Soltec slips after media report refers to earlier warning from auditor

Soltec Power Holdings SA

28/05/2024 09:54

** Shares in Spain's Soltec Power Holdings  SOLPW.MC  are
down 2%, after falling as much as 9.5%, with an analyst pointing
to a news item that refers to an earlier auditor note about
financial uncertainty
    ** "Today's fall comes from a news item in a financial
newspaper, which echoes one of the Auditor's sentences in
Soltec's Consolidated Report," Renta 4 analyst Eduardo Imedio
says in an e-mailed comment
    ** Cinco Dias newspaper writes that Soltec's auditor, EY,
has warned of "a material uncertainty that may cast significant
doubt" on the group's ability to keep operating its business
    ** Imedio says the reported information is not new, as the
auditor's note is in Soltec's annual report published on April 1
    ** He also notes Soltec must refinance a guarantee line of
90 mln euros ($98 mln) before May 31, a process currently in
negotiations, with news expected in the coming days
    ** Including Tuesday's fall, the stock is down around 31%
YTD​

($1 = 0.9199 euros)

 (Reporting by Tiago Brandao)
 ((Tiago.Brandao@thomsonreuters.com;))