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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Compact Power | LSE:CPO | London | Ordinary Share | GB0031544439 | ORD 2P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 21.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:9471U Compact Power Holdings PLC 17 April 2007 Compact Power to supply prototype biomass to energy plant Compact Power Holdings Plc is pleased to announce that it has entered into an agreement to supply a prototype biomass plant to a private individual through Guildhall Engineering Limited. This is the first in a programme of biomass to energy projects which will be completed over the next 12 months. Under the terms of the agreement, a design and technology fee of #200,000 is payable immediately to Compact Power. Once built, the plant will be operated by a new company, The Compact Power Biomass Company Limited, which will be owned as to 10 per cent. by the private individual and the balance by Compact Power with up to 25 per cent. being available for directors and staff. In addition, Compact Power has been informed that the same private individual has acquired the legal ownership of the existing plant at Avonmouth from Capital Leasing. This will have no effect on the existing operational arrangements at the plant save that the monthly guaranteed net operating profit payable by Compact Power has been increased to #25,000 per month. For accounting purposes the plant will continue to be recognised as an asset on Compact Power's balance sheet. The private investor has also been assigned the benefit of Compact Power's outstanding obligations to Capital Leasing amounting to #141,667 plus its percentage share of current and future profit share from the plant. The new owner has agreed, subject to the granting of suitable security, to defer payment of these outstanding obligations until 30 September 2007 or such earlier date as Compact Power raises the additional funds. In addition, he has the option to convert such sums into Compact Power shares at a price of 30 pence per share or any such lesser price at which Compact Power may issue shares or grant options during that period. It is intended that the A1 plant will be re-financed as part of the financing package being negotiated for the new proposed plant at Avonmouth ('A2'). If by 30 June 2007 financing for A2 has not been secured, Compact Power will be obliged to provide loan funding of #1m on terms to be agreed to substitute for this re-financing of the Avonmouth plant. Negotiations for the financing of the second Avonmouth plant are still progressing satisfactorily albeit slower than expected. Finalisation of negotiations is now anticipated in May. Until financial completion of the second plant is achieved Compact Power's working capital position will continue to be tight. Notes to editors About Compact Power Compact Power (LSE: CPO) a company listed on The London Stock Exchange (AIM) has developed an innovative technology based on pyrolysis, gasification and high temperature oxidation for the safe, economic and environmentally friendly processing of a wide range of wastes and biomass with energy recovery. The company operates a commercial plant at Avonmouth, Bristol. For more information, visit www.compactpower.co.uk Contacts Compact Power Nic Cooper - Chairman Richard Hogg - Business Development Director Tel: 0117 980 2900 Blue Oar Securities Plc Mike Coe - Director Tel: 0117 933 0020 Barrie Newton - Director Tel: 01225 424 666 Winningtons Financial PR Paul Vann Tel: 0117 920 0092 This information is provided by RNS The company news service from the London Stock Exchange END AGRUNSNRBARSAAR
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