(RWE.L) Renewable Energy Generation Ltd Buy/Sell

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Date/Time	Headline	Source
1
Thu 07:05	Renewable Energy Gen - Final Results	RNS
This news article is displayed preformatted as it may contain results tables RNS Number : 7412C Renewable Energy Generation Ltd 19 November 2009 Press Release 19 November 2009 Renewable Energy Generation Ltd ("REG", "the Company" or "the Group") Unaudited Preliminary Results for the year ended 30 June 2009 Renewable Energy Generation Limited (AIM: RWE), the renewable energy group, today announces its unaudited preliminary results for the year ended 30 June 2009. Financial Year Highlights * Group revenue of �5.6 million (2008: �3.5 million) * UK wind business generated profit after tax of �0.5 million * Proposal to pay final dividend of 1.5p per Ordinary Share (2008: 3p) Post Year End Developments * Sale of AIM PowerGen Corporation to International Power Canada Inc. for consideration of C$124.8 million (completed on 22 October 2009) * Refocusing of Group to grow UK wind portfolio and the REG Bio-Power business * Repayment of all the continuing Group's debt * 21.3MW of operational wind assets at seven locations across the UK * Wind project pipeline now 350MW, 16MW of which is due for completion in 2010 * Three Bio-Power units totalling 1.2MW now operational * REG Bio-Power first commercial contract signed * Re-domiciliation to Jersey underway, further preparing the Group for the next stage of growth * Appointment of Matthew Partridge as Head of Wind Development, strengthening the management team REG Chief Executive Officer Andrew Whalley said: "The sale of our Canadian business is genuinely transformational for REG. The Group now has no bank debt and a strong cash balance. The market for small wind projects in the UK has improved over the last few months. Larger developers are now focussed on bigger-scale offshore and onshore projects, which is providing further opportunities for smaller developers with strong balance sheets like REG. "We aim to pursue a twin strategy of adding substantially to operating MWs over the next 3 years through the development of our own portfolio whilst, at the same time, consolidating/acquiring a number of smaller wind projects which are either operating or have planning consent." A presentation to analysts will be held today at 9:30am at the offices of Numis Securities, The London Stock Exchange Building, 10 Paternoster Square, London EC4M 7LT. If you would like to attend, please contact Jennifer Kelly at Hogarth on 020 7357 9477. ENDS Contacts: Renewable Energy Generation Ltd Tel: 01483 901 790 Andrew Whalley, Chief Executive Officer David Crockford, Finance Director Numis Securities Ltd Tel: 020 7260 1000 Nominated Advisor: Simon Blank / Hugh Jonathan Corporate Broker: David Poutney / Charlie Farquhar Hogarth Partnership Ltd Tel: 020 7357 9477 Sarah MacLeod Julian Walker Vicky Watkins Notes to Editors Renewable Energy Generation Ltd (REG) is a UK orientated renewable energy group. The Group's main business is the development, construction and operation of wind farms in the UK and generating power from refined used cooking oil in the UK. * The Cornwall Light & Power Co. Ltd: based in Cornwall, UK, it currently operates seven wind projects in Cornwall, County Durham, Cumbria and Gwynedd, with a total capacity of 21.3MW and has a development pipeline of around 350MW. * REG Bio-Power UK Ltd: based in Norfolk, UK: it operates electricity generation plant fuelled by vegetable oil. Headquartered in Guernsey, REG was admitted to trading on AIM, a market operated by the London Stock Exchange, in May 2005 (AIM:RWE). www.renewableenergygeneration.co.uk Chairman's Statement Background 2009 has been an extremely challenging year for Renewable Energy Generation (REG) and, indeed, rarely has the energy industry itself seen such turbulent times. Set against a worsening economic backdrop, the annual rate of growth in sustainable energy investment world-wide dropped from around 50% seen in recent years, to just 5%, reflecting very poor liquidity in global financial markets, high borrowing costs and falling energy prices. The sustainable energy sector fared better than the overall energy sector with investment in capacity being higher than in fossil-fuel powered projects for the first time, with its share of global capacity investment rising to 41%. However, the modest 6% contribution by sustainable energy to total power capacity highlights the size of the gap between its current position and the global ambitions of the G8 Nations. Although the effects of the global financial crisis on the clean energy sector were initially muted by very high oil prices, the impact in the final quarter of 2009 was severe. The financial crisis prompted a radical change in our strategy for realising the full potential of our Canadian operations, which by the beginning of this year had built assets and pipeline valued at more than C$100 million. Tightening conditions in debt markets, combined with high acquisition prices, led us to conclude that we could not secure sufficient capital to extract full value from Aim PowerGen's project pipeline and we instructed advisors to develop competitive bids for the disposal of some or all of our Canadian assets. The resulting bidding process was within a few days of completion when in October 2008 the sudden banking crisis and collapse of equity markets caused the failure of final price negotiations for our sale of the whole of AIM PowerGen Corporation (APG). In the 12 months that followed we successfully completed the re-financing of our first four operating projects in Ontario and raised debt to build the next four. More crucially, we ultimately rejected several bids for the whole or parts of the REG group, before successfully completing negotiations for the sale of APG to International Power Canada Inc. for a consideration of C$124.8m. The sale was completed after the year end in October 2009, removing uncertainty over the funding of our current UK wind project pipeline and strengthening the Company's growth prospects. By re-focusing on our UK pipeline with the ability to build projects with all-equity financing, which was originally adopted by the Group to avoid the risk premiums and procedural delays involved in securing pre-construction debt, we have created a new platform for growth. New Energy Finance 2009 UK Focus - A New Platform for Growth Following the financial crisis and with the likelihood of continuing credit market tightness in the medium term, we believe that our ambitions for value creation can be fulfilled with less capital deployed, by focussing on our home market where our expertise equips us with the ability to address the higher risks associated with the superior returns available. The Board's view that worsening power plant capacity margins will sustain relatively high wholesale power prices in the UK is reinforced by the UK energy regulator OFGEM's October 2009 report "Project Discovery". It warns that retirements of older nuclear power plants and forced closures of coal and oil plants by the end of 2015 could seriously threaten supply security and lead to power price rises of 14% to 60%. The UK's legal obligation under European directives is to meet 15% of its total energy needs from renewable sources by 2020, which means 30% of electricity must be derived from renewable energy, compared with just 7% currently achieved. The extension of the Renewables Obligation until at least 2037 is one of many recent positive policy initiatives, and the implementation this year of the promised additional incentives for Combined Heat and Power is timely for the planned expansion of our REG Bio Power business. The UK's Planning system does remain a challenge, but progress is being made and 2009 was a record year for UK wind capacity consent, making it also the first year in which more on-shore wind capacity was consented than submitted. Installed wind energy capacity in the UK now exceeds 3000MW, but there remains a substantial gap between this and the 14000MW of on-shore wind capacity generally accepted by policy-makers as being required for the UK to meet its obligation under the European Renewable Energy Directive. This, and encouraging progress elsewhere, such as the Aviation Memorandum of Understanding between the wind industry, the Ministry of Defence, Civil Aviation Authority and others, gives us further confidence that the full potential of our UK project pipeline can be realised. The sale of our Canadian wind business transforms our balance sheet, with more than half of our book value held in cash as we begin the build-out of 16MW of consented projects in the UK due for completion next year. We are confident of exploiting over-supply in the wind turbine market, where a 30% increase in global manufacturing capacity in 2009 has triggered price falls of 10-15%, and with the new found financial security, we expect to benefit from financial distress among small developers and de-leveraging pressure on large utilities. Strengthened Governance Following approval from shareholders in October 2009, our objective is to re-domicile in Jersey during the current financial year to reap the benefits from a regulatory regime more suited to our needs, having fully evolved from a fund into an operating company. The Group's refocus and re-domicliation will also enable us to resume our plans to further strengthen the Board and management team in preparation for the next stage of our growth. I should like to take this opportunity to thank our employees, whose efforts and achievements throughout this difficult year have put the Company in a strong position for growth. In particular, I wish our colleagues in Canada every success under their new ownership. Dividend Following the sale of the