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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Renewable Power | LSE:RPL | London | Ordinary Share | GB00B4LWV986 | ORD �1000 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 750.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMRPL RNS Number : 0922P Renewable Power and Light Plc 09 July 2010 Renewable Power & Light plc (the "Company" or "RPL"') Update 9 July 2010 Further to the announcement made by the Company on 12 February 2010 and following the General Meeting of 18 May 2010, the Board wishes to make the following progress report: 1. An in-depth review of the legacy issues that resulted in the collapse of the Company's business is ongoing. The Company's financial position and past history seem to be worse than shareholders had been led to believe. The Board believe that a consequence of the turbulent history of the Company is that it is unlikely that any new investors would be able to satisfy their due diligence requirements and therefore the Company's future use as a 'cash shell' may be restricted. The Board is formulating a number of strategies for the Company and intends to submit proposals to Shareholders shortly. A further announcement will be made in due course. 2. The Company's announcement of 12 February 2010 specified that, as at 31 January 2010, the unaudited cash position of the Company was US$5 million (equivalent to 3.59 pence per share based on 88,764,646 shares in issue). Based on management accounts prepared by previous management and using a USD/GBP exchange rate of 1.4635 on 1 June 2010, the unaudited cash position as at 31 May 2010 was US$3.79 million (GBP2.59 million), which is equivalent to 2.92 pence per share. The net asset value as at 31 May 2010, using the same exchange rate, was $3.51 million (GBP2.39 million) or 2.70 pence per share. Commenting, Mr Duncan Soukup, Chairman said "To be blunt, RPL is a Buggers Muddle! The new Board and Management are working around the clock to establish who was responsible for the roughly $90 million of losses suffered by the Company, which include legal fees in excess of $3.5 million spent on litigation against the Company's former CEO. As reported in the Company's press release of 11 November 2008 this litigation resulted in an out of court settlement." "Unfortunately for shareholders it would appear that, as is often the case when things go wrong, they have been left nursing their losses whilst those who were supposedly in charge have been paid handsomely and walked away unscathed. I am confident that our investigations will throw light on who was responsible for this abominable mess and that we will then do everything we can to seek redress with a view to generating a recovery for shareholders. In the meantime the Board is preparing a circular to shareholders with proposals for a reorganisation and a new strategy for the Company. I would like to extend my thanks to shareholders for their patience." ** ENDS ** For further information visit www.rplplc.com or contact: +-----------+-----------+-------------+ | Duncan | Renewable | Tel: | | Soukup, | Power & | +33 | | Executive | Light plc | (0) 6 | | Chairman | | 78 63 26 89 | +-----------+-----------+-------------+ | Liam | Cairn | Tel: | | Murray, | Financial | +44 | | Nominated | Advisers | (0) 20 | | Adviser | LLP | 7148 7903 | +-----------+-----------+-------------+ This information is provided by RNS The company news service from the London Stock Exchange END MSCUWSWRRVABRAR
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