CORO Coro Energy Plc

TIDMCORO

RNS Number : 5231U

Coro Energy PLC

24 November 2023

24 November 2023

Coro Energy Plc

("Coro" or the "Company")

Vietnam Renewables Restructuring

Coro Energy PLC, the South East Asian energy company with a natural gas and clean energy portfolio announces, in anticipation of and in preparation for the rollout of the recently announced 50MW rooftop solar project in Vietnam, that the Company has restructured its arrangements with its partners in Vietnam, increasing its equity interest in its Vietnamese venture from 85% to 92.5%.

Further to an agreement dated 23 November 2023 Invest Gains Viet Nam Company Limited, the Company's partner in Vietnam inclusive of Vinh Phuc Energy has agreed to sell to the Company 7.5% of its 15% equity interest in Coro Renewables VN1 Joint Stock Company which is the Vietnamese holding company for Coro's investments in Vietnam including Coro Renewables Vietnam Company Limited which holds the operational 3MW rooftop solar project.

The consideration for this transaction is up to approximately US$290,000 based on the current exchange rate, comprising of an immediate cash payment of US$100,000. A further GBP150,000 in shares of the Company priced at GBP0.004 per share (a 67% premium to the closing middle market price on 21 November 2023), alongside a further contingent consideration of GBP50,000 in shares of the Company at that same price in the event that Coro achieves 100MW of solar generation in Vietnam will also be issued to one of the vendors as part of the transaction. The initial tranche of shares will be issued when the Company has secured sufficient authority from its shareholders at the next Annual General Meeting likely to be in June 2024 or a General Meeting if earlier.

Michael Carrington, Managing Director Renewables commented:

"Following our recent Philippines partner restructuring, we are delighted to announce a similar restructuring in Vietnam. This transaction, timed as we move towards finalising our previously announced Vietnam funding arrangements with a view to initiating our rollout of the 50MW rooftop solar project, increases Coro's equity in the Vietnamese business and aligns our partners with Coro's shareholders."

This announcement contains inside information.

For further information please contact:

 
 Coro Energy plc                             Via Vigo Consulting Ltd 
  James Parsons, Executive Chairman 
  Ewen Ainsworth, Chief Financial Officer 
 Cavendish Capital Markets Limited           Tel: 44 (0) 20 7220 0500 
  (Nominated Adviser) 
  Adrian Hadden 
  Ben Jeynes 
 WH Ireland (Joint Broker)                    Tel: 44 (0)20 7220 1670 / 
  Harry Ansell                                 44 (0)113 946 618 
  Katy Mitchell 
 
 Hybridan LLP (Joint Broker)                Tel: 44 (0)20 3764 2341 
  Claire Louise Noyce 
 Gneiss Energy Limited (Financial Advisor)   Tel: 44 (0)20 3983 9263 
  Jon Fitzpatrick 
  Doug Rycroft 
 Vigo Consulting (IR/PR Advisor)            Tel: 44 (0)20 7390 0230 
  Patrick d'Ancona 
  Finlay Thomson 
 

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