Kedco

Kedco plc identifies, develops, builds, owns and operates biomass electricity and heat generation plants in the UK and Ireland using two tried and tested technologies gasification of wood and wood waste and anaerobic digestion of either food or agricultural waste.

Since it was founded Kedco has gained nearly five years of renewable energy knowledge and experience. The Company possesses a significant combination of knowledge of renewable energy markets, advance conversion technologies, biomass and waste fuel sources, project finance, project development and project delivery.

The UK Government has emphasised its commitment to biomass electricity and biomass heat and is encouraging gasification and anaerobic digestion as electricity and heat generation technologies through the RO and most recently through the RHI scheme. 

On 10 November 2011 the Company signed a binding facilities agreement for up to £9.44 million with Ulster Bank Group a subsidiary of Royal Bank of Scotland plc in respect of its Newry project. The Company’s main shareholder, Farmer Business Developments plc,agreed to become the Company’s joint venture partner in respect of Newry, wholly replacing Kedco’s previous partner.

This was a milestone event for the Company. It now has access to the financing to complete the Newry Plant. The Company estimates that the plant, once commissioned in full, will sell approximately 29 million Kwh per annum of renewable energy to the electricity grid in Northern Ireland. The plant is expected to generate EBITDA of approximately £1.9 million per year once fully commissioned. The Company estimate that initial commissioning will complete in Q2 2012.

Having received planning permission to build a c. £45 million biomass wood gasification plant in Enfield, North London capable of generating 12MW of electricity and 10 MW of heat, tenders are currently being prepared to source a suitable EPC Contractor for the proposed construction of the plant. Once this is done the Company will move forward to financial close on the London Enfield project. The plant has an estimated capital cost of £45 million and the site is secured on 20-year lease.

Kedco with its partner Larkfleet Group recently hosted an open day in Clay Cross in Derbyshire and are preparing to submit a planning application to Derbyshire County Council with a public consultation for an 8MW wood gasification plant and a 1MW Anaerobic Digestion plant.

The Company is continuing to progress potential projects through the pipeline and have identified further prospective sites for future developments.

A strategic review of the business has been undertaken with the aim of refocusing the business portfolio to core activities and delivering cost savings by exiting non-core and non-profitable business segments. The focus clearly is on the UK and Ireland, and the Company is reducing its international presence. The Company has recently exited from the domestic energy business and removed certain management costs from the organisation with the aim of creating a leaner, more efficient structure with a focus purely on the waste to energy power generation business.

DERMOT O'CONNELL, NON - EXECUTIVE CHAIRMAN

Mr O’Connell, who is Chairman of Cork Cooperative Marts and a director of the Company’s largest shareholder, Farmer Business Developments plc, joined the Board as a Non-Executive Director in March 2011 and appointed as Non – Executive Chairman in October 2011. Dermot's other directorships comprise Fairfield Estates Limited, Fairfield Developments Limited, CCM House Limited, Corrin Event Centre Limited, Market Green Developments Limited, Market Green Estates Limited and CCM Dovea Genetics Limited.

GERRY MADDEN, INTERIM CEO & FINANCE DIRECTOR

Gerry Madden joined Kedco in May 2007 as Finance Director. He has more than two decades of experience in business in the UK and Ireland. Prior to joining Kedco, Gerry operated his own consultancy practice between 1998 and 2007, advising companies on merger and acquisition activities and business strategy. Before that Gerry worked for 16 years with the international accountants KPMG and was auditor and adviser to listed companies, multinationals and private companies operating in Ireland and internationally.Gerry has acted as Non- Executive Director for a variety of companies in different business sectors in Ireland. Gerry is a Fellow of the Institute of Chartered Accountants in Ireland having qualified as an accountant with KPMG in 1987. Gerry holds a degree in Commerce from University College Cork.

BRENDAN HALPIN, EXECUTIVE DIRECTOR

Brendan Halpin joined Kedco in Feb 2006 as Financial Controller and joined the Board as Executive Director in March 2011. He is a Chartered Accountant who qualified with PricewaterhouseCoopers in 1998 before joining Siebel Systems Inc. His current responsibilities include, inter alia, finance management, project management and treasury functions

EDWARD BARRETT, NON - EXECUTIVE DIRECTOR

Edward Barrett is one of the original founders of Kedco. Edward established International Livestock Genetics Limited, an Irish importer and distributor of bovine genetics based in County Cork and has been Managing Director since 1993. In addition, Edward is a Director of Platinum Asset Management Limited, an investment company specialising in the renewable energy sector.

DIARMUID LYNCH, NON - EXECUTIVE DIRECTOR

Diarmuid Lynch is one of the original founders of Kedco. Diarmuid operates one of the largest dairy farms in Ireland based in County Cork. From 1998 to 2000, Diarmuid served on the board of the Blackwater Trading Company, a group involved in the procurement of agricultural inputs, services and feedstock on behalf of farmers in the Blackwater region of Ireland.

DONAL O'SULLIVAN, NON - EXECUTIVE DIRECTOR

Donal O'Sullivan joined the board of Kedco in August 2007. He was the Chairman and an Executive Director of Esso Ireland Limited between 1986 and 2001. He was also a director of the Irish Petroleum Industry Association, the representative body of companies in Ireland engaged in the importation, distribution and marketing of petroleum products. Donal held the position of Managing Director of HOYER Ireland Limited and was a board member of HOYER Ireland Limited and was a board member of HOYER in the UK from 2001 to 2006. HOYER Ireland is a subsidiary of HOYER GmbH, a company involved in the provision of specialist logistics services to the petroleum, chemical, gas and foodstuff sector.

WILLIAM KINGSTON, NON - EXECUTIVE DIRECTOR

William Kingston is one of the original founders of Kedco, joining the Board in January 2005 as Chairman. William is also former president of the Irish Grassland Association, a body focussed on research and dissemination of information to the Irish agricultural industry. William was a board member of the Food Safety Authority of Ireland from 2002 to 2006 and the West Cork Leader (an EU -backed body involved in rural development) from 2005 to 2007.

Share Capital Information

At 17 February 2012, Kedco plc's issued Ordinary Share capital comprises 295,083,146 Ordinary Shares of €0.01 each.

Kedco plc trades on AIM. The company has not applied to or agreed to have any of its securities (including AIM securities) admitted or traded on any other exchange or trading platform. With effect from 3 December 2010 the trading denomination of the company's Ordinary Shares of €0.01 each changed from Euro to Pounds Sterling.

All shares carry voting rights and are free of any restrictions on transferability. No shares are held by the Kedco plc in treasury.

Kedco plc is a public limited company incorporated and registered in Ireland. The rights of shareholders, therefore, may be different from the rights of shareholders in a UK incorporated company.

At 17 February 2012 as far as Kedco is aware approximately 42.5% of the company's issued share capital is not in public hands as defined in the AIM Rules.

At 17 February 2012 Kedco plc is aware of the following significant shareholders.

Last updated 17 February 2012

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