Canadian operations, the Board is recommending a final dividend of 1.5p per Ordinary share. This is reduced from the 3p that we paid last year, but we believe it is a prudent level. The balance sheet now underpins the current dividend and will allow the Board to reassess the payment as earnings grow with further projects being constructed over the coming years. The dividend will be paid on 23 December 2009 to members on the register on 27 November 2009. Shares will be marked ex-dividend on 25 November 2009. Chief Executive's Statement Strategy and key goals This has been a watershed year in the development of your business as management has continued to focus on investment in energy projects that contribute to sustainable energy targets, while providing a sound long term return to our shareholders. The Group's strategy is founded upon the effective management of its operating businesses, sound analysis of potential investments and the continued maintenance of a strong balance sheet. Despite the unsolicited and time consuming attention of potential suitors for the Group, we have maintained our focus on generating renewable energy in a reliable and sustained manner and delivered a transformational transaction after the year end to provide a sound financial and focused platform for future development. Financial Highlights Group revenue from continuing activities rose by 57% to �5.6m with gross profits of �2.1m (2008 - �1.9m), driven by the increased output from UK wind farms and continued revenue growth from REG Bio-Power. The group recorded a group trading loss from continuing activities of �2.4m (2008 - loss of �1.4m) after accounting for exceptional costs of �0.4m, relating to the aborted takeover bid for REG in the year. Discontinued activities, being the AIM PowerGen Corporation, contributed a net loss of �7.0m to the Group's results. Post-period activity On 30 September 2009, after the end of the period being reported, we announced the sale of our Canadian wind business, AIM PowerGen Corporation, to International Power Plc. The transaction was completed on 22 October 2009. The sale not only realised a fair value for the Canadian business but it also enables us to refocus our resources on growing REG's UK wind portfolio and to repay all outstanding debt. Part of the proceeds from the sale were used after the year end to repay the revolving credit facility of �15.0m from Bank of Scotland, leaving the REG Group entirely free of debt. Part of the proceeds from the sale will be used in the construction of two consented wind projects at Goonhilly Downs in Cornwall and at Loscar in Yorkshire and to facilitate a long term structured financing agreement. This will enable REG to build a significant portfolio of operational wind farms without recourse to further equity raisings. The Canadian sale has reduced annual Group overheads by around �2.5m, which, combined with REG's strong balance sheet, including 21.3MW of operational wind assets in the UK, underpins the current dividend and will allow the Board to reassess the payment as earnings grow with further wind farms being constructed over the next few years. Following the year end, the group has gained consent for a single turbine project in Redland, Devon, which will commence construction in 2010. Overview of period UK wind REG now operates 21.3MW of wind projects at seven locations across the UK. Total output from these projects increased by 19% from 34.6GWh to 41.1GWh. Revenue achieved totalled �4.6m compared with �3.6m in 2008. During the period we commissioned two new single turbine wind projects at Whittlesey and Ramsay, both located in Cambridgeshire. Using Vestas V90 1.8MW turbines, both projects were completed on schedule and within budget and are amongst the largest onshore machines in the UK. In 2009 we experienced a lower than average wind resource across the UK - we would ordinarily expect our UK operating projects to produce almost 50GWh during a normal year, however, I am pleased to report that the current year has started with wind production above average. Our UK business is already profitable, given its relatively low overhead and, whilst we anticipate some additional expenditure in order to increase the flow of consented projects from our pipeline, the expense ratio of the Group should continue to improve as further operational MWs are added to our existing cost base. Electricity prices in the UK have fallen dramatically over the last twelve months, however this has underlined the success of the Group's strategy to pre-sell its UK output under a power purchase agreement at double the current level. The value of renewable obligation certificates ("ROCs") has been firm over the period and we have carried out sales at between �49 and �53 per ROC. Whilst the UK remains substantially short of renewable energy capacity we expect the price of ROCs to remain stable. Thus, the achieved price for our UK output to March 2011 should be around �135 per MWh. When we purchased the Wind Works portfolio from NPower in 2005 our development pipeline numbered 24 projects with a total potential capacity of around 75MW. We now have over 40 projects under active development with a total potential installed capacity of around 350MW. A number of new projects are expected to receive a planning determination over the next twelve months. In the meantime we are starting work on our two consented projects at Goonhilly and Loscar. * Built in 1994, Goonhilly was one of the first UK wind farms. Since its purchase by REG in 2005 it has produced over 36.6GWh of output. The new granted planning permission will allow the existing fourteen Windane 34 machines to be replaced with six new turbines, improving output by over three times to around 27GWh per annum. This new project is expected to, at times of high wind, provide sufficient power for the entire Lizard Peninsula in Cornwall. * Loscar in Yorkshire has also moved to construction and will comprise three machines with a total anticipated capacity of 4.5MW. The project is expected to produce around 10GWh of clean electricity per annum and will make a solid contribution to local renewable energy targets. The construction of Goonhilly and Loscar will increase our total UK output of green electricity to over 80GWh per annum. However, now that we have one of the strongest balance sheets amongst the smaller wind developers, our ambition is to grow our UK wind capacity to over 100MW over the next few years. We believe we will have ample opportunities to deploy new capital at attractive rates of return and notwithstanding continued local planning hurdles, we believe our UK pipeline will continue to deliver worthwhile projects across the UK. REG Bio-Power When we acquired the two constituent companies of REG Bio-Power, Living Fuels and Living Power in 2006 we did not fully appreciate the confused state of the legislation governing the use of used cooking oil in the UK. Belief in the proposition and a good performance in the business have enabled us to make good progress and we have now been granted permission from the Environment Agency to use our proprietary refining process to turn used cooking oil into a fuel that, subject to the right environmental permits, can be used in diesel engines to make renewable electricity. We believe this to be a groundbreaking environmental and legislative development. Following this success we now have three generating units totalling 1.2MW which have been producing green electricity for several months. The first unit is a 400kW unit, operating as a combined heat and power plant thus qualifying for two ROCs. The second two units is a partial start up of our existing Bentwaters power station operating at 800KW as an open cycle plant, qualifying for 1.5 ROCS. We have taken the process from start-up to revenue generation slowly in order to gather operational data on this new application for the Volvo engines that we are using. However, we are gaining confidence that the concept now works and accordingly we are anticipating purchasing a plant to process around 6000 tons per annum of LF100. The cost of this project will be around �300,000 and will produce sufficient fuel to produce around 25GWh per annum of green electricity. REG Bio-Power has a number of projects that will move to construction over the next few months. All will be constructed as combined heat and power plants which will capture 2 ROCs for every MW generated. This will optimise the economics of the fuel being used. REG Bio-Power is at the forefront of confronting, challenging and even changing legislation surrounding the use of used cooking oil as a renewable fuel. Now that we have been through the inevitably difficult gestation period we are confident that we have a valuable business worthy of further modest incremental investment over the next twelve months, underpinned by a ready supply of used cooking oil through our exclusive agreements with local UK councils and London boroughs. Canada The Canadian business finalised the commissioning of four new wind projects totalling 39.6MW during the year, built under the Canadian standard offer programme, which is a twenty year power purchase agreement at C$0.11 per KWh. A further four projects again totalling 39.6MW have just been refinanced and are currently moving to construction. AIM has been one of the key participants in securing the new Green Energy act in Ontario. The new twenty year feed in tariffs are highly attractive for large scale wind developers like International Power and we are pleased to have realised a fair value for this operation with its subsequent sale. Outlook The sale of our Canadian business is genuinely transformational for REG. The Group now has no bank debt and a strong cash balance. REG will put in place some moderate structured long term financing that