Director Contract Payment Terms

 

TIDMRPL 
 
RNS Number : 8239L 
Renewable Power and Light Plc 
13 May 2010 
 

                          Renewable Power & Light plc 
                            ("RPL" or "the Company") 
 
13 May 2010 
                        Director Contract Payment Terms 
 
 
The Company announces that it has agreed contractual payment terms with Timothy 
Hunstad, Vice-President and Chief Financial Officer of the Company and the 
Company's US subsidiary RPL Holdings, Inc. ("RPL Holdings") , subject to certain 
conditions as set out below. 
 
As set out in RPL's Annual Report and Accounts for the year ended 31 December 
2009, a provision of US$600,000 had been made for a contractual payment due to 
Mr Hunstad on a change of control, which was triggered by the sale of 
substantially all of the Company's assets earlier in 2009.  The actual amount of 
this contractual payment is US$535,612 (the "Contractual Payment"). 
 
Mr Hunstad had previously agreed to defer actual payment of the Contractual 
Payment while he continued to assist the Company with the implementation of its 
investing policy approved by shareholders in August 2009 to wind-down the 
Company's operations and return funds to shareholders. 
 
As previously announced, a shareholder meeting requisitioned by Thalassa 
Holdings Limited and CityPoint Holdings Limited (together "Thalassa"), two 
shareholders who together control 29.8% of the shares in the Company, will take 
place on 18 May 2010 for the purpose of proposing resolutions to replace the 
existing board of directors of the Company (other than Mr Hunstad) with nominees 
of Thalassa (the "GM"). 
 
 As a result, Mr Hunstad has agreed to remain as an employee of RPL Holdings 
and an officer and director of the Company and RPL Holdings to provide 
transitional assistance to the proposed new board until 1 June 2010.  This 
period will provide the proposed new board with the opportunity, if they are 
appointed at the GM and they so choose, to seek to retain Mr Hunstad beyond that 
date, if a suitable role and terms can be agreed. 
 
Accordingly, RPL Holdings has placed the Contractual Payment into an escrow 
account, which will be released to Mr Hunstad (less applicable payroll and 
income tax withholdings) on 2 June 2010, unless on or prior to that date Mr 
Hunstad has given notice to the escrow agent that he has agreed terms with RPL 
Holdings and/or the Company on a continuing role, in which case the Contractual 
Payment will be returned to RPL Holdings. 
 
There is no guarantee that Mr Hunstad and RPL Holdings and/or the Company will 
reach agreement on terms for a continuing role with the Company and/or RPL 
Holdings following the GM. 
 
The full Circular and notice for the requisitioned GM, as well as the Company's 
Annual Report and Accounts and Notice of AGM are available to be downloaded from 
the Company's website (www.rplplc.com). 
 
For further information, please contact: 
 
Renewable Power & Light plc 
Victor J Fryling, Interim CEO                   Telephone: + 1 248 761 2666 
 
Grant Thornton Corporate Finance 
(Nominated Adviser) 
Gerald Beaney                                       Telephone: [phone] 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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