Brief: Quantafuel Board Recommends Cash Offer From Viridor

Quantafuel AS

28/02/2023 13:07

Feb 28 (Reuters) - Quantafuel ASA  QFUEL.OL :
    * BOARD UNANIMOUSLY RECOMMENDS A CASH OFFER FROM VIRIDOR TO
ACQUIRE ALL OUTSTANDING SHARES IN QUANTAFUEL, CONCLUDING THE
STRATEGIC REVIEW PROCESS
    * SHAREHOLDERS WILL RECEIVE A CASH OFFER OF NOK 6.38 PER
SHARE
    * ENTERED INTO A TRANSACTION AGREEMENT FOR UNANIMOUSLY
RECOMMENDED
CASH OFFER FOR ALL ISSUED AND OUTSTANDING SHARES IN QUANTAFUEL
BY HARALD NORWAY BIDCO 
    * CASH CONSIDERATION OF NOK 6.38 WILL BE OFFERED PER SHARE
    * OFFER PRICE IMPLIES A TOTAL CONSIDERATION FOR ALL SHARES
OF
AROUND NOK 1,058 MLN 
    * COMPANY'S TWO LARGEST SHAREHOLDERS, KIRKBI AND BASF,
REPRESENTING APPROX. 20.3% OF SHARES, AS WELL AS MEMBERS OF
QUANTAFUEL'S BOARD AND EXECUTIVE MANAGEMENT, HAVE SIGNED
IRREVOCABLE PRE-ACCEPTANCES
    * OFFEROR AIMS TO DELIST QUANTAFUEL FROM EURONEXT GROWTH
UPON
COMPLETION OF OFFER
    * WITH REFERENCE TO OPERATING AND FINANCIAL UPDATE PRESENTED
AS
PART OF Q4 2022 RELEASE, QUANTAFUEL IS CURRENTLY IN A
CHALLENGING FINANCIAL SITUATION, WITH A LARGE SHORT-TERM
LIQUIDITY SHORTFALL AND WILL NEED TO SECURE FUNDS BEFORE MID Q2
2023 TO CONTINUE ITS OPERATIONS
    * UNDERSTANDING OF BOARD IS THAT COMPANY'S LARGEST
SHAREHOLDERS,
INCLUDING KIRKBI AND BASF, WILL NOT PARTICIPATE IN AN EQUITY
INCREASE OR DEBT FINANCING
    * COMPANY CURRENTLY SEES NO OTHER VIABLE AND REALISTIC,
LONG-TERM
FINANCING SOLUTIONS AS AN ALTERNATIVE TO OFFER
    * BOARD SUPPORTED BY ITS FINANCIAL ADVISOR DOES NOT
CURRENTLY DEEM
AN EQUITY RAISE AS A VIABLE SOLUTION

Source text for Eikon:  ID:nObixnR16a 
Further company coverage:  QFUEL.OL 

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