should allow the Group to fulfil its ambition of building a substantial portfolio of operational wind plant in the UK over the next few years. The sale will also benefit our profit and loss account and underpins our dividend proposition. The market for small wind projects in the UK has improved over the last few months. Larger developers are now focussed on bigger-scale offshore and onshore projects, which provides further opportunities for smaller developers with strong balance sheets like REG. We aim to pursue a dual strategy of adding substantially to operating MWs over the next 3 years through the development of our own portfolio whilst, at the same time, consolidating / acquiring a number of smaller wind projects which are either operating or have planning consent. Unaudited Consolidated Income Statement For the year ended 30 June 2009 2009 Restated 2008 � � Revenue 5,588,668 3,543,519 Cost of sales (3,512,469) (1,605,752) ***** *** Gross profit 2,076,199 1,937,767 Administrative expenses (2,950,508) (2,557,678) Exceptional administration expense (447,536) - Development costs (1,111,573) (753,936) *** *** Group trading loss (2,433,418) (1,373,847) Other operating income 41,564 61,980 Share of post tax loss of associate accounted - (48,035) for using the equity method *** *** Group operating loss from continuing (2,391,854) (1,359,902) operations Finance revenue 78,506 563,899 Finance costs (41,297) (90,280) *** *** Loss on continuing operations before taxation (2,354,645) (886,283) Tax credit/(charge) 296,284 (139,085) *** *** Loss for the year from continuing operations (2,058,361) (1,025,368) *** *** Discontinued operations Loss for the year from discontinued (7,049,519) (3,059,826) operations *** *** Loss for the year (9,107,880) (4,085,194) *** *** Loss for the year attributable to: Equity holders of the parent (9,107,880) (4,085,194) *** *** Loss per share (pence) Basic and diluted LPS from continuing (1.97p) (0.99p) operations Basic and diluted LPS on loss for the year (8.83p) (3.96p) Unaudited Consolidated Balance sheet As at 30 June 2009 2009 2008 � � ASSETS Non-current assets Goodwill 4,890,148 4,813,460 Intangibles - 20,888,176 Development costs 3,870,496 3,920,595 Property, plant and equipment 23,909,467 80,658,466 **** **** 32,670,111 110,280,697 Current assets Inventories 54,972 116,217 Trade and other receivables 1,723,249 4,297,653 Intangibles 940,670 316,982 Cash and cash equivalents 705,922 16,453,225 **** **** 3,424,813 21,184,077 Assets of disposal group held for sale 108,487,037 - **** **** Total assets 144,581,961 131,464,774 ** ** EQUITY Share capital 10,325,101 10,310,101 Share premium 79,707,376 79,645,688 Special reserve - 10,000,000 Fair value and other reserves - 4,009,899 Share based payment reserve 1,037,685 994,872 Retained earnings (15,069,313) (12,352,148) Foreign currency translation reserves 5,070,403 relating to disposal group **** **** Total equity attributable to the Company's 81,071,252 92,608,412 equity holders * * LIABILITIES Non-current liabilities Financial liabilities - 16,915,481 Deferred tax liabilities 698,322 5,797,775 **** **** 698,322 22,713,256 Current liabilities Trade and other payables 1,947,299 6,243,686 Financial liabilities 14,957,517 9,899,420 **** **** 16,904,816 16,143,106 Liabilities of disposal group classified as 45,907,571 - held for sale **** **** Total liabilities 63,510,709 38,856,362 **** **** Total equity and liabilities 144,581,961 131,464,774 ** ** Unaudited Consolidated Cash Flow Statement For the year ended 30 June 2009 Year ended Year ended 30 June 2008 30 June 2009 � � Cash flows from operating activities Cash used in operations (8,387,173) (4,584,309) **** **** Net cash used in operating (8,387,173) (4,584,309) activities Cash flows from investing activities Acquisition of subsidiaries, net - (1,427,872) of cash acquired Purchase of property, plant and (25,804,244) (44,815,860) equipment Proceeds from sale of investments - 10,000,000 Interest received 128,007 892,696 Movement in restricted cash (1,594,218) 13,835,260 accounts **** **** Net cash used in investing (27,270,455) (21,515,776) activities Cash flows from financing activities New borrowings 27,978,004 26,217,368 Repayment of borrowings (915,468) - Interest paid (1,506,850) (90,280) Dividends paid to the Company's (3,609,285) (4,124,040) equity shareholders **** **** Net cash generated from financing 21,946,401 22,003,048 activities Net decrease in cash and cash (13,711,227) (4,097,037) equivalents Cash at the beginning of the year 16,453,225 20,751,234 Exchange loss (219,822) (200,972) **** **** Cash at end of year 2,522,176 16,453,225 * * Cash at end of year - continuing 705,922 16,453,225 operations Cash at end of year - discontinued 1,816,254 - operations **** **** 2,522,176 16,453,225 * * Unaudited Consolidated Statement of Changes in Equity For the year ended 30 June 2009 Foreign currency Share based payment translation Share Fair value reserve reserves Share capital premium Special reserve and other Retained earnings relating to Total equity account reserves disposal group � � � � � � � � At 1 July 2007 10,310,101 79,645,688 10,000,000 1,479,662 546,648 (4,142,914) - 97,839,185 Foreign currency translation - - - 2,530,237 - - - 2,530,237 *** *** *** *** *** *** *** *** Net income and expense for the year recognised directly in equity - - - 2,530,237 - - - 2,530,237 Loss for the year - - - - - (4,085,194) - (4,085,194) *** *** *** *** *** *** *** *** Total income and expense for - - - 2,530,237 - (4,085,194) - (1,554,957) the year Share based payments - - - - 448,224 - - 448,224 Dividend - - - - - (4,124,040) - (4,124,040) *** *** *** *** *** *** *** *** At 30 June 2008 10,310,101 79,645,688 10,000,000 4,009,899 994,872 (12,352,148) - 92,608,412 Realised foreign exchange gain - - - (2,212,258) - - - (2,212,258) Foreign currency translation - - - 3,272,762 - - - 3,272,762 *** *** *** *** *** *** *** *** Net income and expense for the year recognised directly in equity - - - 1,060,504 - - - 1,060,504 Loss for the year - - - - - (9,107,880) - (9,107,880) *** *** *** *** *** *** *** *** Total income and expense for - - - 1,060,504 - (9,107,880) - (8,047,376) the year Issue of share capital 15,000 61,688 - - - - - 76,688 Transfers - - (10,000,000) (5,070,403) - 10,000,000 5,070,403 - Share based payments - - - - 42,813 - - 42,813 Dividend - - - - - (3,609,285) - (3,609,285) *** *** *** *** *** *** *** *** At 30 June 2009 10,325,101 79,707,376 - - 1,037,685 (15,069,313) 5,070,403 81,071,252 * * * * * * * Basis of preparation This preliminary statement which is prepared on the same basis as set out in the previous year's accounts was approved by the Board on 18 November 2009. It is not the Company's statutory accounts. The statutory accounts for the year ended 30 June 2009 will be delivered to the Registrar of Companies. Dividends 2009 2008 Declared and paid during the � � period Equity dividends on ordinary shares Final paid for 2008 of 3p (2007 - 3p) per ordinary share 3,093,030 3,093,030 Interim Dividend for 2009 paid of 0.5p (2008 - 1p) per ordinary 516,255 1,031,010 share *** *** 3,609,285 4,124,040 * *** A dividend of 1.5p per ordinary share, amounting to final dividend of �1,548,765 was proposed by the directors at their meeting on 18 November 2009. The proposed dividend has not been recognised as a liability as at 30 June 2009. This information is provided by RNS The company news service from the London Stock Exchange END FR FFWEFASUSEDF More
09-11-09	Renewable Energy Gen - Holding(s) in Company	RNS
RNS Number : 2228C Renewable Energy Generation Ltd 09 November 2009 TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES `1. Identity of the issuer or the Renewable Energy` `underlying issuer of existing shares Generation Limited` to which voting rights are attached: 2 Reason for the notification (please tick the appropriate box or boxes): `X` An acquisition or disposal of voting rights An acquisition or disposal of qualifying financial instruments which may result in the acquisition of shares already issued to which voting rights are attached An acquisition or disposal of instruments with similar economic effect to qualifying financial instruments An event changing the breakdown of voting rights Other (please specify): `3. Full name of person(s) subject to the notification Utilico Ltd` obligation: 4. Full name of shareholder(s) (if different from 3.): `5. Date of the transaction and date on which the threshold is 06.11.09` crossed or reached: `6. Date on which issuer notified: 09.11.09` `7. Threshold(s) that is/are crossed or reached: 20%` 8. Notified details: A: Voting rights attached to shares `Class/type of Situation previous Resulting situation after the triggering transaction` `shares to the triggering` `transaction` if possible using the ISIN CODE `Number Number Number Number of voting % of voting` `of of of shares rights rights` `Shares Voting` `Rights` `Direct Direct Indirect Direct Indirect` `19,763,682 19,763,682 20,773,682 20,773,682 20.12%` GB00B0717F94 B: Qualifying Financial Instruments Resulting situation after the triggering transaction `Type of financial Expiration Exercise/ Number of voting % of voting` `instrument date Conversion rights that may be rights` `Period acquired if the` `instrument is` `exercised/` `converted.` C: Financial Instruments with similar economic effect to Qualifying Financial Instruments Resulting situation after the triggering transaction `Type of financial Exercise Expiration Exercise/ Number of voting % of voting rights` `instrument price date Conversion rights instrument` `period refers to` `Nominal Delta` Total (A+B+C) Number of voting rights Percentage of voting rights `20,773,682 20.12%` 9. Chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held, if applicable: Nominee Name: Chase Nominees Limited Proxy Voting: 10. Name of the proxy holder: 11. Number of voting rights proxy holder will cease to hold: 12. Date on which proxy holder will cease to hold voting rights: 13. Additional information: `14. Contact name: Richard Morrison, F&C Management Ltd,` `Secretaries to Utilico Ltd` `15. Contact telephone number: 0131 718 1055` This information is provided by RNS The company news service from the London Stock Exchange END HOLUKONRKVRARAA More
