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Kedco says restructuring marks a turning point for the company

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Renewable energy group Kedco (LON:KED) has completed its restructuring and fund raising.

Details of the balance sheet overhaul were announced in September.

The decision by the group's shareholders to support the restructuring saw the conversion of debt into equity, which removed around £8.5mln of debt from Kedco's balance sheet.

The company also secured about £770,550 (gross) through a placing of 95mln shares at an issue price of 0.81p, a smidgen below the current trading price of 0.93p.

The proceeds from the placing have been earmarked for working capital requirements, including the development of the project pipeline.

Based on current cash flow projections and in view of an expanding range of development and acquisition opportunities open to the company, Kedco's directors expect they will be tapping the market for funds again next year.

Gerry Madden, chief executive officer, said the end of the restructuring process marked a turning point for the company.

"We are extremely pleased with the decision of the shareholders and the lenders to support the conversion of debt into equity and with the equity placing. The board believes that these decisions show confidence in the company's future, its management and its business strategy," Madden said.

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