Print   

RENEWABLE POWER & LIGHT PLC

DISPOSAL OF MASSENA POWER PLANT

26 October 2009

Renewable Power & Light plc (AIM: RPL) ("RPL" or "the Company"), today announces that, in conjunction with the previously announced signing of an agreement for the sale of the Elmwood Park and Massena power plants on 30 July 2009, it has now closed on the sale of the Massena power plant. The closing on the sale of the Elmwood Park power plant was previously announced on 16 September 2009.  This now represents the disposal of the Company's power plants.

Further to the Company's investing policy approved by shareholders on 19 August 2009, now that the sale of both of the Company's power plants have completed, the Company intends to make a distribution of capital to shareholders prior to the end of 2009. The exact quantum and timing of the distribution is still to be determined by the board. The distribution will be subject to shareholder approval, including for the purposed of any compliance with Rule 21.1 of the Takeover Code. A circular will be sent to shareholders in due course to seek the requisite approvals.

For further information, please contact:

Renewable Power & Light plc            Tim Hunstad           Telephone: +1 952 746 0393

Grant Thornton Corporate Finance    Gerald Beaney       Telephone: +44 0207 383 5100

(Nominated Adviser)

Dealing Disclosure Requirements

Under the provisions of Rule 8.3 of the City Code on Takeovers and Mergers (the 'Code'), if any person is, or becomes, 'interested' (directly or indirectly) in 1% or more of any class of 'relevant securities' of RPL, all 'dealings' in any 'relevant securities' of that company (including by means of an option in respect of, or a derivative referenced to, any such 'relevant securities') must be publicly disclosed by no later than 3.30pm (London time) on the London business day following the date of the relevant transaction.

This requirement will continue until the date on which the offer becomes, or is declared, unconditional as to acceptances, lapses or is otherwise withdrawn or on which the 'offer period' otherwise ends. If two or more persons act together pursuant to an agreement or understanding, whether formal or informal, to acquire an 'interest' in 'relevant securities' of RPL, they will be deemed to be a single person for the purpose of Rule 8.3. Under the provisions of Rules 8.1 of the Code, all 'dealings' in 'relevant securities' of RPL by a potential offeror, or RPL, or by any of their respective 'associates', must be disclosed by no later than 12.00 noon (London time) on the London business day following the date of the relevant transaction.

A disclosure table, giving details of the companies in whose 'relevant securities' 'dealings' should be disclosed, and the number of such securities in issue, can be found on the Takeover Panel's website at www.thetakeoverpanel.org.uk.

'Interests in securities' arise, in summary, when a person has long economic exposure, whether conditional or absolute, to changes in the price of securities. In particular, a person will be treated as having an 'interest' by virtue of the ownership or control of securities, or by virtue of any option in respect of, or derivative referenced to, securities.

Terms in quotation marks are defined in the Code, which can also be found on the Panel's website. If you are in any doubt as to whether or not you are required to disclose a 'dealing' under Rule 8, you should consult the Panel.

ENDDISBIBDGBSDGGCS