We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Coro Energy Plc | LSE:CORO | London | Ordinary Share | GB00BDCFP425 | ORD 0.1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.114 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Natural Gas Liquids | 6.71M | -4.12M | -0.0014 | -0.79 | 3.15M |
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
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
END
UPDZZMZMNFGGFZM
(END) Dow Jones Newswires
November 24, 2023 02:00 ET (07:00 GMT)
1 Year Coro Energy Chart |
1 Month Coro Energy Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions