 10,721,228 - - 10,721,228
sale
Current assets 3,640,450 59,144 2,560,203 105,406 6,365,203
Liabilities (602,170) (4,693,335) (26,888,072) (266,249) (32,449,826)
Net assets 3,970,968 6,087,037 12,893,461 1,799,786 24,751,252
3. Segment Information (continued)
Six months ended 30 June 2008 Head CETO Development Windfarms Landfill gas Total
(Restated) Office
Isle of Man Australia Germany Wales
£ £ £ £ £
Income
Revenue 7,824 2,985 2,335,333 288,086 2,634,228
Finance income 156,776 14,069 43,635 72 214,552
164,600 17,054 2,378,968 288,158 2,848,780
Total profit/(loss) before (1,035,172) 17,054 (8,554) 96,873 (929,799)
taxation
Balance Sheet
Property, plant & - - 36,709,366 167,057 36,876,423
equipment
Intangible assets - 8,710,532 - 1,879,130 10,589,662
Equity accounted associate 49 - - - 49
Current assets 7,148,700 160,674 4,006,566 41,766 11,357,706
Liabilities (289,298) (2,918,446) (28,230,150) (259,758) (31,697,652)
Net assets 6,859,451 5,952,760 12,485,782 1,828,195 27,126,188
3. Segment Information (continued)
Year ended 31 December 2008 Head CETO Development Windfarms Landfill gas Total
Office
Isle of Man Australia Germany Wales
£ £ £ £ £
Income
Revenue 155,505 - 4,642,774 509,674 5,307,953
Finance income 232,533 16,686 38,988 433 288,640
Other income 52,208 7,013 - - 59,221
440,246 23,699 4,681,762 510,107 5,655,814
Total profit/(loss) before (2,284,219) 23,699 148,789 121,796 (1,989,935)
taxation
Balance Sheet
Property, plant & 618,772 - 43,888,848 127,919 44,635,539
equipment
Intangible assets - 9,892,404 - 1,826,212 11,718,616
Investment in associate 294,340 - - - 294,340
Investments available for sale 221,711 - - - 221,711
Current assets 4,160,676 364,365 4,118,835 192,177 8,836,053
Liabilities (197,287) (3,658,632) (32,689,371) (119,208) (36,664,498)
Net assets 5,098,212 6,598,137 15,318,312 2,027,100 29,041,761
4. Events after the balance sheet date
On the 6 August 2009 the company exercised its option to purchase Gamar GHL for EUR2,000,000. Gamar is a Polish development company, fully permitted to build a 30MW wind project in Kobylany, Southeast Poland.
On the 31 July 2009 Utilico Limited provided the company with a £2,500,000 loan. The loan is convertible in whole or in part into ordinary shares at any time before 31 July 2011, conditional upon the approval of the independent shareholders of REH on a poll at an extraordinary general meeting of the Company to be convened in due course, and upon receipt of a waiver from the Panel from the obligations of Utilico to make an offer for REH under Rule 9 of the City Code. Should such independent shareholder approval and such a waiver be received, the Utilico loan will, when Utilico exercises its conversion right, convert at a price of 30.25 pence per ordinary share. Draw down of funds under the Utilico Loan is not conditional upon such approval or waiver being given.
On the 31 July 2009 4,050,832 new ordinary shares of 1 pence each were issued by way of a placing at 24 pence per new ordinary share.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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| 04-09-09 | RNS |
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RNS Number : 5366Y Renewable Energy Holdings plc 04 September 2009 4 September 2009 Renewable Energy Holdings plc ("REH" or "the Company") CETO: Completion of disposal Renewable Energy Holdings plc (AIM: REH), the AIM quoted investor and operator of proven and innovative renewable energy technologies, notes the recent announcement by Carnegie Corporation Limited ("Carnegie") in relation to the approval by their shareholders of the acquisition of REH's CETO Wave Technology ("the Transaction"). Following a general meeting of Carnegie shareholders earlier today, Carnegie announced that its shareholders had approved the allotment and issue of 235,000,000 fully paid new ordinary shares of Carnegie to REH as consideration for the Transaction (the "Consideration Shares"). Accordingly, REH is pleased to confirm that all of the conditions precedent to the Transaction have now been completed and that it expects to complete the Transaction once final documentation has been entered into ("Completion") in the coming weeks. Upon Completion it is expected that REH will become Carnegie's largest shareholder with an interest of approximately 33% of Carnegie's current issued share capital. Under the rules of the ASX, it is expected that REH will be required to hold the Consideration Shares for a period of at least 12 months from the date of Completion A further announcement will be made in due course. REH's Chief Executive Officer, Mike Proffitt, said: "We are extremely pleased that the Transaction has been approved by Carnegie's shareholders. On Completion, and as I previously stated, the Transaction will allow REH shareholders to continue to participate in the future revenues generated by CETO's world-wide roll-out whilst benefitting from the strengthened balance sheet that the Transaction affords REH." For further information, please contact:
Mike Proffitt, Chief Executive
Richard Swindells / Andrew Craig
Jonathon Brill/Billy Clegg/Edward Westropp/Alex Beagley This information is provided by RNS The company news service from the London Stock Exchange END
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| 01-09-09 | RNS |
