Cogenpower PLC Rescheduling of loan repayments (8718K)
27 September 2016 - 4:00PM
UK Regulatory
TIDMCGP
RNS Number : 8718K
Cogenpower PLC
27 September 2016
Cogenpower plc
("Cogenpower" or "the Company")
Rescheduling of loan repayments with UniCredit S.p.A.
Cogenpower (LSE:CGP), the AIM-quoted low-carbon technology
energy business, is pleased to announce that, following the
announcement of the Company's interim results on 23 September 2016
and further discussions with UniCredit S.p.A. ("UniCredit",
MI:UCG), the Company signed on 26 September 2016 a moratorium with
UniCredit regarding the timing for the repayment of part of its
existing debt facility.
Background to UniCredit loan arrangements
As detailed in the Company's admission document dated 5 February
2016, Cogenpower s.r.l., a wholly owned subsidiary of the Company,
entered into three separate loan agreements with UniCredit on 13
December 2007 (the "UniCredit Loan 1"), 5 December 2008 (the
"UniCredit Loan 2") and 29 March 2011 (the "UniCredit Loan 3") for
credit lines totalling EUR7,900,000 (together the "UniCredit
Loans"). As at today's announcement the amount outstanding pursuant
to these credit lines amounts to EUR4,810,047. During 2014 the
Company entered into amendment agreements to extend the duration of
the respective loan agreements until 31 December 2022 for the
UniCredit Loan 1, 31 December 2023 for the UniCredit Loan 2 and 31
December 2025 for the UniCredit Loan 3.
Further details on the terms of the loans with UniCredit are
detailed in the admission document published on 5 February
2016.
Moratorium
On 26 September 2016, the Company entered into a moratorium with
UniCredit in relation to the UniCredit Loans. Under the terms of
the moratorium UniCredit have agreed to postpone the payment of the
instalments of the capital of the UniCredit Loans for the six month
period to 30 September 2016 (payable on 30 September 2016) until
the date that each UniCredit Loan matures respectively. These
quarterly instalments will consequently be paid in the two quarters
following maturity of the respective UniCredit Loans in 31 December
2022, 31 December 2023 and 31 December 2025.
As a result of the moratorium, the cost saving for the Company
for 2016 is approximately EUR272,000.
Save for the change to the repayment dates on the capital
instalments detailed above, the entering into of the moratorium
between UniCredit and Cogenpower does not result in a change to any
terms of the UniCredit Loans.
Dr Francesco Vallone, founder and CEO of Cogenpower, said:
"We value our long-term collaboration with UniCredit who have
been a significant financial supporter in the development of
Cogenpower's Anaconda technology. This moratorium allows the
Company to better manage its working capital needs and shows a
tangible commitment to support Cogenpower."
-ENDS-
Further enquiries:
Dr. Francesco
Vallone
Martin Groak +44 (0) 20 7930
Cogenpower plc Ilaria Cannata 0777
--------------------- ----------------------- ----------------------------
Allenby Capital
(Nominated Adviser Nick Athanas +44 (0)20 3328
and Broker) Richard Short 5656
--------------------- ----------------------- ----------------------------
EnVent S.p.A.
and EnVent Capital
Markets
(Financial Adviser
to the Company
in Italy) Franco Gaudenti +39 06 896 841
--------------------- ----------------------- ----------------------------
Cardew Group Shan Shan Willenbrock +44 (0) 20 7930
Nadja Vetter 0777
Emma Ruttle cogenpower@cardewgroup.com
--------------------- ----------------------- ----------------------------
About Cogenpower
Cogenpower (CGP.L) is a low-carbon energy business specialising
in the design, build and operation of efficient, automated CHPDH
networks able to serve communities of up to 50,000 people. At the
heart of the business is the Anaconda technology, an automated,
intelligent energy generation and control system equipped with a
heat storage facility that efficiently delivers heat to customers
and electricity to the grid. The innovative technology, with proven
energy efficiency of more than 90% compared to a worldwide average
of circa 45%, is designed to address the growing global EUR30
billion district heating market.
The Company's flagship plant in Borgaro Torinese, on the
outskirts of Turin in the north of Italy, is a 3MWe (electrical
output) / 15MWt (heat output) CHPDH operation that serves
approximately 4,500 end users in 62 separate buildings attached to
a 13 kilometre pipe network. The operation is 92% energy efficient.
The energy efficiencies achieved by the Anaconda technology at the
existing plant, (currently fuelled by natural gas, but with a
biomass/gas hybrid plant under development) already reduce
emissions by 3,000 tonnes of CO(2) per annum, compared to
traditional heating methods. Customers benefit from lower capex
costs, no maintenance costs and lower heating bills compared to
installing conventional solutions.
Although district heating systems have been available for some
time, technological advances have brought significant new
operational and environmental advantages, making them increasingly
attractive and reliable energy solutions for communities. The
Company listed on AIM in February 2016, enabling it to pursue
growth opportunities particularly in Italy and the UK.
www.cogenpower.co.uk
This information is provided by RNS
The company news service from the London Stock Exchange
END
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