Renewable Energy Holdings Plc : - Board Changes

26 March 2013

Renewable Energy Holdings plc

("REH" or the "Company")

Board Changes and Retaining AIM Quotation

Board Changes

Renewable Energy Holdings plc announces that, consequent to its declared strategy of realising the value of its assets by disposing of them, returning available cash to shareholders and reducing overheads, the following changes to the board of directors of the Company ("Board") will take effect from 1 April 2013:

·     Sir John Baker will stand down as Chairman of the Board, but will remain a non-Executive Director;

·     Roger Harper, currently a non-Executive Director, will become non-Executive Chairman; and 

·     Michael Proffitt, currently Chief Executive, will stand down as a director and as Chief Executive to concentrate on other interests.   However, he has agreed to work as a consultant to REH at the direction of the Board to help secure best value for shareholders from the disposal of the Company's assets.

With effect from 1 April 2013 the Board intends to operate the Company without employees, pursuing its objectives through part-time consultancies as need arises, continuing to use the expertise of those who have previously worked for the Company.   The Board believes these arrangements will be the most appropriate and cost effective means of delivering the strategy and seeking value for shareholders.

AIM Quotation

As a result of consulting with some of our major shareholders following the announcement of 6 February 2013, the Board has learned that there is a firm preference for keeping the Company's securities quoted on AIM, thus ensuring the transparency and Nomad oversight provided by the AIM Rules for Companies.  The Directors have therefore decided to reverse the previously announced intention and retain the Company's admission to AIM.

Sir John Baker, Chairman of REH, said:

"The Board remains optimistic that the Company will be able to provide value for shareholders.  Current negotiations for the disposal of the Company's Polish wind farm project are making progress and the Board has finalised its planning application for the Company's Welsh wind farm project and will be circulating, as required by statute, the Environmental Statement to all consultees by the end of the month.   The Board is committed to retaining the services of Mr Proffitt to assist with the realisation of best value from these projects."

Michael Proffitt, CEO of REH, said:

"I remain fully committed to the Company's strategy and to working with the Board to realise value for shareholders from the disposal of its assets, working on a consultancy basis.   In circumstances where the Company is seeking to operate on a least cost basis and is not pursuing any developments other than the Mynyyd Y Gwynt wind farm application, it no longer needs full time executive capability."

- Ends -

For further information, please contact: