REG - KSK Power Ventur PLC - Update and suspension of shares from trading

KSK Power VenturAnnouncement

27/07/2018 07:16

RNS Number : 9366V
KSK Power Ventur PLC
27 July 2018
 


KSK Power Ventur plc

27 July 2018
KSK Power Ventur plc

("KSK" or the "Group")

Update and suspension of shares from trading
KSK Power Ventur plc (KSK.L), the power project company listed on the Official List and traded on the Main Market of the London Stock Exchange, with interests in multiple power plants across India including through its subsidiary KSK Energy Ventures Limited ("KSKEV"), the equity shares of which are listed and traded on the National Stock Exchange of India Limited ("NSE") and the BSE Limited ("BSE").
As notified during May 2018, the Reserve Bank of India's Resolution Framework of February 2018 has altered the entire banking environment for Independent Power Plants. The actions of lending banks and other financial institutions have resulted in a significant number of the wider group's power plants and subsidiaries ceasing to be subsidiaries of the Group with material impact on the Group's business going forward.  Further, a number of alternate proposals are underway in India to address the equity ownership and debt levels at each of the power projects resulting in significant uncertainty arriving at an appropriate basis of accounting and the underlying value of the businesses. In these circumstances, the company requires additional time for the necessary clarity to emerge and for the management and the auditors to finalise the Group's financial statements and the associated statutory reports. 
Following discussions between the Group's auditors and management the Board have concluded that with the continued challenges and uncertainties across the Indian power sector and current regulatory framework for debt resolution, there would be material impact on the Group's business. As a result, the company and its auditors anticipate additional timelines for the finalisation of the audited financial statements for the year ended 31 March, 2018 and as such KSK has requested that the UK's Financial Conduct Authority suspend the listing of its ordinary shares on the Official List with immediate effect.



Mr S. Kishore


+91 40 23559922




KSK Power Ventur Plc


















James Reed-Daunter


 +44 121 423 8900




Giles Beale


+44 20 7614 5917




Arden Partners Plc







 
 




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