Director Contract Payment Terms
13 5월 2010 - 3:00PM
UK Regulatory
TIDMRPL
RNS Number : 8239L
Renewable Power and Light Plc
13 May 2010
Renewable Power & Light plc
("RPL" or "the Company")
13 May 2010
Director Contract Payment Terms
The Company announces that it has agreed contractual payment terms with Timothy
Hunstad, Vice-President and Chief Financial Officer of the Company and the
Company's US subsidiary RPL Holdings, Inc. ("RPL Holdings") , subject to certain
conditions as set out below.
As set out in RPL's Annual Report and Accounts for the year ended 31 December
2009, a provision of US$600,000 had been made for a contractual payment due to
Mr Hunstad on a change of control, which was triggered by the sale of
substantially all of the Company's assets earlier in 2009. The actual amount of
this contractual payment is US$535,612 (the "Contractual Payment").
Mr Hunstad had previously agreed to defer actual payment of the Contractual
Payment while he continued to assist the Company with the implementation of its
investing policy approved by shareholders in August 2009 to wind-down the
Company's operations and return funds to shareholders.
As previously announced, a shareholder meeting requisitioned by Thalassa
Holdings Limited and CityPoint Holdings Limited (together "Thalassa"), two
shareholders who together control 29.8% of the shares in the Company, will take
place on 18 May 2010 for the purpose of proposing resolutions to replace the
existing board of directors of the Company (other than Mr Hunstad) with nominees
of Thalassa (the "GM").
As a result, Mr Hunstad has agreed to remain as an employee of RPL Holdings
and an officer and director of the Company and RPL Holdings to provide
transitional assistance to the proposed new board until 1 June 2010. This
period will provide the proposed new board with the opportunity, if they are
appointed at the GM and they so choose, to seek to retain Mr Hunstad beyond that
date, if a suitable role and terms can be agreed.
Accordingly, RPL Holdings has placed the Contractual Payment into an escrow
account, which will be released to Mr Hunstad (less applicable payroll and
income tax withholdings) on 2 June 2010, unless on or prior to that date Mr
Hunstad has given notice to the escrow agent that he has agreed terms with RPL
Holdings and/or the Company on a continuing role, in which case the Contractual
Payment will be returned to RPL Holdings.
There is no guarantee that Mr Hunstad and RPL Holdings and/or the Company will
reach agreement on terms for a continuing role with the Company and/or RPL
Holdings following the GM.
The full Circular and notice for the requisitioned GM, as well as the Company's
Annual Report and Accounts and Notice of AGM are available to be downloaded from
the Company's website (www.rplplc.com).
For further information, please contact:
Renewable Power & Light plc
Victor J Fryling, Interim CEO Telephone: + 1 248 761 2666
Grant Thornton Corporate Finance
(Nominated Adviser)
Gerald Beaney Telephone: +44 207 383 5100
This information is provided by RNS
The company news service from the London Stock Exchange
END
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