Business
Italian Disposal, GM Notice and Directorate Change
Italian Disposal, GM Notice and Directorate Change.
About this update from Coro Energy Plc
[{"type":"text","content":"\n \n \n 27 March 2023\n \n \n Coro Energy Plc\n \n \n (\"Coro\" or the \"Company\")\n \n \n \n \n \n Italian Disposal, Notice of General Meeting and Directorate Change\n \n \n \n \n \n Coro Energy Plc, the Southeast Asian energy company with a natural gas and clean energy portfolio is pleased to announce that the Company has now signed the Sale and Purchase Agreement (\"SPA\") for the disposal of its Italian natural gas assets (the \"Italian Portfolio\") to Zodiac Energy plc (\"Zodiac\" or the \"buyer\") by way of the sale of the entire issued share capital of Coro Europe Limited.\n Zodiac Energy plc is a UK based holding company for an Italian subsidiary company Pengas Italiana Srl, which extracts crude petroleum and natural gas in Italy.\n \n \n \n \n \n The disposal is fully in line with the Company's strategic objectives, enabling Coro to focus exclusively on Southeast Asia where demand for energy and the opportunity for material expansion remain very strong.\n \n \n \n \n \n Highlights:\n \n \n \n \n \n - SPA signed for a total consideration of up to EUR 7.5M, including\n contingent payments of up to an aggregate of EUR 1.5M through a 10% net profit interest (\"NPI\") in the Italian Portfolio over the three years from the date of completion of any disposal of the Italian Portfolio\n .\n \n \n \n \n \n - An initial cash payment of EUR 1.5M will be made by Zodiac within 7 business days of signing the SPA.\n \n \n \n \n \n - Theproposed disposal of the Italian Portfolio under the SPA will be subject to Coro shareholder approval pursuant to Rule 15 of the AIM Rules for Companies and regulatory approval in Italy.\n \n \n \n \n \n A circular containing detailed information about the disposal of the Italian Portfolio will shortly be published and available from the Company's website at \n \n \n www.coroenergyplc.com\n \n \n .\n \n \n \n \n \n Background to and reasons for the disposal\n \n \n \n \n \n Following structural increases in global gas prices in 2022, the Company relaunched its Italian gas asset portfolio (the \"Italian Portfolio\") earlier in that year. The Italian Portfolio has since delivered significant free cash flows for the Coro Group. The previously reported 2022 unaudited revenues of the Italian Portfolio were EUR 6.0 m and is exp...