Response to Thalassa Announcement

 

TIDMRPL TIDMTHAL 
 
RNS Number : 5652J 
Renewable Power and Light Plc 
31 March 2010 
 

31 March 2010 
                          Renewable Power & Light plc 
Response to Thalassa Announcement & Requisition of General Meeting 
The board of Renewable Power & Light plc ("RPL" or the "Company") notes the 
announcement made yesterday on 30 March 2010, by Thalassa Holdings Limited (the 
"Current Thalassa Announcement") and confirms that it received at its registered 
office a letter enclosing the new requisition of general meeting and members' 
statement of Thalassa Holdings Limited and CityPoint Holdings Limited (together, 
"Thalassa") reproduced in the Current Thalassa Announcement. 
The Company makes the following comments to the Current Thalassa Announcement. 
No proposal for a New Investing Policy 
As stated in the Company's announcement of 17 March 2010, Thalassa had failed to 
propose a new investing policy which complied with the AIM Rules. 
The board notes that in the Current Thalassa Announcement, the proposal for a 
new investing policy has now been removed altogether and no mention has been 
made as to a future strategy for the Company. This appears contrary to the 
previously announced Thalassa view that the current investing policy is to be 
changed. 
Since the announcement of Thalassa's first requisition, the board has made a 
number of requests for Thalassa to provide further information on its proposed 
investing policy but no such information has yet been provided.  The board is 
concerned that shareholders do not, and will not, have sufficient information 
about the proposed new directors' strategy for the Company on which they can 
make an informed decision on whether to vote in favour of replacing the current 
board.  The board believes that withholding such information will be to the 
detriment of minority shareholders. 
If Thalassa is successful in replacing the board then a further general meeting 
would be required to approve a new investing strategy.  The board again 
re-iterates its request for Thalassa to provide full details of its new 
investment strategy as soon as possible so that shareholders can make an 
informed decision at the requisitioned general meeting. Failure to do so will 
waste shareholder funds in convening an additional general meeting for that 
purpose. 
Requisition of General Meeting and Annual General Meeting 
A notice convening a general meeting will be dispatched in due course. It is 
proposed that to the extent possible, the date of the requisitioned general 
meeting will coincide with the date of the Company's Annual General Meeting, 
currently proposed to take place on or around 18 May 2010.  The Board considers 
that in doing so it will conserve the Company's cash resources and be in the 
best interests of  shareholders. 
 
 
 
For further information, please contact: 
Renewable Power & Light plc 
Timothy Hunstad                                                Telephone: + 1 
952 746 0393 
 
Grant Thornton Corporate Finance - Nominated Adviser 
Gerald Beaney                                                   Telephone: +44 
207 383 5100 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
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