RNS Number : 0324O
Coro Energy PLC
27 January 2023
 

27 January 2023

Coro Energy Plc

("Coro" or the "Company" and together with its subsidiaries the "Group")

 

Philippines Renewables Restructuring

 

Coro Energy plc, the South East Asian energy company with a natural gas and clean energy portfolio, announces that, in anticipation of and in preparation for achieving Ready to Build status in the Company's two 100MW Philippines renewables projects, the Company has restructured its arrangements with its partners in country, increasing its dividend entitlement.

The Company has two development stage renewables projects in the Philippines, a 100MW solar project and a 100MW wind project which, allowing for permitting timelines, are 6 and 15 months respectively, away from achieving ready-to-build status. As announced on 16 January 2023, the Company is currently preparing its re-submission of a Wind Service Energy Contract which it expects to complete shortly.

The Company currently has an entitlement to 80% of the future dividends from the Philippines projects which has been increased to 88% under the restructuring agreement.

In exchange for the increased share of dividends and to align the partners with Coro shareholders, Coro has agreed to issue each of the two Philippines partners, who are also Officers of the Philippine subsidiary, with 20,000,000 ordinary shares in Coro at a price of 0.3p (representing a total of £60,000 each) - a 43% premium to the closing mid-market price on 24 January 2023 (the "New Ordinary Shares").

50% of the New Ordinary Shares will be subject to lock-in restrictions until first power production and revenue on the first Philippines renewable energy project, with the remaining 50% subject to lock-in restrictions until first power production and revenue on the second Philippines renewable energy project. Further announcements in relation to the issue of the Ordinary Shares, will be made by the Company in due course.  

For further information please contact:

Coro Energy plc

James Parsons, Executive Chairman

Ewen Ainsworth, Chief Financial Officer

 

 

Via Vigo Consulting Ltd

 

 

Cenkos Securities plc (Nominated Adviser)

Ben Jeynes

Katy Birkin

  

Tel: 44 (0)20 7397 8900

Vigo Consulting (IR/PR Advisor)

Patrick d'Ancona

Charlie Neish

 

Tel: 44 (0)20 7390 0230

WH Ireland (Broker)

Harry Ansell

Katy Mitchell  

 

  Tel: 44 (0)20 7220 1670 / 44 (0)113 946 618

 

 


Gneiss Energy Limited (Financial Advisor)

Jon Fitzpatrick

Doug Rycroft

 

  Tel: 44 (0)20 3983 9263

 

 

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the UK version of the EU Market Abuse Regulation 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018, as amended and supplemented from time to time. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

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 or visit 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.
 
END
 
 
MSCNKABDCBKDBDB