19 February 2024
Coro Energy
Plc
("Coro"
or the "Company" and together with its subsidiaries the
"Group")
Update re Italy Sale Proceeds
and Board Changes
Coro Energy PLC, the South East
Asian energy company with a natural gas and clean energy portfolio,
announces settlement of the working capital adjustment from the
disposal of the Group's Italian natural gas portfolio.
The Company also announces a restructuring of the
Board to more appropriately reflect the Company's current stage of
development and focus, following the Italy divestment.
The Company sold its Italian natural
gas portfolio as previously announced by the Company first on 27
March 2023, and then in subsequent updates on 10 August 2023 and 8
November 2023 respectively (the "Disposal"). The sale and purchase
agreement in respect of the Disposal includes a standard
post-completion working capital adjustment, the output of which has
been under discussion between the parties. The parties have now
agreed to a cash payment to the Company of Euro 1,000,000 in full
and final settlement of the working capital adjustment. A cash
payment of Euro 200,000 will be made within five business days and
the balance of Euro 800,000 will be paid in 22 monthly
instalments.
The Company will also receive the
previously announced Euro 136,000 balance of the upfront
consideration for the Italian natural gas portfolio, which shall be
paid in 23 monthly instalments.
In addition to the above two
payments, the Company continues to have 10% NPI (net profit
interest) on future profits capped at Euro 1.5 million.
The Company also announces, with a view to
transitioning the Company's Board of Directors to a structure
more appropriate for the Group's current stage of development and
focus, that Stephen Birrell and Naheed Menon,
both Non-Executive Directors of the
Company, have agreed to step down as directors of
the Company by mutual consent with immediate
effect. Mr Birrell has taken on a full-time executive
role subsequent to his appointment as a Director in 2022, which he
needs to devote his energy to, whilst Ms. Menon will
continue to support the Company's business development efforts
as a consultant. The Board wishes to thank both Mr.
Birrell and Ms Menon for their respective
contributions and wish them well in the
future.
As a result, the Board, which is supported by
the Group's executive and in country teams, is now composed of
James Parsons, Executive Chairman, Tom Richardson,
Non-Executive Director, and Marco Fumagalli,
Non-Executive Director.
For further information please
contact:
Coro
Energy plc
James Parsons, Executive
Chairman
|
Via Vigo Consulting Ltd
|
Cavendish Capital Markets
Limited (Nominated
Adviser)
Adrian Hadden
Ben Jeynes
|
Tel: 44 (0)20 7220
0500
|
|
|
Hybridan LLP (Nominated Broker)
Claire Louise Noyce
|
Tel: 44 (0)20 3764
2341
|
|
|
Gneiss Energy Limited (Financial Advisor)
Jon Fitzpatrick
Doug Rycroft
|
Tel:
44 (0)20 3983 9263
|
Vigo
Consulting (IR/PR Advisor)
Patrick d'Ancona
Finlay Thomson
|
Tel: 44 (0)20 7390
0230
|
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.