Mytrah Energy Ltd (MYT)

 

LSE:MYT: Update re Unauthorised Loan

Mytrah Energy Ltd

16 Oct 2017 15:19:38

Mytrah Energy Ltd

RNS Number : 7298T
Mytrah Energy Ltd
16 October 2017
 

16 October 2017

Mytrah Energy Limited

("Mytrah" or the "Company")

 

Update re Unauthorised Loan

 

 

Further to the previous announcement dated 10 October 2017, the Independent Members of the Board of Mytrah (the "Board") confirm that the Company has now received payments totalling $2,566,000 from Mr Ravi Kailas, the Company's Chairman, representing repayment in full of the amount borrowed by him from the Company around the beginning of September 2017.  This amount comprises repayment of the loan of $2,550,000 (which is a correction of the amount of $2.4 million originally announced on 10 October 2017) together with an additional amount of interest of $16,000 that has been charged by the Company.

 

In addition, the Board confirms that it has now engaged an independent law firm and the comprehensive review of the transaction has commenced.  Following completion of the review, the Board will update shareholders.

 

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.

 

 

For further information, please visit www.mytrah.com or contact:

 

Mytrah Energy Limited (via Yellow Jersey)

Russell Walls, Rohit Phansalkar

                             

+44 (0)7747 788 221

Investec Bank plc

Chris Sim / Jeremy Ellis        

                            

+44 (0)20 7597 4000

 

Mirabaud Securities LLP

Peter Krens / Rory Scott                                     

 

+44 (0)20 7878 3360

 

Yellow Jersey

Charles Goodwin / Abena Affum  

                   

 

+44 (0)7747 788 221

 

About Mytrah Energy Limited

 

Mytrah Energy Limited, is a renewable power producer listed on the AIM segment of the London Stock Exchange. The Company is one of the largest Independent Power Producers of the Indian renewable energy sector and a pioneer in this space. Mytrah has a portfolio of 2000MW of operational and under development renewable power projects across 9 Indian states (Punjab, Rajasthan, Gujarat, Madhya Pradesh, Maharashtra, Andhra Pradesh, Telangana, Karnataka and Tamil Nadu). Mytrah also has one of the largest wind data banks in India. It is the only independent power producer with over 200 wind mast locations across the country.

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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