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RNS Number : 2700Y Renewable Energy Holdings plc 01 September 2009 1 September 2009 Renewable Energy Holdings plc ("REH" or the "Company") Board Appointments Renewable Energy Holdings plc (AIM: REH), the AIM quoted investor and operator of proven and innovative renewable energy technologies, is pleased to announce the appointment of Roger Witcomb and James Smith as Non-Executive Directors of the Company. Roger, aged 62, spent a significant amount of his career working in large energy and utility businesses including ten years at BP in various commercial and planning roles, followed by a further ten years at National Power plc, where his positions included Director of Planning and ultimately Group Finance Director until the group's demerger in 2000. James, aged 37, is appointed to the Board of REH as a nominee of Utilico Limited ("Utilico"), the Company's largest shareholder with an interest in approximately 28.71% of the Company's issued share capital following the Placing announced on 31 July 2009 and the granting of the Loan which enabled REH to complete the acquisition of the developer of its 30MW Kobylany Wind Farm Project, Gamar GL. James is an investment manager at Utilico responsible for the investment policy of Utilico and Utilico Emerging Markets plc. He has been employed by Utilico for the last ten years. Prior to joining Utilico, James was an internal auditor for Fleming Investment Management. He qualified as a barrister in 1994 before qualifying as a Chartered Accountant in 1997. The Company would also like to announce the retirement of P?s Mouratoglou and Jeff Harding as Non-Executive Directors from the Board of REH with immediate effect. The retirement of P?s from the Board is in line with the conditional disposal of REH's CETO technology to Carnegie Corporation, as announced on 11 May 2009. Jeff has been a Director since the inception of the Company, representing the original major shareholder Pacific Hydro Ltd. As Pacific Hydro is no longer a shareholder Jeff has chosen to retire. Commenting on his appointment, Roger Witcomb said: "I am pleased to be joining the Board of Renewable Energy Holdings at such an exciting time for the Company. I hope to be able to utilise my skills and experience within the energy and utility sector to best help REH as it continues to grow into a complete renewable energy provider." Commenting on his appointment, James Smith said: "I am delighted to be joining the Board of Renewable Energy Holdings and look forward to contributing to the continued success of the Company. The next few years should bring continued growth for both the industry and REH and I look forward to helping the Company to make the most of the many opportunities available to it." Sir John Baker, Non-Executive Chairman of Renewable Energy Holdings plc, said: "We are delighted that Roger has joined our Board as an independent Non-Executive Director. His experience is very relevant to our business and his counsel will be important to the Board as we continue on our journey. Corporate governance is very important to REH and we feel that, as we develop, our Board needs to have the right mix of skills, experience and independence to help us achieve our strategic ends." "We are also delighted that James has joined the Board as the nominee for Utilico, who recently supported the Board's strategy with the provision of a £2.5m loan to the Company to allow it to purchase the Polish windfarm development company, Gamar GL." "On behalf of the Company, I would like to thank Jeff for his tremendous contribution to REH and for the support he has provided to the Board for over four years. Similarly, we would like to thank P?s for his hard work and contribution and wish them both all the best for the future." For further information, please contact:
Mike Proffitt, Chief Executive
Richard Swindells / Andrew Craig
Jonathon Brill/Billy Clegg/Edward Westropp/Alex Beagley Roger Mark Witcomb, is a director or has been a director of the following companies during the previous five years: Current Directorships: Anglian Water Group Limited Infraco Limited Infraco Africa Limited Infraco Asia Limited Andrew & Partners Limited Opportunity International United Kingdom Opportunity Microfinance Investments Limited University of Winchester Osprey Acquisitions Limited Osprey Holdco Limited Other directorships held in the past five years: Anglian Water Services Financing plc Anglian Water Services Holdings Limited Anglian Water Services Limited Globeleq Limited Utilita Group limited James Arthur Smith, is a director or has been a director of the following companies during the previous five years: Current Directorships: None Other directorships held in the past five years: London Market Insurance Brokers Limited Other than as set out above, there is no further information required to be disclosed under paragraph (g) of Schedule 2 of the AIM rules.
This information is provided by RNS The company news service from the London Stock Exchange END
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| 28-08-09 | RNS |
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RNS Number : 1948Y Renewable Energy Holdings plc 28 August 2009 28 August 2009 Renewable Energy Holdings PLC ("REH" or the "Company") Total Voting Rights The Company announces that, pursuant to the requirements of the Disclosure and Transparency Rules, the total number of voting rights in respect of each class of share in issue and admitted to trading on AIM at the date of this announcement is as follows:
For further information please contact:
Ian Gribble, Company Secretary
Richard Swindells / Andrew Craig This information is provided by RNS The company news service from the London Stock Exchange END
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| 25-08-09 | RNS |
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RNS Number : 9569X Renewable Energy Holdings plc 25 August 2009 25 August 2009 Renewable Energy Holdings plc ("REH" or "the Company") Holding(s) in Company REH received notification on 24 August 2009 that The Tudor BVI Global Portfolio L.P. holds 6,004,333 ordinary shares of 1 pence each in the capital of the Company representing approximately 8.70% of the Company's issued ordinary share capital. Credit Suisse Securities (Europe) Limited is the registered holder of the shares in the Company on behalf of the shareholder. Enquiries: Ian Gribble Company Secretary Renewable Energy Holdings plc 01624 641199 This information is provided by RNS The company news service from the London Stock Exchange END
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