Brief: Neoen Launches Rights Issue To Finance Capacity Expansion

Neoen SA

07/03/2023 06:41

March 7 (Reuters) - Neoen SA  NEOEN.PA :
    * NEOEN ANNOUNCES LAUNCH OF A C. EUR 750 MILLION RIGHTS
ISSUE
    * RIGHTS ISSUE TO INCREASE ITS INSTALLED CAPACITY BY 50%
WHILE
INTENSIFYING ITS INVESTMENTS IN STORAGE FACILITIES
    * SUBSCRIPTION PRICE: 20.45 EUROS PER SHARE
    * SUBSCRIPTION RATIO: 8 NEW SHARES FOR 25 EXISTING SHARES
    * TRADING PERIOD FOR PREFERENTIAL SUBSCRIPTION RIGHTS: FROM
8
MARCH 2023 TO 20 MARCH 2023 INCLUSIVE
    * SUBSCRIPTION PERIOD: FROM 10 MARCH 2023 TO 22 MARCH 2023
INCLUSIVE
    * SUBSCRIPTION UNDERTAKINGS BY NEOEN’S MAIN SHAREHOLDERS
REPRESENTING APPROX 43.9% OF CAPITAL INCREASE (APPROX €329
MILLION)
    * VERY SHARP PRICE INCREASE IN ELECTRICITY MARKET,
PARTICULARLY
SINCE BEGINNING OF 2022, IS ALREADY REFLECTED IN PRICING OF
LONG-TERM ELECTRICITY SALES CONTRACTS RECENTLY SIGNED
    * ADDITIONAL RENEWABLE ENERGY PRODUCTION CAPACITIES COVERED
BY
CONTRACTS WILL GENERATE HIGHER REVENUES THAN ANTICIPATED IN 2021
    * THESE ADDITIONAL REVENUES WILL BE GENERATED PROGRESSIVELY,
WITH
THE FULL EFFECT FELT AFTER 2025
    * ESTIMATES THAT ITS FIRST 10 GW, ONCE FULLY IN OPERATION,
WILL
GENERATE ANNUAL ADJUSTED EBITDA OF AROUND €750 MILLION
    * CONSIDERS FUNDS RAISED AS PART OF CAPITAL INCREASE WILL
SUFFICE
TO FINANCE ALL OF ITS ANTICIPATED INVESTMENTS OVER 2023-2025
PERIOD

Source text: https://bit.ly/3mxtn0D
Further company coverage:  NEOEN.PA 

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