REG - Coro Energy PLC - Update re Italy Sale Proceeds and Board Changes

Coro EnergyAnnouncement

19/02/2024 11:30

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RNS Number : 6344D  Coro Energy PLC  19 February 2024

19 February 2024

 

Coro Energy Plc

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

 

Update re Italy Sale Proceeds and Board Changes

 

Coro Energy PLC, the South East Asian energy company with a natural gas and
clean energy portfolio, announces settlement of the working capital adjustment
from the disposal of the Group's Italian natural gas portfolio. The Company
also announces a restructuring of the Board to more appropriately reflect the
Company's current stage of development and focus, following the Italy
divestment.

 

The Company sold its Italian natural gas portfolio as previously announced by
the Company first on 27 March 2023, and then in subsequent updates on 10
August 2023 and 8 November 2023 respectively (the "Disposal"). The sale and
purchase agreement in respect of the Disposal includes a standard
post-completion working capital adjustment, the output of which has been under
discussion between the parties. The parties have now agreed to a cash payment
to the Company of Euro 1,000,000 in full and final settlement of the working
capital adjustment. A cash payment of Euro 200,000 will be made within five
business days and the balance of Euro 800,000 will be paid in 22 monthly
instalments.

 

The Company will also receive the previously announced Euro 136,000 balance of
the upfront consideration for the Italian natural gas portfolio, which shall
be paid in 23 monthly instalments.

 

In addition to the above two payments, the Company continues to have 10% NPI
(net profit interest) on future profits capped at Euro 1.5 million.

 

The Company also announces, with a view to transitioning the Company's Board
of Directors to a structure more appropriate for the Group's current stage of
development and focus, that Stephen Birrell and Naheed Menon,
both Non-Executive Directors of the Company, have agreed to step down as
directors of the Company by mutual consent with immediate effect. Mr
Birrell has taken on a full-time executive role subsequent to his appointment
as a Director in 2022, which he needs to devote his energy to, whilst Ms.
Menon will continue to support the Company's business development efforts as
a consultant. The Board wishes to thank both Mr. Birrell and Ms Menon for
their respective contributions and wish them well in the future.

 

As a result, the Board, which is supported by the Group's executive and in
country teams, is now composed of James Parsons, Executive Chairman, Tom
Richardson, Non-Executive Director, and Marco Fumagalli, Non-Executive
Director.

 

 

For further information please contact:

 

 Coro Energy plc                                          Via Vigo Consulting Ltd

 James Parsons, Executive Chairman

 Cavendish Capital Markets Limited (Nominated Adviser)    Tel: 44 (0)20 7220 0500

 Adrian Hadden

 Ben Jeynes

 Hybridan LLP (Nominated Broker)                            Tel: 44 (0)20 3764 2341 (tel:(0)20%C2%A03764%202341)

 Claire Louise Noyce

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

 Jon Fitzpatrick

 Doug Rycroft

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

 Patrick d'Ancona

 Finlay Thomson

 

 

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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