22-10-09	Renewable Energy Gen - Completion of Disposal of AIM PowerGen Corporation	RNS
RNS Number : 1965B Renewable Energy Generation Ltd 22 October 2009 `Press Release 22 October 2009` Renewable Energy Generation Limited ("REG" or the "Company") Completion of Disposal of AIM PowerGen Corporation Renewable Energy Generation Limited (AIM: RWE) announces that, further to the announcement made on 30 September 2009, it completed yesterday the sale of AIM PowerGen Corporation (REG's wholly owned Canadian subsidiary) to International Power Canada, Inc. (the "Sale"). Under rule 15 of the AIM Rules for Companies, the Sale was deemed to be a sale resulting in a fundamental change of business of REG and accordingly the Sale was conditional, inter alia, on approval by the shareholders of the Company ("Shareholders") of an ordinary resolution proposed at the extraordinary general meeting of the Company convened on 16 October 2009 for, amongst other things, that purpose (the "EGM"). As announced by the Company on 16 October 2009, this ordinary resolution was duly passed by Shareholders at the EGM and, as all other conditions to the Sale have now been satisfied, the Sale was completed today. REG's preliminary results for the year ended 30 June 2009 will be announced on 19 November 2009. Contacts: `Renewable Energy Generation Ltd Tel: 01483 901 790` Andrew Whalley, Chief Executive Officer David Crockford, Finance Director `Lexicon Partners (Financial Adviser to REG) Tel: 020 7653 6000` Read Gomm Hichem Zebidi `Numis Securities Ltd Tel: 020 7260 1000` Nominated Advisor: Simon Blank / Hugh Jonathan Corporate Broker: David Poutney / Charlie Farquhar `Hogarth Partnership Ltd Tel: 020 7357 9477` Sarah MacLeod Julian Walker Vicky Watkins This information is provided by RNS The company news service from the London Stock Exchange END DISMBBMTMMMTTIL More
16-10-09	Renewable Energy Gen - Result of EGM	RNS
RNS Number : 9290A Renewable Energy Generation Ltd 16 October 2009 `Press Release 16 October 2009` Renewable Energy Generation Limited Result of EGM Renewable Energy Generation Limited announces that, at the Extraordinary General Meeting held this morning, all resolutions (as set out in the notice of EGM dated 30 September 2009) were duly passed. Contacts: `Renewable Energy Generation Ltd Tel: 01483 901 790` Andrew Whalley, Chief Executive Officer `David Crockford , Finance Director` `Numis Securities Ltd Tel: 020 7260 1000` Nominated Advisor: Simon Blank / Hugh Jonathan Corporate Broker: David Poutney / Charlie Farquhar `Hogarth Partnership Ltd Tel: 020 7357 9477` Sarah MacLeod Julian Walker Vicky Watkins This information is provided by RNS The company news service from the London Stock Exchange END REGFFLFDMSUSEFS More
14-10-09	Renewable Energy Gen - Holding(s) in Company	RNS
RNS Number : 7827A Renewable Energy Generation Ltd 14 October 2009 TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES `1. Identity of the issuer or the Renewable Energy` `underlying issuer of existing shares Generation Limited` to which voting rights are attached: 2 Reason for the notification (please tick the appropriate box or boxes): `x` An acquisition or disposal of voting rights An acquisition or disposal of qualifying financial instruments which may result in the acquisition of shares already issued to which voting rights are attached An acquisition or disposal of instruments with similar economic effect to qualifying financial instruments An event changing the breakdown of voting rights `An incorrect disclosure was previously made on 12/10/2009 x` Other (please specify): `3. Full name of person(s) subject to the Henderson Global Investors Ltd` notification obligation: 4. Full name of shareholder(s) (if different from 3.): 5. Date of the transaction and date on which the threshold is crossed or reached: `6. Date on which issuer notified: 14 October 2009` `7. Threshold(s) that is/are crossed or 15%` reached: 8. Notified details: A: Voting rights attached to shares `Class/type of Situation previous Resulting situation after the triggering transaction` `shares to the triggering` `transaction` if possible using the ISIN CODE `Number Number Number Number of voting % of voting` `of of of shares rights rights` `Shares Voting` `Rights` `Direct Direct Indirect Direct Indirect` `ORD 16,000,000 16,000,000 15.50%` GB00B0717F94 B: Qualifying Financial Instruments Resulting situation after the triggering transaction `Type of financial Expiration Exercise/ Number of voting % of voting` `instrument date Conversion rights that may be rights` `Period acquired if the` `instrument is` `exercised/` `converted.` C: Financial Instruments with similar economic effect to Qualifying Financial Instruments Resulting situation after the triggering transaction `Type of financial Exercise Expiration Exercise/ Number of voting % of voting rights` `instrument price date Conversion rights instrument` `period refers to` `Nominal Delta` Total (A+B+C) Number of voting rights Percentage of voting rights `16,000,000 15.50%` 9. Chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held, if applicable: Proxy Voting: 10. Name of the proxy holder: 11. Number of voting rights proxy holder will cease to hold: 12. Date on which proxy holder will cease to hold voting rights: 13. Additional information: `14. Contact name: Vina Patel` `15. Contact telephone number: 020 7818 6439` This information is provided by RNS The company news service from the London Stock Exchange END HOLUSOSRKSRRAAA More
14-10-09	Renewable Energy Gen - Holding(s) in Company	RNS
RNS Number : 7825A Renewable Energy Generation Ltd 14 October 2009 TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES `1. Identity of the issuer or the Renewable Energy` `underlying issuer of existing shares Generation Limited` to which voting rights are attached: 2 Reason for the notification (please tick the appropriate box or boxes): `x` An acquisition or disposal of voting rights An acquisition or disposal of qualifying financial instruments which may result in the acquisition of shares already issued to which voting rights are attached An acquisition or disposal of instruments with similar economic effect to qualifying financial instruments An event changing the breakdown of voting rights Other (please specify): `3. Full name of person(s) Artemis Investment` `subject to the notification Management Limited` obligation: 4. Full name of shareholder(s) SAUL `(if different from 3.): BBC Pension Trust` `Charities Pool (COL)` `Hampstead Heath (COL)` `BHS Pension Scheme` `BHS Senior Management` `Scheme` `City of London Pension` `A/c` `City of London Cash A/c` `MT Income Fund` `Artemis Special` `Situations` `5. Date of the transaction and 7 October 2009` date on which the threshold is crossed or reached: `6. Date on which issuer 8 October 2009` notified: `7. Threshold(s) that is/are 11%` crossed or reached: 8. Notified details: A: Voting rights attached to shares `Class/type of Situation previous Resulting situation after the triggering transaction` `shares to the triggering` `transaction` if possible using the ISIN CODE `Number Number Number Number of voting % of voting` `of of of shares rights rights` `Shares Voting` `Rights` `Direct Direct Indirect Direct Indirect` `GB00B0717F94 9,540,783 9,540,783 11,440,783 11,440,783 11.10%` B: Qualifying Financial Instruments Resulting situation after the triggering transaction `Type of financial Expiration Exercise/ Number of voting % of voting` `instrument date Conversion rights that may be rights` `Period acquired if the` `instrument is` `exercised/` `converted.` C: Financial Instruments with similar economic effect to Qualifying Financial Instruments Resulting situation after the triggering transaction `Type of financial Exercise Expiration Exercise/ Number of voting % of voting rights` `instrument price date Conversion rights instrument` `period refers to` `Nominal Delta` Total (A+B+C) Number of voting rights Percentage of voting rights `11,440,783 11.10%` 9. Chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held, if applicable: Proxy Voting: 10. Name of the proxy holder: 11. Number of voting rights proxy holder will cease to hold: 12. Date on which proxy holder will cease to hold voting rights: 13. Additional information: `14. Contact name: Alistair Fleming` `15. Contact telephone number: 0131 718 0411` This information is provided by RNS The company news service from the London Stock Exchange END HOLUSOSRKARRAAA More
14-10-09	Renewable Energy Gen - Appointment of a Guernsey based administrator	RNS
