CPO Compact Power

RNS Number:6780N
Compact Power Holdings PLC
08 February 2008

Compact Power Holdings Plc ("the Company")


Further to the announcement on 17 January 2008 confirming the appointment of an
administrator over its two principal operating subsidiaries, Compact Power
Limited and BATNEEC (Bristol) Limited, ("the Appointment") the Company is now in
a position to provide an update on its current status.


In the week before the Appointment, the secured creditor sold the existing
Avonmouth Plant, which was operated by the Company and owned by the secured
creditor ("the A1 Plant") to Ethos Recycling Limited ("Ethos"), and also
assigned to Ethos the licence agreement under which BATNEEC (Bristol) Limited
had granted him rights of occupation in respect of the site of the A1 Plant.
Shortly after the Appointment the administrator sold to Ethos Acquisitions
Limited such assets as he has the power to sell held in Compact Power Limited
and BATNEEC (Bristol) Limited.  It is expected that, after payment has been made
to the secured creditor, there will be no dividend to unsecured creditors and,
hence, no return of value to the Company (as the 100% shareholder of Compact
Power Limited and BATNEEC (Bristol) Limited) and, therefore, there is little
prospect of any return to shareholders of the Company.


The position of Compact Power Holdings Plc is being considered and it is hoped
that it will be confirmed in an announcement subsequent to the administrator's
creditors meeting to be held in mid-March 2008.


Trading in the Company's shares was suspended on 27 September 2007 pending
publication of the Company's accounts for the year ended 31 March 2007 and the
securing of further funding for the Company and a proposed new plant at
Avonmouth.  It is expected that the shares of the Company will be delisted on 27
March 2008 following the expiry of the period of six months following the
Company's suspension.



Contacts:

Pitman Cohen LLP
Solomon Cohen (Administrator) / Jennifer Frodsham           Tel: 020 8841 5252

Blue Oar Securities Plc
Mike Coe / Marc Davies                                      Tel: 0117 933 0020




                      This information is provided by RNS
            The company news service from the London Stock Exchange
END

MSCTPMRTMMTMBMP

Compact Power (LSE:CPO)
Gráfica de Acción Histórica
De May 2024 a Jun 2024

Compact Power (LSE:CPO)
Gráfica de Acción Histórica
De Jun 2023 a Jun 2024