Response to Thalassa Announcement
31 Março 2010 - 1:01PM
UK Regulatory
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
END
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