RNS Number : 7755A Renewable Energy Generation Ltd 14 October 2009 `Press Release 14 October 2009` Renewable Energy Generation Limited (the "Company") Appointment of a Guernsey based administrator In a circular posted to the Company's shareholders on 30 September 2009, the Company referred to a requirement under Guernsey law and investment fund regulation to appoint a Guernsey based administrator. Pending formal shareholder approval of, amongst other things, the Company ceasing to operate as a fund and migrating to Jersey (the "Proposals") and pending such Proposals becoming effective (as referred to in the circular), in order to comply with the Authorised Closed Ended Investment Scheme Rules 2008 the Company announces it has today appointed RMB Investment Services Limited as its administrator and Company Secretary. RMB Investment Services Limited is a Guernsey affiliate of the existing Company Secretary (JG Secretaries Limited) which is licensed, under the Protection of Investors (Bailiwick of Guernsey) Law 1987 as amended, to provide administration as well as company secretarial services. JG Secretaries Limited will resign its position upon RMB Investment Services Limited's appointment. The Company's registered office will not change. Contacts: `Renewable Energy Generation Ltd Tel: 01483 901 790` Andrew Whalley, Chief Executive Officer `David Crockford , Finance Director` `Numis Securities Limited Tel: 020 7260 1000` `Nominated Advisor: Simon Blank / Hugh Jonathan` `Corporate Broker: David Poutney / Charlie Farquhar` `Hogarth Partnership Ltd Tel: 020 7357 9477` Sarah MacLeod Julian Walker Vicky Watkins Notes to Editors www.renewableenergygeneration.co.uk This information is provided by RNS The company news service from the London Stock Exchange END MSCXZLFFKBBLFBQ More
12-10-09	Renewable Energy Gen - Holding(s) in Company	RNS
RNS Number : 6430A Renewable Energy Generation Ltd 12 October 2009 TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES `1. Identity of the issuer or the Renewable Energy` underlying issuer of existing shares to Generation Limited which voting rights are attached: 2 Reason for the notification (please tick the appropriate box or boxes): `X` An acquisition or disposal of voting rights An acquisition or disposal of qualifying financial instruments which may result in the acquisition of shares already issued to which voting rights are attached An acquisition or disposal of instruments with similar economic effect to qualifying financial instruments An event changing the breakdown of voting rights Other (please specify): `3. Full name of person(s) subject to the Henderson Global Investors Ltd` notification obligation: 4. Full name of shareholder(s) (if different from 3.): 5. Date of the transaction and date on which the threshold is crossed or reached: `6. Date on which issuer notified: 12 October 2009` `7. Threshold(s) that is/are crossed or 19%` reached: 8. Notified details: A: Voting rights attached to shares `Class/type of Situation previous Resulting situation after the triggering transaction` `shares to the triggering` `transaction` if possible using the ISIN CODE `Number Number Number Number of voting % of voting` `of of of shares rights rights` `Shares Voting` `Rights` `Direct Direct Indirect Direct Indirect` `ORD 20,500,000 20,500,000 19.85%` GB00B0717F94 B: Qualifying Financial Instruments Resulting situation after the triggering transaction `Type of financial Expiration Exercise/ Number of voting % of voting` `instrument date Conversion rights that may be rights` `Period acquired if the` `instrument is` `exercised/` `converted.` C: Financial Instruments with similar economic effect to Qualifying Financial Instruments Resulting situation after the triggering transaction `Type of financial Exercise Expiration Exercise/ Number of voting % of voting rights` `instrument price date Conversion rights instrument` `period refers to` `Nominal Delta` Total (A+B+C) Number of voting rights Percentage of voting rights `20,500,000 19.85%` 9. Chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held, if applicable: Proxy Voting: 10. Name of the proxy holder: 11. Number of voting rights proxy holder will cease to hold: 12. Date on which proxy holder will cease to hold voting rights: 13. Additional information: `14. Contact name: Vina Patel` `15. Contact telephone number: 020 7818 6439` This information is provided by RNS The company news service from the London Stock Exchange END HOLUUSVRKURRAAA More
12-10-09	Renewable Energy Gen - Second Price Monitoring Extn	RNS
RNS Number : 6425A Renewable Energy Generation Ltd 12 October 2009 A second and final Price Monitoring Extension has been activated in this security. The closing auction call period is extended in this security for a further 5 minutes. Following the first price monitoring extension this security would still execute more than a pre-determined percentage above or below the price of the previous automated execution today. London Stock Exchange electronic order book users have a final opportunity to review the prices and sizes of orders entered in this security prior to the auction call execution which will set today's closing price. The applicable percentage is set by reference to a security's TradElect sector. This is set out in the Sector Breakdown tab of the TradElect Parameters document at www.londonstockexchange.com/en-gb/products/membershiptrading/tradingservices</f ipP> This information is provided by RNS The company news service from the London Stock Exchange END APMGUGUCUUPBGAP More
12-10-09	Renewable Energy Gen - Price Monitoring Extension	RNS
RNS Number : 6416A Renewable Energy Generation Ltd 12 October 2009 Today's closing auction call period has been extended in this security by 5 minutes. Auction call extensions give London Stock Exchange electronic order book users a further opportunity to review the prices and sizes of orders entered in an individual security during the initial auction call before the execution occurs. A price monitoring extension is activated when the matching process would have otherwise resulted in an execution price that is a pre-determined percentage above or below the price of the last automated execution today. The applicable percentage is set by reference to a security's TradElect sector. This is set out in the Sector Breakdown tab of the TradElect Parameters document at www.londonstockexchange.com/en-gb/products/membershiptrading/tradingservices</f ipP> This information is provided by RNS The company news service from the London Stock Exchange END PMEBUBDGUXBGGCD More
12-10-09	STOCKS NEWS UK-Renewable Energy Gen soars, tipped in paper	AFX UK Focus
`STOCKS NEWS Reuters Results diary` `Europe Real-time Equity News` `UK Stocks on the move` `UK smallcaps UK smallcaps news` `08:46GMT 12Oct2009-Renewable Energy Gen soars, tipped in paper` -------------------------------------------------------------- `Shares in Renewable Energy Generation rise as much as 18 percent after the wind farm operator is tipped in the Mail on Sunday newspaper.` `The company's market capitalisation of around 60 million pounds (before Monday's gains) is a lot lower than the value of its assets, points out analyst Will Wallis at Numis.` `"They've got cash of about 50 million pounds and operating assets worth around 30 million with more sites at the planning permission stage. If you add all those up, you come to a number in excess of 90 million," Wallis says.` Reuters messaging rm://victoria.bryan.thomsonreuters.com@reuters.net `08:44GMT 12Oct2009-YouGov gains after results` --------------------------------------------- `Shares in YouGov gain 2 percent after the online market research agency posts full-year results which Numis Securities says are in line with its forecasts, prompting the broker to repeat its "buy" rating on the stock.` `The company, which provides research for Time Warner's CNN, Google and Kellogg, posts a pretax loss of 0.7 million pounds, against a pretax profit of 4.0 million pounds a year earlier.` "Although the company expects the 'current challenging economic conditions will continue', we highlight its powerful brand, profitability, cash generation and solid balance sheet," Numis says in a note. Reuters Messaging rm://tricia.wright1.reuters.com@reuters.net `08:27GMT 12Oct2009-Punch Taverns down; KBC cuts rating` ------------------------------------------------------ `Shares in Britain's biggest pubs group Punch Taverns fall 2 percent, underperforming the FTSE 250 Index, which gains 0.4 percent, after KBC Peel Hunt cuts its rating to "hold" from "buy" and target price to 120 pence from 170 pence, ahead of full-year results due on Wednesday.` `KBC Peel Hunt says it forecasts major pretax profit decline, down 39 percent to 160 million pounds, but it does not expect trading to have deteriorated any further than was reported in its August trading update.` `The broker also says Friday's repurchase of bonds at a discount of 2.1 percent is a signal that the 30 percent discounts achieved up to pre-close will not continue, meaning the company would have to be more selective in the scope of pub sales going forward.` Reuters Messaging rm://david.brett.reuters.com@reuters.net `08:11GMT 12Oct2009-Speedy Hire falls after update` ------------------------------------------------- `Shares in Speedy Hire are big FTSE Small Cap fallers, off more than 6 percent after the tool hire company issues a trading update, with Panmure Gordon cutting its rating on the stock to "sell" from "hold".` `"A downbeat start to H2 suggests that the disappointment in H1 revenue will not be recovered by cost cutting measures and that our current forecasts for 2010 are too high," Panmure says in a note.` `The broker says that with a number of major projects delayed or cancelled, the market remains fragile for tool hire operators.` `Panmure lowers its forecasts accordingly, though only trims its target price -- to 24 pence from 28. It says the shares look overvalued at current levels, hence its recommendation downgrade.` `Altium Securities also cuts its rating on the stock to "hold" from "buy".` `For more double click on` Reuters Messaging rm://tricia.wright1.reuters.com@reuters.net `08:00GMT 12Oct2009-IPF up, sees FY ahead of expectations` -------------------------------------------------------- `Shares in International Personal Finance rise 9.7 percent after the emerging markets lender says full-year results are likely to be ahead of current market expectations.` `It says the outlook for the economies it operates in has improved after making good progress in the third quarter.` `Oriel Securities, which has a hold rating on the group, says: "Our current FY09 EPS estimate of 12.2 pence looks around 10 percent too low."