Renewable Energy Holdings plc Amendment of Loan and Loan Facility with Utilico (7545Z)

TIDMREH

RNS Number : 7545Z

Renewable Energy Holdings plc

15 December 2014

Renewable Energy Holdings plc

("REH" or the "Company")

Amendment of Loan and Loan Facility with Utilico Investments Limited ("Utilico")

REH announces that on 12 December 2014 it agreed with Utilico to amend both its loan with Utilico, originally dated 31 July 2009 and subsequently amended ("2009 Loan"), and its loan facility with Utilico, originally entered into on 5 February 2014 and subsequently amended ("Loan Facility") (together the "Amendments").

The 2009 Loan's maturity date is extended to 31 July 2015. All other terms remain the same as previously announced and detailed in the Company's Annual Accounts.

The Loan Facility is increased from GBP3.25 million to GBP4.25 million and the maturity date amended to 31 July 2015. All other terms remain the same other than the success fee payable to Utilico, previously set out in the Company's announcement of 6 February 2013 (and subsequently in the Company's Annual Accounts), which is increased by GBP0.5 million. The directors of REH ("Directors") believe that it is likely that the full further GBP1 million will be drawn down over the course of 2015 to progress the Mynydd y Gwynt project, which will have a planning decision by 20 November 2015 via the Planning Inspectorate, the government agency responsible for examining planning applications for nationally significant infrastructure projects. The Directors expect further discussions with Utilico on the maturity dates for the 2009 Loan and the Loan Facility in July next year.

Utilico is interested in approximately 28.71 per cent of the issued share capital of REH and as such is considered a "Related Party" under the AIM Rules for Companies. The independent directors of the Company (Clive Callister and Alex Bush), having consulted with Strand Hanson Limited, consider the terms of the Amendments to be fair and reasonable insofar as shareholders are concerned.

Enquiries:

 
 Renewable Energy Holdings plc: 
 David Weir (Chairman) 
  Clive Callister (Chief Operating 
  Officer)                            +44 (0) 1624 641199 
 
 Strand Hanson Limited:               +44 (0)20 7409 3494 
 Rory Murphy/James Spinney

This information is provided by RNS

The company news service from the London Stock Exchange

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