Australia's ReNu Energy drops on talks of discounted placement

Janus Electric Holdings

08/12/2023 03:54

** Shares of ReNu Energy  RNE.AX  drop as much as 6.3% to
A$0.015, set for worst day since Dec 6, if losses hold
    ** The clean energy services provider said the board is
considering raising an additional A$500,000 at A$0.011 per share
after the entitlement offer announced on Nov 21 
    ** Additional raising issue price at a discount of 31.3%
from last close
    ** Co adds it is in discussions with the subsidiary of a
diversified multinational corporation to conduct joint studies
and apply for government funding in respect of Countrywide
Hydrogen's onshore project opportunity
    ** Co says parties are in advanced stages of negotiating a
non-binding terms sheet
    ** RNE considers current discussions with potential business
partner to be material despite being incomplete
    ** Stock down 64.4% YTD, as of last close

 (Reporting by Shivangi Lahiri in Bengaluru)
 ((Shivangi.Lahiri@thomsonreuters.com;))