REG - Coro Energy PLC - Vietnam Renewables Restructuring

Coro EnergyAnnouncement

24/11/2023 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20231124:nRSX5231Ua&default-theme=true

RNS Number : 5231U  Coro Energy PLC  24 November 2023

24 November 2023

 

Coro Energy Plc

("Coro" or the "Company")

 

Vietnam Renewables Restructuring

 

Coro Energy PLC, the South East Asian energy company with a natural gas and
clean energy portfolio announces, in anticipation of and in preparation for
the rollout  of the recently announced 50MW rooftop solar project in Vietnam,
that the Company has restructured its arrangements with its partners in
Vietnam, increasing its equity interest in its Vietnamese venture from 85% to
92.5%.

 

Further to an agreement dated 23 November 2023 Invest Gains Viet Nam Company
Limited, the Company's partner in Vietnam inclusive of Vinh Phuc Energy has
agreed to sell to the Company 7.5% of its 15% equity interest in Coro
Renewables VN1 Joint Stock Company which is the Vietnamese holding company for
Coro's investments in Vietnam including Coro Renewables Vietnam Company
Limited which holds the operational 3MW rooftop solar project.

 

The consideration for this transaction is up to approximately US$290,000 based
on the current exchange rate, comprising of an immediate cash payment of
US$100,000. A further £150,000 in shares of the Company priced at £0.004 per
share (a 67% premium to the closing middle market price on 21 November 2023),
alongside a further contingent consideration of £50,000 in shares of the
Company at that same price in the event that Coro achieves 100MW of solar
generation in Vietnam will also be issued to one of the vendors as part of the
transaction. The initial tranche of shares will be issued when the Company has
secured sufficient authority from its shareholders at the next Annual General
Meeting likely to be in June 2024 or a General Meeting if earlier.

 

Michael Carrington, Managing Director Renewables commented:

 

"Following our recent Philippines partner restructuring, we are delighted to
announce a similar restructuring in Vietnam. This transaction, timed as we
move towards finalising our previously announced Vietnam funding arrangements
with a view to initiating our rollout of the 50MW rooftop solar project,
increases Coro's equity in the Vietnamese business and aligns our partners
with Coro's shareholders."

 

This announcement contains inside information.

For further information please contact:

 Coro Energy plc                                        Via Vigo Consulting Ltd

 James Parsons, Executive Chairman

 Ewen Ainsworth, Chief Financial Officer

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

 Adrian Hadden

 Ben Jeynes

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

 Harry Ansell

 Katy Mitchell

 Hybridan LLP (Joint Broker)                            Tel: 44 (0)20 3764 2341

 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

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  UPDZZMZMNFGGFZM