RPL Renewable Power

 

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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