` `For more, please click on` Reuters messaging rm://farah.master.thomsonreuters.com@reuters.net `07:43GMT 12Oct2009-Intec Telecom higher after update` ---------------------------------------------------- `Shares in Intec Telecom Systems gain 2.5 percent after the billing firm says it expects full-year adjusted pretax profit to exceed the market view, helped by an improvement in gross margins on a constant-currency basis.` `Panmure Gordon lifts its target price for the company to 108 pence from 97.` `"Once again our view is that the potential for 2010 forecasts is on the upside and there is the likelihood of a dividend," Panmure says in a note.` `The broker repeats its "hold" rating on the stock.` `For more double click on` Reuters Messaging rm://tricia.wright1.reuters.com@reuters.net `07:32GMT 12Oct2009-FTSE small caps up 0.2 pct early on` ------------------------------------------------------ `The FTSE Small Cap Index is up 0.2 percent in opening trade, taking its cue from London's blue chip index, which adds 0.3 percent, while the mid caps gain 0.4 percent.` `JJB Sports rises 5.2 percent after the sportswear retailer says it is finalising the arrangements for its planned 100 million pounds right issue and press reports that the UK Listing Authority had blocked the process are incorrect.` `The company also says rumours regarding the financial affairs of its executive chairman, David Jones, have proved to be totally unfounded.` `British tool hire company Speedy Hire falls 6.4 percent after reporting first-half revenue was running below its forecasts, prompting Altium Securities and Panmure Gordon to cut their recommendations, with the company adding it is on track to meet its earnings expectations thanks to aggressive cost cutting.` Reuters Messaging rm://david.brett.reuters.com@reuters.net `07:31GMT 12Oct2009-Invensys falls; UBS cuts to "neutral"` -------------------------------------------------------- `Shares in Invensys fall 1.9 percent, topping the FTSE 100 fallers list after UBS cuts its stance on the engineering firm to "neutral" from "buy" citing valuation grounds.` `UBS says in a note that Invensys shares have outperformed the market by about 18 percent in the year-to-date and there is less upside in the stock at these levels.` `The broker says Invensys will report first-half results on Nov. 5 and, in advance of the numbers, it has materially raised its estimates for Invensys, with 2010 EPS upped by 3 percent and 2011 EPS hiked by 21 percent, bringing the forecasts in-line with consensus.` `UBS says, on its new estimates, its sum-of-the-parts=based price target for Invensys rises to 320 pence, up from 290 pence.` `The broker says, factoring in its estimates hike, Invensys shares trades broadly in-line with the UK Capital Goods sector but it would prefer to look at companies that it believes are likely to see materially higher earnings than consensus in 2010 such as Charter, Spectris and Weir Group .` Reuters Messaging rm://jon.hopkins.reuters.com@reuters.net Keywords: MARKETS UK STOCKSNEWS/ 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
30-09-09	Glance-UPDATE 3-Deals of the day -- mergers and acquisitions	AFX UK Focus
(Adds Bharti Airtel, Kraft Foods, General Motors, Clariant AG) Sept 30 (Reuters) - The following bids, mergers, acquisitions and disposals involving European, U.S. and Asian companies were reported by 2000 GMT on Wednesday. (For Reuters columns on deals, click) * BANK OF AMERICA CORP HAS STRUCK A DEAL TO SELL A long-term asset management business, part of its Columbia Management division, to Ameriprise Financial Inc for about $1 billion. To read more, double click on * INDUSTRIAL AND COMMERCIAL BANK OF CHINA (ICBC), THE world's largest bank by market value, plans to buy Thailand's ACL Bank for about $545 million, helping it expand its footprint in Southeast Asia. * TALKS BETWEEN BHARTI AIRTEL AND MTN GROUP TO CREATE THE world's third-largest mobile operator collapsed for the second time in just over a year over South Africa's reluctance to allow a flagship corporate to lose its national character. * KRAFT FOODS INC HAS UNTIL NOV. 9 TO MAKE an offer for British confectioner Cadbury Plc or must walk away for six months, Britain's Takeover Panel said. * U.S. ANTITRUST REGULATORS HAVE APPROVED WARNER CHILCOTT Plc's purchase of Procter & Gamble Co's pharmaceuticals business, the Federal Trade Commission said. * SWISS SPECIALITY CHEMICALS MAKER CLARIANT AG joined the list of possible targets for Solvay SA after the Belgian company's deal to sell its drugs unit to Abbott Labs . * GENERAL MOTORS IS ON TRACK TO SIGN A CONTRACT NEXT week on selling a majority stake in its European arm Opel to Canada's Magna and Sberbank, sources close to the talks said. * CHINA STRENGTHENED ITS GRIP ON CENTRAL ASIA'S ENERGY ON Wednesday after its sovereign wealth fund bought an 11-percent stake in Kazakhstan's second-largest oil producer. * SOUTH AFRICAN ELECTRONICS COMPANY REUNERT WILL hold 100 percent ownership in Siemens Enterprise Communications after acquiring a remaining 60 percent stake in the telecoms firm for an undisclosed amount. * POWER GENERATION FIRM INTERNATIONAL POWER PLC SAID it agreed to acquire AIM PowerGen Corp, the Canadian unit of British wind-farm operator Renewable Energy Generation Ltd , for C$119 million in cash. * THAILAND'S SIAMGAS AND PETROCHEMICALS PCL SAID A wholly-owned subsidiary would buy a 99 percent stake in Chevron Ocean Gas & Energy Ltd from Chevron China Ltd for $51 million. * CHINA OVERSEAS LAND & INVESTMENT LTD SAID IT plans to make a general offer for Shell Electric Manufacturer (Holdings) worth up to HK$3.4 billion ($438.7 million). * DOW CHEMICAL CO SAID ITS UNION CARBIDE SUBSIDIARY completed the divestiture of Optimal Group to Malaysia's state-owned oil company Petronas for $660 million to further reduce debt. * ITALIAN INVESTMENT GROUP BORLETTI SAID IT WOULD NOT MAKE A firm offer for loss-making French fashion house Christian Lacroix, clearing the way for a bid from a Gulf investor. * CROATIA SAID IT HAD RECEIVED TWO BIDS AT AN INTERNATIONAL tender for two of six state-owned shipyards it put on sale as part of the conditions it must meet to secure European Union membership. * THE EUROPEAN BANK FOR RECONSTRUCTION AND DEVELOPMENT (EBRD) may buy a stake in Promsvyazbank, Dmitry Ananyev, co-owner of the top-30 Russian bank, said. * FRENCH FOOD GROUP DANONE IS SELLING ITS 51 percent stake in a joint venture with China's Wahaha group for around 300 million euros ($437.1 million), a source briefed on to the matter said. * SPANISH ENERGY ENGINEERING AND CONSTRUCTION COMPANY Acciona SA is considering the sale of part of its wind turbine manufacturing business, a company executive said. * GERMAN BILLIONAIRES WOLFGANG HERZ AND MICHAEL HERZ HAVE reduced their holdings in insolvent luxury fashion house Escada to below 20 percent from close to 25 percent, Escada said. * BIOCON LTD, INDIA'S TOP LISTED BIOTECHNOLOGY firm, said the firm would acquire the bulk pharmaceutical business undertaking of IDL Specialty Chemicals Ltd, located near Hyderabad. * ISRAELI HOLDING COMPANY DISCOUNT INVESTMENT CORP said it sold its 21.5 percent stake in paper products maker Hadera Paper for 246 million shekels ($65 million). * AUSTRALIA'S BIGGEST INVESTMENT BANK MACQUARIE GROUP LTD WILL BUY FOX-PITT KELTON COCHRAN CARONIA WALLER FOR $130 million, in a push to expand its presence in North America and Europe. * CHINA HAS MADE A PROPOSAL TO BUY 6 BILLION BARRELS OF Nigeria's crude oil reserves and the West African country said it could sell stakes in its joint ventures with Western oil firms to help Beijing do so. * PENN NATIONAL GAMING INC IS CONSIDERING ACQUIRING the unfinished Fontainebleau resort, which sits toward the northern end of the Las Vegas Strip, the U.S. casino and racetrack operator's chief financial officer said. * THE LONE BIDDER FOR LOSS-MAKING CZECH AIRLINES OFFERED 1 billion crowns ($58.3 million) for the state carrier on Wednesday, but attached strings that may make the deal unacceptable for the government. 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
30-09-09	Renewable Energy Gen - Posting of Circular	RNS
RNS Number : 9934Z Renewable Energy Generation Ltd 30 September 2009 `PRESS RELEASE 30 September 2009` Renewable Energy Generation Limited ("REG" or the "Group" or the "Company") Posting of Circular Further to the announcement released earlier today which included details of the recommended proposals for the sale of the entire issued share capital of AIM PowerGen Corporation, the cessation of the Company's 'fund' designation status and the migration of the Company to Jersey, the Company announces that a circular relating to the proposals (the "Circular") has been posted to shareholders, and that the Circular, which includes a notice convening a general meeting of REG at 10.00 a.m. on 16 October 2009 at Carey House, Les Banques, St Peter Port, Guernsey GY1 4BZ, will shortly be available to view on the Company's website (http://www.renewableenergygeneration.co.uk). Contacts: Renewable Energy Generation Ltd Tel: 01483 901 790 Andrew Whalley, Chief Executive Officer David Crockford, Finance Director Lexicon Partners (Financial Adviser to REG) Tel: 020 7653 6000 Read Gomm Hichem Zebidi Numis Securities Limited Tel: 020 7260 1000 Nominated Advisor: Simon Blank / Hugh Jonathan Corporate Broker: David Poutney / Charlie Farquhar Hogarth Partnership Ltd Tel: 020 7357 9477 Sarah MacLeod Julian Walker Vicky Watkins This information is provided by RNS The company news service from the London Stock Exchange END MSCEASNEDENNEFE More
30-09-09	Glance-UPDATE 2-Deals of the day -- mergers and acquisitions	AFX UK Focus
