The final configuration of the destination of the funds of the Share Capital Increase it does not change at all, Ellactor states in its announcement today, adding that remains the one published in the approved Prospectus by the Hellenic Capital Market Commission (on 13.07.2021 and its Supplement on 29.07.2021), in Section 4.1.2.
Following the above, the company states, it is announced that an amount of € 120,528,001.80 raised from the Increase (from holders of pre-emptive rights and pre-registration rights), minus an amount of € 1.6 million which relates to issue costs as incorporated without exception and in the Prospectus, will be available in order of priority, as mentioned below (in italics, excerpt from the ED), while the unallocated funds will be kept, until their disbursement for the following purposes, in immediately liquid low-risk placements:
“A. Amount approximately € 98.6 million for the Company’s participation in the share capital increase of its 100% subsidiary, AKTOR SA, within 3 months from the completion of the Increase.
B. Approximately € 20.3 million for the financing of new investments in the field of renewable energy sources, within 12-18 months.
Regarding the under (A) use, the following are clarified:
The total funds raised by AKTOR SA, which is estimated at approximately € 98.6 million, will be allocated in order of priority as follows:
Amount of € 50 million for the repayment of the bond loan of € 50 million (“Bridge Financing”), which was raised on 17.05.2021 to cover short-term liabilities or expenses of activities abroad.
o From the amount of € 50 million until today, € 31.8 million have been used by AKTOR SA, which are allocated € 10.4 million to international photovoltaic park projects (the main funds are € 5.1 million Australia, € 2.4 million (England and € 2.4 million Brazil) and € 21.4 million for short-term liabilities to suppliers and subcontractors in the Greek market.
The remaining amount of € 48.6 million in combination with the € 18.2 million that remain unused from the aforementioned bond loan will be allocated as follows:
o the amount of € 34.0 million to cover liabilities arising from the exit of AKTOR SA and its subsidiaries (BIOSAR AUSTRALIA PTY LTD, BIOSAR ENERGY (UK) LTD and BIOSAR BRAZIL – ENERGIA RENOVAVEL LTDA) from outdoor photovoltaic activities 21 million Australia, € 5 million England and € 8 million Brazil), and the amount of € 32.8 million to cover short-term liabilities of AKTOR SA to suppliers and subcontractors in the Greek market.
In total, AMK € 98.6 million will cover the following needs of AKTOR SA:
the amount of € 44.4 million to cover liabilities arising from the exit of AKTOR SA and its subsidiaries (BIOSAR AUSTRALIA PTY LTD, BIOSAR ENERGY (UK) LTD and BIOSAR BRAZIL – ENERGIA RENOVAVEL LTDA) mainly from foreign activities, those related to the construction of photovoltaic systems, namely in Australia (€ 26 million), Brazil (€ 11 million) & the United Kingdom (€ 7 million), and
the amount of € 54.2 million to cover short-term liabilities of AKTOR SA to suppliers and subcontractors in the Greek market.
The total funds that AKTOR SA will raise are estimated to be sufficient to finance all the aforementioned years. It is clarified that in case of partial coverage the above order of priority of the uses will be observed. In case the net raised funds intended for the use (A) above are not sufficient, and after taking into account the declaration of the shareholder Reggeborgh Invest BV in paragraph 4.9.1, where he undertakes to participate by exercising his own rights and exercising any unallocated rights until The remaining investments of € 50 million can be financed through intra-group support, as permitted by the terms of the European High Yield Bond, and / or by reasonable adjustments to commercial supplier payment terms.
All the above amounts are expected to have been disposed of by AKTOR SA within 12 months from the completion of the increase of its share capital.
Regarding the use under (B), the following are clarified:
All the funds that will be invested in the field of renewable energy sources will be allocated, depending on the opportunities and needs that will arise in this market, which is expected to attract significant investment funds in the coming years, for the following purposes:
1) Acquisition, acquisition or completion of participation in special purpose companies that hold mature licenses for RES projects, either ready for construction or in the final stage of issuance, or which are in operation.
2) Financing of development costs such as studies, permits and engineering, within the special purpose companies Enercoplan & Sofrano (see section 3.4.2), which have permits for the development of wind farms with a capacity of up to 496 MW in central and southern Evia, through a share capital increase in the aforementioned special purpose companies.
3) Completion of own participation through share capital increase by paying cash to the special purpose companies “Anemodomiki AEE” and “Pounentis AEE” that develop wind farms with a capacity of 46.2 MW and 42 MW respectively, in Agrafa (see section 3.4.1) .
The Company intends, if required in the case of partial coverage of this issue, to use, depending on the prevailing conditions and in addition to the amounts to be raised from this issue, both bank lending and equity to finance the above investments. In addition, it is clarified that there are no strong commitments for the use under (B.1) of the net raised funds.
In case the net raised funds intended for the use (B) above are not sufficient, the RES investment schedules may be extended within reasonable limits and financed by operating flows of the industry in question. ”
Source From: Capital