Cogenpower

CGP: 0.50 0.00 (0.00%)

Delayed:2017-12-04 16:57:12
Bid Price 0.48 High Price 0.00
Ask Price 0.52 Low Price 0.00
Open Price 0.00 Spread 8.00%
Prev Close 0.50 Volume 0.00

Cogenpower Share Price Chart

Intraday

Historic - 1 year


Cogenpower Share Price Information

Name Cogenpower Epic CGP
Sector ISIN GB00BYT56612
Activites Security Type Equity

Key numbers

Latest Share Price (p) 0.00 Net Gearing (%)
Market Cap (£m) 0.00 Gross Gearing (%)
Shares in issue (m) 0.00 Debt Ratio
P/E Ratio Debt-to-Equity Ratio
Divs per share (p) Assets / Equity Ratio
Dividend Yield (%) Price to book value
Dividend Cover SROCE (%)
Earning per share (p) EPS Growth (%)
52-week high / low (p) 0.00 / 0.00 DPS Growth (%)

Cogenpower Broker Views

Date Broker Rec. Price Old target price New target price Notes

Cogenpower Director Deals


Cogenpower Company News

All resolutions passed at GM of Cogenpower

Cogenpower has confirmed that all resolutions were passed at today's General Meeting.

The resolutions related to the sale Cogenpower srl to Re Sipar srl and the change of the Company's name to Monreal.




At 1:15pm: (LON:CGP) Cogenpower Plc share price was -0.03p at 0.47p



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Cogenpower to dispose of Cogenpower srl

Cogenpower has announced that the Company has entered into a conditional sale and purchase agreement ("SPA") with Re Sipar srl ("RSS") for it to acquire Cogenpower srl.

The Company confirmed that, as at 30 June 2017, after taking into account the reduction in receivable from the Company pursuant to the CVA, Cogenpower srl had net unaudited liabilities of €0.7m, including trade creditors of €3.9m, tax creditors of €4.7m and total debt owed to third party banks of €5.4m, with net current liabilities of €7m.

Total assets at the same date amounted to €13.7m. The consideration is a nominal cash payment of £1. The SPA contains warranties only as to capacity and authority and title from the Company and no commercial warranties.

The SPA is conditional on recieving shareholder approval.




At 2:24pm: (LON:CGP) Cogenpower Plc share price was -0.12p at 0.6p



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Cogenpower NOMAD, joint broker resigns

Cogenpower has confirmed that Allenby Capital has resigned as its nominated adviser and joint broker, with effect from 2 October.

As detailed in the announcements released by the Company on 29 September, in respect of its annual accounts and interim results, the shares remain suspended from trading on AIM.






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Cogenpower welcomes new Italian law

Cogenpower has welcomed a new Italian law which prohibits state monopolies from retroactively revising decisions they have previously made, if such revisions would be detrimental to the affected party.

Cogenpower said the law was particularly relevant to the company.

It said that as previously announced Cogenpower's subsidiary, Cogenpower SRL, has been in dispute with the GSE, the Italian state entity overseeing the disbursement of Green Certificate environmental incentives, with regards to the company's entitlement to Green Certificates.

It said GSE had sought to revise downwards SRL's previously audited and approved entitlement to Green Certificates and had consequently claimed a repayment of over €900,000 which it subsequently offset against 2015 certificates issued.

It said: "This new legislation comes just over two months after SRL had a positive decision from the Regional Court in Rome, as announced on 27 June 2017, in which SRL had successfully contested the GSE's right to offset their demand for repayment against entitlements to Green Certificates for 2015 and 2016 and that the GSE's basis of recalculation of entitlements was flawed.

"The preliminary judgement was that the Company's case had merit, although the full judgement of the court would not be announced until March 2018, due to its significance as a legal precedent.

"The Company also announces that the GSE has made an initial payment to SRL of €392,000.

"These funds have predominantly been used to settle amounts owed to certain trade creditors of SRL and put the Company in an improved working capital position.

"There has been no further acknowledgement of indebtedness by the GSE. However, with the enactment of this new law, the Board is confident of recovering the outstanding amount of approximately €1 million which the Company is owed by the GSE."

On 26 June Cogenpower announced that it had become apparent that the company would not be in a position to publish its audited report and accounts for the year ended 31 December 2016 by 30 June 2017 in accordance with AIM rules.

As a result the company's shares were suspended from trading on AIM.

The company said it continued to make good progress with the audit and anticipates being in a position to publish the annual report and accounts, along with the half yearly report to 30 June 2017, by the end of September.

Chief executive Dr. Francesco Vallone said: "We are pleased that this law has been passed, reinforcing the regional court's decision in June, which fully supports the Company's position.

"Despite the damage this dispute has done to the company's prospects, we are now looking forward to settling the matter and growing our business again."






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Cogenpower confirms further delays to FY results

Cogenpower said it would not be in a position to publish its accounts in July as previously announced.

Cogenpower announced on 26 June that it had become apparent that the company would not be in a position to publish its audited report and accounts for the year ended 31 December by 30 June, in accordance with the AIM Rules for Companies.

The company's shares were suspended from trading on AIM on 26 June 2017 and will remain suspended from trading until the accounts have been published.

It said the inability to finalise the accounts prior to 30 June was primarily due to unavoidable delays encountered in completing the audit of the company's Italian subsidiaries. Cogenpower said the audit of the group's Italian subsidiaries remained ongoing and progress was being made however the audit had not yet been completed.

It said that a result the company would not be in a position to publish its accounts in July as previously announced.


At 9:58am:



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