(Adds Bank of America Corp, Siemens, othes; Updates Siamgas) Sept 30 (Reuters) - The following bids, mergers, acquisitions and disposals involving European, U.S. and Asian companies were reported by 1330 GMT on Wednesday. (For Reuters columns on deals, click) * BANK OF AMERICA CORP HAS STRUCK A DEAL TO SELL a long-term asset management business, part of its Columbia Management division, to Ameriprise Financial Inc for about $1 billion. To read more, double click on * INDUSTRIAL AND COMMERCIAL BANK OF CHINA (ICBC), THE world's largest bank by market value, plans to buy Thailand's ACL Bank for about $545 million, helping it expand its footprint in Southeast Asia. * CHINA STRENGTHENED ITS GRIP ON CENTRAL ASIA'S ENERGY on Wednesday after its sovereign wealth fund bought an 11-percent stake in Kazakhstan's second-largest oil producer. * SOUTH AFRICAN ELECTRONICS COMPANY REUNERT WILL hold 100 percent ownership in Siemens Enterprise Communications after acquiring a remaining 60 percent stake in the telecoms firm for an undisclosed amount. * POWER GENERATION FIRM INTERNATIONAL POWER PLC said it agreed to acquire AIM PowerGen Corp, the Canadian unit of British wind-farm operator Renewable Energy Generation Ltd , for C$119 million in cash. * THAILAND'S SIAMGAS AND PETROCHEMICALS PCL SAID on Wednesday a wholly-owned subsidiary would buy a 99 percent stake in Chevron Ocean Gas & Energy Ltd from Chevron China Ltd for $51 million. * CHINA OVERSEAS LAND & INVESTMENT LTD SAID IT plans to make a general offer for Shell Electric Manufacturer (Holdings) worth up to HK$3.4 billion ($438.7 million). * SOLAR RAW MATERIAL PROVIDER HOKU SCIENTIFIC INC SAID IT IS SELLING A MAJORITY STAKE TO CHINA'S Tianwei New Energy Holdings Co to raise the financing to finish its plant in Idaho, sending Hoku shares up 43 percent after-hours. * WELLS FARGO & CO DIVESTED ITS ENTIRE 12.44 percent stake in Campbell Soup Co, according to a regulatory announcement. 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
30-09-09	Glance-UPDATE 2-Deals of the day -- mergers and acquisitions	AFX UK Focus
(Adds International Power, Danone) Sept 30 (Reuters) - The following bids, mergers, acquisitions and disposals involving European, U.S. and Asian companies were reported by 0900 GMT on Wednesday. (For Reuters columns on deals, click) * INDUSTRIAL AND COMMERCIAL BANK OF CHINA (ICBC), THE world's largest bank by market value, plans to buy Thailand's ACL Bank for about $545 million, helping it expand its footprint in Southeast Asia. To read more, double click on * POWER GENERATION FIRM INTERNATIONAL POWER PLC said it agreed to acquire AIM PowerGen Corp, the Canadian unit of British wind-farm operator Renewable Energy Generation Ltd , for C$119 million in cash. * THAILAND'S SIAMGAS AND PETROCHEMICALS PCL SAID A wholly owned subsidiary would buy a 99 percent stake in Chevron Ocean Gas & Energy Ltd from Chevron China Ltd for $51 million. * CHINA OVERSEAS LAND & INVESTMENT LTD SAID IT plans to make a general offer for Shell Electric Manufacturer (Holdings) worth up to HK$3.4 billion ($438.7 million). * SOLAR RAW MATERIAL PROVIDER HOKU SCIENTIFIC INC said it is selling a majority stake to China's Tianwei New Energy Holdings Co to raise the financing to finish its plant in Idaho, sending Hoku shares up 43 percent after-hours. * WELLS FARGO & CO DIVESTED ITS ENTIRE 12.44 PERCENT stake in Campbell Soup Co, according to a regulatory announcement. * FRENCH FOOD GROUP DANONE IS SELLING ITS 51 percent stake in a joint venture with China's Wahaha group for around 300 million euros ($437.1 million), a source briefed on to the matter said. (Compiled by Tina Kwan in Singapore and Divya Sharma in Bangalore) Keywords: MERGERS/DEALS (divya.sharma@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: divya.sharma.reuters.com@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
30-09-09	STOCKS NEWS UK-Renewable Energy Gen up on Candian disposal	AFX UK Focus
`STOCKS NEWS Reuters Results diary` `Europe Real-time Equity News` `UK Stocks on the move` `UK smallcaps UK smallcaps news` `08:35GMT 30Sep2009-Renewable Energy Gen up on Canadian disposal` --------------------------------------------------------------- `Shares in Renewable Energy Generation soar almost 28 percent after the wind farm operator announces the sale of its Canadian division to International Power for about 69 million pounds in cash.` `The company says it will use the proceeds for its UK wind farm operations and to repay its loan facility with Bank of Scotland.` `"Post the repayment of the facility, REG will have 50 million pounds of gross cash and zero debt. With a market cap of just 45 million, we expect the stock to significantly re-rate," write Piper Jaffray analysts in a note.` `For more, please click on` Reuters messaging rm://victoria.bryan.thomsonreuters.com@reuters.net `08:08GMT 30Sep2009-FTSE Small Caps up 0.3 pct early on` ------------------------------------------------------ `The FTSE Small Cap index gains 0.3 percent in early trade, outperforming the blue chips and mid caps, both up 0.1 percent at the end of a strong third quarter.` `Care U.K. is the top small cap riser, up 18.5 percent as private equity firm Bridgepoint Capital confirms that it has held preliminary bid discussions with the health and social care provider's board.` `Hyder Consulting is also a good gainer, up 10.8 percent following an upbeat trading statement, but telecoms carrier KCOM Group sheds 3.3 percent after its in-line trading update fails to inspire .` Reuters Messaging rm://jon.hopkins.reuters.com@reuters.net `07:52GMT 30Sep2009-Sage up on M.Stanley upgrade` ----------------------------------------------- `Shares in British software firm Sage Group rise 3.2 percent after Morgan Stanley upgrades its stance on the stock to "overweight" from "equal weight" as it turns to stock picking in the sector for what it describes as the next leg of recovery.` `The broker says Sage has a cheap valuation, reliable growth and that consensus estimates are too low given cost cutting. The broker also raises the stock's price target to 270 pence from 217 pence.` `"Although Small and Medium Business markets are still weak, Sage has proven its reliability again and again," it says in a note.` `It says Sage's average earnings per share growth is 24 percent since 1991 and sees an opportunity when markets improve to sell much more into the firm's installed base of more than 5 million customers.` `The broker also raises its stance on Steria, which is up 1.5 percent, to "overweight" from "equal weight", while also citing Logica, SAP and Capgemini as key picks.` Reuters Messaging rm://harpreet.bhal.reuters.com@reuters.net `07:33GMT 30Sep2009-Smiths up on post-results relief` --------------------------------------------------- `Shares in Smiths Group rise as much as 8 percent after the technology company, which makes products ranging from security scanners to medical equipment, reports full-year results showing a 21 percent fall in underlying pretax profit.` `It also says its Detection unit has had a good start to the year.` `"It's relief that the results weren't any worse," says analyst Nick Cunningham at Evolution Securities, adding the stock has underperformed recently.` `For more, please click on` Reuters messaging rm://victoria.bryan.thomsonreuters.com@reuters.net `07:33GMT 30Sep2009-M&S dips on profit taking, cost concerns` ----------------------------------------------------------- `Marks & Spencer shares dip 1.4 percent with some analysts saying that better-than-expected sales and profit margins were factored into a recent rally in its shares, while a downgrade in its cost guidance was not.` `"I'm not sure the consensus will move that much today after the upgrades we've already seen...and the increase in costs is a worry," says Pali International analyst Nick Bubb.` Singer Capital Markets analyst Matthew McEachran thinks better-than-expected sales and margins will add about 75 million pounds to full-year profit forecasts, while higher costs and slightly slower international growth will take off more than 30 million. `This leaves a net upgrade of about 6-7 percent to the current consensus forecast of about 535 million pounds, he says.` `For more double click on` Reuters Messaging: rm://mark.potter.reuters.com@reuters.net Keywords: MARKETS UK STOCKSNEWS/ 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
30-09-09	UPDATE 1-International Power to buy Canadian wind-farm developer	AFX UK Focus
TO BUY AIM POWERGEN FOR C$119 MLN IN CASH * EXPECTS ACQUISITION TO ENHANCE EARNINGS `* Renewable Energy to use proceeds to fund UK operations` `* Deal expected to close by end of year * Renewable Energy shares up 20.8 pct` (Adds details) `Sept 30 (Reuters) - Power generation firm International Power Plc said on Wednesday it agreed to acquire AIM PowerGen Corp, the Canadian unit of British wind-farm operator Renewable Energy Generation Ltd, for C$119 million in cash.` `Shares of Renewable Energy were trading up 20.8 percent at 52.25 pence, while International Power was almost flat at 295.5 pence at 0731 GMT on the London Stock Exchange.` `The company said it expects the acquisition, which would be completed by the end of the year, to be immediately free-cash-flow positive and add to earnings once the 40 megawatt Harrow project in Canada is completed in 2010.` `International Power said it would fund the acquisition from existing cash resources.` `Renewable Energy said it would use the proceeds from the sale of the unit to fund ongoing activities in the UK, including generating power from refined, used vegetable cooking oil.` `The money would also be used to repay its facility with Bank of Scotland Plc.` `"The transaction will allow us to proceed quickly to the construction of the Goonhilly Downs and Loscar wind farms," Renewable Energy CEO Andrew Whalley said in a statement.` `AIM PowerGen currently owns four operational windfarms which it has developed, with a total installed capacity of about 40 megawatts.` (Reporting by Tresa Sherin Morera in Bangalore; Editing by Vinu Pilakkott) Keywords: INTERNATIONALPOWER/ (tresa.sherin@thomsonreuters.com; +91 80 4135 5800; Reuters Messaging: tresa.sherin@thomsonreuters.com) 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
