Brief: Alternus Gives Update On Business Activities, Solis Bond Position

Alternus Energy

01/03/2023 14:31

March 1 (Reuters) - Alternus Energy Group PLC  ALTA.OL :
    * UPDATE ON RECENT BUSINESS ACTIVITIES AND SOLIS BOND
POSITION
    * ON DECEMBER 22, 2022 ALTERNUS ANNOUNCED THAT PRELIM SHARE
PURCHASE AGREEMENT WITH PROJEKT SOLARTECHNIK FUND FUNDUSZ
INWESTYCYJNY ZAMKNIETY TO ACQUIRE 100 % OF SHARES IN 32 PROJECT
COMPANIES HOLDING A PORTFOLIO OF 184 MW SOLAR FARMS PROJECTS IN
POLAND HAD BEEN TERMINATED
    * DESPITE BEST EFFORTS ON BOTH SIDES SINCE THEN TO
CONSUMMATE A
TRANSACTION IT HAS PROVEN TOO CHALLENGING TO COMPLETE WITHIN
TIMEFRAMES AVAILABLE TO BOTH PARTIES AND THIS TRANSACTION WILL
NOW NOT CONTINUE
    * AS RESULT OF CO'S DECISION NOT TO CONTINUE WITH
TRANSACTION, CO
AND CERTAIN SUBSIDIARIES INCLUDING SOLIS WILL BE SUBJECT TO A
CLAIM FROM SELLER FOR A CONTRACTUAL BREAKUP FEE TO AN AMOUNT OF
PLN 25M (ABOUT EUR 5 MILLION) UNDER PREVIOUSLY TERMINATED
AGREEMENT
    * COMPANY EXPECTS THAT SELLER WILL COMMENCE AN ARBITRATION
PROCESS
RELATING TO THIS CLAIM WHICH COMPANY INTENDS TO DEFEND AGAINST

Source text for Eikon:  ID:nObithG2Ra 
Further company coverage:  ALTA.OL 

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