(Alliance News) - Agatos Spa has announced that its board of directors has resolved to sign for acceptance the proposed investment agreement that is binding and contingent on the signing of the settlement agreements already negotiated with Sorgenia Spa and Macquarie Bank Limited.

The company recalled in a note that the agreement implements previous understandings that provided for the recapitalization of Agatos with a concurrent agreement with Leonardo Rinaldi, Life Investments Srl, Richard Paul Ingmar Wilhelm, e-horizons sas and an intervention by Skyland to support Agatos Energia Srl as part of the latter's recovery plan.

In detail, the agreement includes Skyland's commitment to subscribe to a capital increase reserved for it of EUR3 million in two tranches. In addition, provision is made for Skyland to promote a mandatory all-stock tender offer once the stock has been readmitted to trading at a price of EUR0.05 per share.

Finally, it is expected that the CNC of Agatos Energia will be completed, in a positive sense, having verified the conditions of the Agatos group with specific due diligence of both business and economic-financial aspects and with the appointment of Roberto Chiodelli as chief restructuring officer.

In the CNC summary, which involves Agatos Energia alone, it appears that the company was admitted to the negotiated settlement procedure in December 2023, applying for the asset protection measures.

From the statement published by the company, once Agatos is recapitalized, the subsidiary Agatos Energia will be rehabilitated and can complete the negotiated settlement process.

Pending the completion of the Skyland transaction, from December 6, 2023 to date, Skyland has already financially supported the company and assisted Agatos Energia Srl with subrogation payments of strategic suppliers totaling more than EUR500,000, as well as arranged the intervention of partner BDB Consulting.

The latter, which is the distributor on the Italian market of Skyland materials for photovoltaic systems, arranged for the supply of materials and services to Agatos Energia's superbonus sites by granting credit to Agatos Energia for about EUR500,000.

Finally, Borsa Italiana Spa has defined with Agatos and Skyland the percordso of readmission of Agatos stock to trading, for which the main steps are: 2023 half-yearly approval and annual budget; publication of information on strategic lines and economic-financial objectives; Skyland's subscription of the aucap; the execution of the Sorgenia and Macquarie Bank agreements; the appointment of the new board of directors that will approve the 2023 budget; the filing of the required guarantees before the promotion of the offer; and the confirmation by the new board of directors expressing Skyland's business plan as well as the sufficiency of the working capital verified by the auditing company.

Agatos' stock is flat at EUR0.24 per share.

By Claudia Cavaliere, Alliance News reporter

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