Coro Energy PLC Philippines Renewables Restructuring (0324O)
January 27 2023 - 1:00AM
UK Regulatory
TIDMCORO
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 GBP60,000 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 Via Vigo Consulting Ltd
James Parsons, Executive Chairman
Ewen Ainsworth, Chief Financial Officer
Cenkos Securities plc (Nominated Adviser) Tel: 44 (0)20 7397 8900
Ben Jeynes
Katy Birkin
Vigo Consulting (IR/PR Advisor) Tel: 44 (0)20 7390 0230
Patrick d'Ancona
Charlie Neish
WH Ireland (Broker) Tel: 44 (0)20 7220 1670 / 44
Harry Ansell (0)113 946 618
Katy Mitchell
Gneiss Energy Limited (Financial Advisor) Tel: 44 (0)20 3983 9263
Jon Fitzpatrick
Doug Rycroft
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.
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END
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