Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.
31 July 2017
("Cogenpower" or the "Company" or the "Group")
Update on Publication of Accounts and Suspension
On
The audit of the Group's Italian subsidiaries remains ongoing and progress is being made however the audit has not yet been completed. As a result the Company will not be in a position to publish its accounts in
As previously announced the Company's working capital position is constrained due to a dispute over the payment of green certificate incentives by the GSE, the Italian supervisory agency for energy incentives and the Company remains reliant on the continued support of its principal creditors to mitigate the impact of lower cash generation during the warmer months and the dispute with the GSE. The Company has previously announced that they had been in strategic discussions with infrastructure funds and other investors with regards to the provision of further funding for the Group. Such discussions remain ongoing however there can be no guarantee that such discussions will materialise and that new funding will become available to the Group.
Further announcements will be made at the appropriate time
-ENDS-
Further enquiries:
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Dr. Francesco Vallone Ilaria Cannata Martin Groak
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+39 011 4501466
+44 7949 209 301 |
(Nominated Adviser and Joint Broker)
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Nick Athanas Richard Short Nick Naylor |
+44 (0)20 3328 5656 |
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(Joint Broker) |
Heena Karani Charles Goodfellow |
+44 (0) 20 7469 0930 |
Notes to Editors
Energy efficiency through smart technology: Anaconda technology
Cogenpower (CGP.L) designs, builds or transforms, owns and operates high efficiency district heating and cooling schemes, scalable to serve communities from 3,000 to 50,000 people. At the heart of the business is Cogenpower's Anaconda Artificial Intelligence technology, an automated, Artificial Intelligence energy generation and control system equipped with a heat storage facility that delivers heat to customers and electricity to the grid with proven energy efficiency of more than 90%. Cogenpower was admitted to trading on AIM in
This information is provided by RNS