Renewable Energy Generation Ltd
04 December 2007
4 December 2007
Renewable Energy Generation Ltd
("REG", "the Company" or "the Group")
Purchase of REG Power Management Ltd
Renewable Energy Generation (AIM: RWE), the developer, owner and operator of
renewable energy projects, announces it has purchased its management company REG
Power Management ("RPM") for a consideration of £1.6m in cash.
All management arrangements between REG and RPM have ceased with effect from 31
October 2007 including the payment of management and finders fees in relation to
future REG projects. The cessation of management and finders fee payments to RPM
should result in material cash savings to REG in future years.
Pursuant to the termination of the arrangements between REG and RPM, John
Donelan will step down from the Board of REG. David Crockford will join the
Board as Finance Director.
Andrew Whalley, CEO, says "The resources consolidated within RPM have allowed
REG to develop its wind assets both in the UK and Canada. However, REG now
employs the necessary development, operational and financial expertise to
progress our business in the future. The appointment of David Crockford as
Finance Director is the final step in internalising the operations of REG
through full time employees. We are grateful to The Probyn Group and to Premier
Asset Management for the considerable efforts they have made on behalf of REG
shareholders and we wish them every success in the future".
Enquiries
Renewable Energy Generation
Andrew Whalley, Chief Executive Officer +44 (0) 1483 400 425
David Crockford, Finance Director +44 (0) 1483 400 482
Numis Securities
David Shapton/Charles Farquhar +44 (0) 207 260 1000
This information is provided by RNS
The company news service from the London Stock Exchange