REG - Coro Energy PLC - Philippines Renewables Restructuring

AnsellAnnouncement

27/01/2023 08:15

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RNS Number : 0324O  Coro Energy PLC  27 January 2023

27 January 2023

Coro Energy Plc

("Coro" or the "Company" and together with its subsidiaries the "Group")

 

Philippines Renewables Restructuring

 

Coro Energy plc, the South East Asian energy company with a natural gas and
clean energy portfolio, announces that, in anticipation of and in preparation
for achieving Ready to Build status in the Company's two 100MW Philippines
renewables projects, the Company has restructured its arrangements with its
partners in country, increasing its dividend entitlement.

The Company has two development stage renewables projects in the Philippines,
a 100MW solar project and a 100MW wind project which, allowing for permitting
timelines, are 6 and 15 months respectively, away from achieving
ready-to-build status. As announced on 16 January 2023, the Company is
currently preparing its re-submission of a Wind Service Energy Contract which
it expects to complete shortly.

The Company currently has an entitlement to 80% of the future dividends from
the Philippines projects which has been increased to 88% under the
restructuring agreement.

In exchange for the increased share of dividends and to align the partners
with Coro shareholders, Coro has agreed to issue each of the two Philippines
partners, who are also Officers of the Philippine subsidiary, with 20,000,000
ordinary shares in Coro at a price of 0.3p (representing a total of £60,000
each) - a 43% premium to the closing mid-market price on 24 January 2023 (the
"New Ordinary Shares").

50% of the New Ordinary Shares will be subject to lock-in restrictions until
first power production and revenue on the first Philippines renewable energy
project, with the remaining 50% subject to lock-in restrictions until first
power production and revenue on the second Philippines renewable energy
project. Further announcements in relation to the issue of the Ordinary
Shares, will be made by the Company in due course.

For further information please contact:

 Coro Energy plc                            Via Vigo Consulting Ltd

 James Parsons, Executive Chairman

 Ewen Ainsworth, Chief Financial Officer

 Cenkos Securities plc (Nominated Adviser)  Tel: 44 (0)20 7397 8900

 Ben Jeynes

 Katy Birkin

 Vigo Consulting (IR/PR Advisor)            Tel: 44 (0)20 7390 0230

 Patrick d'Ancona

 Charlie Neish

 WH Ireland (Broker)                          Tel: 44 (0)20 7220 1670 / 44 (0)113 946 618

 Harry Ansell

 Katy Mitchell

 Gneiss Energy Limited (Financial Advisor)    Tel: 44 (0)20 3983 9263

 Jon Fitzpatrick

 Doug Rycroft

 

The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the UK version of the EU
Market Abuse Regulation 596/2014 which is part of UK law by virtue of the
European Union (Withdrawal) Act 2018, as amended and supplemented from time to
time. Upon the publication of this announcement, this inside information is
now considered to be in the public domain.

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