Enedo signs a shareholder bridge loan agreement totaling 1.95 MEUR and plans to arrange an EGM to decide on a share issue
20 Mayo 2022 - 01:45AM
Enedo signs a shareholder bridge loan agreement totaling 1.95 MEUR
and plans to arrange an EGM to decide on a share issue
Enedo Plc Stock
Exchange Release
May 20, 2022, at
09:45
Enedo signs a
shareholder bridge loan agreement
totaling 1.95 MEUR and
plans to arrange an EGM to decide on a share issue
As released in the Q1 Business review the inventory levels have
been increasing because of the global component shortage and the
strong customer order intake and the cash position has thereby
remained constrained. Enedo is executing actions to decrease the
level of inventories and thereby release the cash from inventories
and working capital.
Enedo has signed a shareholder bridge loan agreement in the
amount of Eur 1 950 000 including a convertible component in the
total amount of EUR 650 000 to the Lenders. The due date of the
loan is 30th of September 2022 and the conversion right of
Eur 0,10 per share can only be used if the loan is not repaid at
due date.
The shareholders granting the bridge loan are the three biggest
shareholders Inission AB, Joensuun Kauppa ja Kone Oy and Rausanne
Oy. The loan will be mainly used for working capital purposes and
overdue payables to secure the continuation of the company’s
operations.
Enedo has also started planning to organize an extraordinary
shareholder’s meeting to arrange a share issue to further increase
the liquidity and the equity of the company. The rights offering
will be used to pay back the bridge loan and to strengthen the
equity and cash of the company.
Enedo signed a new loan of EUR 5,0 million at the
end of December 2021 and the loan was fully raised by the
end of March 2022. The EUR 5,0 million loan arrangement
has a maturity date of 30th September 2022. The company aims
to either agree to prolong the maturity date, negotiate a new loan
with another financing institution or to raise sufficient equity
financing to repay parts of the loan. The company is currently
evaluating the alternatives.
ENEDO PLC
Mikael
FryklundCEO For
further information please contact Mr. Mikael Fryklund, CEO, tel.
+358 40 500 6864.
DISTRIBUTION
Nasdaq Helsinki LtdPrincipal mediaEnedo
Enedo is a European designer and producer of high-quality
electronic power supplies and systems for critical equipment even
in the most demanding environments. Enedo´s mission is to make
electricity better – more reliable, more secure, more energy
efficient – and just right to fit its purpose. Enedo´s three main
product categories are Led Drivers, Power supplies and Power
Systems. In 2021 the group´s revenue was EUR 36,4 million. Enedo
has 330 employees, and its main functions are located in Finland,
Italy, Tunisia and USA. The group´s head office is in Finland and
parent company Enedo Oyj is listed on Nasdaq Helsinki Oy.
www.enedopower.com
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