30-09-09	BRIEF-Renewable Energy Generation sells AIM Powergen for C$119 mln	AFX UK Focus
LONDON, Sept 30 (Reuters) - Renewable Energy Generation Ltd: CONDITIONAL SALE OF AIM POWERGEN CORPORATION TO INTERNATIONAL POWER CANADA INITIAL CASH CONSIDERATION OF C$ 119 MILLION MIGRATION OF RENEWABLE ENERGY GENERATION TO JERSEY PROCEEDS OF THE SALE WILL BE UTILISED TO FUND ONGOING ACTIVITIES IN THE UK HAS TAKEN THE STRATEGIC DECISION TO FOCUS ON THE UK ONSHORE WIND MAR ((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
30-09-09	BRIEF-International Power buys Canadian wind farm developer	AFX UK Focus
LONDON, Sept 30 (Reuters) - International Power plc: AGREEMENT TO ACQUIRE CANADIAN WIND FARM DEVELOPER AIM POWERGEN CORPORATION TOTAL CASH CONSIDERATION OF C$119 MILLION (&POUND;69 MILLION). ENTERPRISE VALUE OF C$189 MILLION (&POUND;109 MILLION ((London Equities Newsroom; +44 20 7542 7717)) (For more news, please click here) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. More
30-09-09	Renewable Energy Gen - Conditional Sale of AIM PowerGen Corporation	RNS
RNS Number : 9250Z Renewable Energy Generation Ltd 30 September 2009 `Press Release 30 September 2009` Renewable Energy Generation Limited ("REG" or the "Group" or the "Company") Recommended proposals for the sale of the entire issued share capital of AIM PowerGen Corporation, the cessation of the Company's 'fund' designation status and the migration of the Company to Jersey Conditional Sale of AIM PowerGen Corporation REG today announces that it has entered into a conditional sale agreement (the "Sale Agreement") in relation to the sale to International Power Canada, Inc. of the entire issued share capital of AIM PowerGen Corporation ("AIM") for an initial cash consideration of C$ 119 million (approximately £69 million) (the "Sale"). AIM is a leading Canadian independent wind developer that takes wind projects from initial concept through feasibility and permitting to construction and operation. AIM currently owns four operational windfarms which it has developed, with a total installed capacity of approximately 40 MW (Cultus, Frogmore, Mohawk Point and Clear Creek). A further circa 40 MW is currently the subject of project financing and construction (Harrow). In addition, AIM owns a large portfolio of potential wind projects at various stages of development, throughout Canada. For the six month period ended 31 December 2008, AIM's operations generated revenues of £1.9 million and gross profit of £0.5 million and, as at 31 December 2008, it had a net asset value of £54.0 million. Under rule 15 of the AIM Rules for Companies, the Sale is deemed to be a sale resulting in a fundamental change of business and accordingly the Sale is conditional, inter alia, on the approval by the shareholders of the Company ("Shareholders") of an ordinary resolution to be proposed at an extraordinary general meeting to be convened for, amongst other things, that purpose (the "EGM"). Reasons for and details of the Sale The Company has taken the strategic decision to focus on the UK onshore wind market where it sees significant growth opportunities over the next few years. In addition to its existing operational portfolio totalling 21.3 MW, the Group has two fully consented wind projects at Goonhilly Downs and Loscar totalling around 15 MW. In addition, the Group has a number of other projects that are reaching the end of the planning process. The Company will receive an initial cash consideration of C$ 82.7 million together with the repayment of inter-company indebtedness of C$ 29.9 million. A further consideration of C$ 6.0 million is also payable, subject to certain specified amendments being made to project documentation. Additional deferred consideration of up to C$ 6.0 million may also become payable subject to the release of funds held in escrow by Fortis Bank (Canada) Ltd, which are principally contingent on an operational output assessment of AIM's operating assets. The purchase price is subject to a closing account adjustment mechanism. The proceeds of the Sale, approximately £67 million (net of transaction costs), will be utilised by the Company to fund ongoing activities in the UK of developing, owning and operating wind farms and generating power from refined, used vegetable cooking oil. The proceeds will also be used to repay the Company's facility with Bank of Scotland plc (with indebtedness to the bank as at the date of this announcement being approximately £17 million). Cessation of the Company's 'fund' designation status and the migration of the Company to Jersey Further, the Board has reviewed the operating structure of the Company and is proposing to cease the Company's designation as a fund (the "Cessation of 'Fund' Designation Proposal") whilst moving the Company's domicile from Guernsey to Jersey (the "Migration Proposal"), subject, amongst other things, to the consent of the authorities in Guernsey and Jersey. In addition to being conditional, amongst other things, on the approval by Shareholders of resolutions to be proposed at the EGM and the consent of the Guernsey Financial Services Commission, and the Jersey Financial Services Commission, the Cessation of 'Fund' Designation Proposal and the Migration Proposal are both conditional upon the Sale Agreement becoming unconditional and the Sale of AIM PowerGen Corporation being completed. Following discussions with the London Stock Exchange, it has been determined that the Ordinary Shares of the Company will be cancelled from trading on the AIM Market of the London Stock Exchange (the "AIM Market") and will then be admitted simultaneously to trading on the AIM Market, following the completion of the cessation of the Company's fund status and the redomiciliation of the Company. Recommendation The Board of REG is recommending that Shareholders vote in favour of the resolutions to be proposed at the EGM to be convened for 10.00am on 16 October 2009 at Carey House, Les Banques, St Peter Port, Guernsey GY1 4BZ. Those Directors who hold shares in the Company intend to vote in favour of the resolutions to be proposed at the EGM in respect of their own beneficial holdings of Ordinary Shares amounting, in aggregate, to 369,648 Ordinary Shares (representing approximately 0.36 per cent. of the Ordinary Shares in issue). A circular (the "Circular") will be posted by the Company to Shareholders shortly that details the above proposals and convenes the EGM to approve the proposals. A copy of that Circular will be made available online at http://www.renewableenergygeneration.co.uk. Andrew Whalley, CEO of REG, commented: "I am delighted that we have reached agreement with International Power on the sale of AIM PowerGen. The sale of AIM PowerGen will release funds to allow us to refocus our efforts on building a substantial portfolio of UK onshore wind assets. The transaction materially strengthens our balance sheet and profit and loss account and will allow us to proceed quickly to the construction of the Goonhilly Downs and Loscar wind farms. Furthermore, several other projects are now approaching planning determination and our balance sheet will now be able to support the construction of many new projects over the next few years. In addition, REG Bio Power has made sound progress in gaining the necessary permits to build a portfolio of small power plants operating on recycled vegetable oil. Some of the capital raised from the sale of AIM PowerGen will also be used to fund a processing plant in Norfolk capable of processing up to 15,000 tons of recycled vegetable oil per annum. I would like to thank the AIM management team for their hard work in this transaction and I wish International Power well as they build a substantial portfolio of wind projects in Canada." Consequences of the Sale not proceeding If the Sale does not proceed, the ability of the Group to further develop and construct its UK and Canadian wind portfolios would be reliant on a strategy of further debt raising in the UK and Canadian credit markets along with the sale of existing assets to fund future growth. The Board's growth expectations for the Group would be reduced, as funds could not necessarily be made available as quickly to take advantage of current opportunities in the UK business, nor would the Group be able to quickly fund opportunities in the Canadian business. REG will also be dependent on alternative funding sources in order to satisfy the requirements of the AIM team of the London Stock Exchange in respect of the Migration Proposal and the Cessation of 'Fund' Designation Proposal (further details of which will be contained in the Circular) and to ensure that the Company is in a position to make the requisite going concern statement at such time as is required and without qualification. Contacts: `Renewable Energy Generation Ltd Tel: 01483 901 790` Andrew Whalley, Chief Executive Officer `David Crockford , Finance Director` `Lexicon Partners (Financial Adviser to REG) Tel: 020 7653 6000` Read Gomm Hichem Zebidi `Numis Securities Ltd Tel: 020 7260 1000` Nominated Advisor: Simon Blank / Hugh Jonathan Corporate Broker: David Poutney / Charlie Farquhar `Hogarth Partnership Ltd Tel: 020 7357 9477` Sarah MacLeod Julian Walker Vicky Watkins Notes to Editors An exchange rate of £1: C$1.73 has been applied in this announcement. www.renewableenergygeneration.co.uk This information is provided by RNS The company news service from the London Stock Exchange END DISIIFFEAEIIVIA More

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