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24.06.2010
Extraordinary announcement of the Management board of Genesis Energy Investment Plc.
Extraordinary announcement of the Management board of Genesis Energy Investment Plc.
1. The initial closing of the Stock Purchase Agreement concluded with Genesis Solar Corporation has been effected
The Management Board hereby informs the shareholders that in accordance with the Stock Purchase Agreement (SPA) concluded with Genesis Solar Corporation on July 24, 2009, and amended November 24, 2009 and again January 19, 2010 and amended and restated on May 12, 2010 (”Restated Agreement”) the initial closing of the transaction was effected on June 21, 2010, by way of the parties delivering the documents of their closing deliverables to the escrow agent.
2. Submission of documentation to the Court for registration of capital increase
The Management Board hereby also informs the shareholders that in connection with the execution of the capital increase in the form of private placement for in-kind contribution resolved through resolution no. 6/2010 (IV.19) of the Annual General Meeting, the Logical Mining CC, the Pinning Properties CC, the Calypso Mining CC, the Mohikan Development CC, entities registered in the Republic of South Africa and the Vital Source S.A., an entity registered in Switzerland, all participating in the capital increase, have provided all documents regarding the in-kind contribution and thus the Company has initiated the registration of the capital increase with the Court of Registration. The total amount of the capital increase in the form of private placement is HUF 21,580,140,000.- approx. EUR 78 Million.
Through this capital increase, more business goals, which were set before, will be completed.
On the one part, Genesis Energy will further capitalize its Spanish subsidiary Genesis Solar España S.L. with the Euro 9 Million worth of assets which have been contributed by Vital Source S.A. The Management Board is of the opinion that the capital increase in Genesis Energy executed by Vital Source S.A. validates the commitment of the Swiss partner to make the solar project successful. It is also expected that Vital Source S.A. will complete its private placement in Genesis Solar Corporation as well which can be followed by the final closing of the SPA concluded between the Company and Genesis Solar Corporation. These two capital increases will enable Genesis Solar España S.L. to build the solar panel manufacturing plant in El Puerto de Santa Maria in Spain, based on a beneficial financing structure.
On the other hand, the capital increase executed by the Logical Mining CC, the Pinning Properties CC, the Calypso Mining CC and the Mohikan Development CC brings a new business profile into the Company which will determine the future activity of Genesis Energy. With the completion of the transaction, the opening and reopening of the open pit mines at Rudabánya can be started based as per the previously published plans, together with the exploration and processing of the valuable geological fortune.
Budapest, June 23, 2010
For further information please contact:
Jeno Kunovits
Deputy CEO
Genesis Energy Investment Plc.
Szent István krt. 18., Budapest
H-1137 Hungary
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1. The initial closing of the Stock Purchase Agreement concluded with Genesis Solar Corporation has been effected
The Management Board hereby informs the shareholders that in accordance with the Stock Purchase Agreement (SPA) concluded with Genesis Solar Corporation on July 24, 2009, and amended November 24, 2009 and again January 19, 2010 and amended and restated on May 12, 2010 (”Restated Agreement”) the initial closing of the transaction was effected on June 21, 2010, by way of the parties delivering the documents of their closing deliverables to the escrow agent.
2. Submission of documentation to the Court for registration of capital increase
The Management Board hereby also informs the shareholders that in connection with the execution of the capital increase in the form of private placement for in-kind contribution resolved through resolution no. 6/2010 (IV.19) of the Annual General Meeting, the Logical Mining CC, the Pinning Properties CC, the Calypso Mining CC, the Mohikan Development CC, entities registered in the Republic of South Africa and the Vital Source S.A., an entity registered in Switzerland, all participating in the capital increase, have provided all documents regarding the in-kind contribution and thus the Company has initiated the registration of the capital increase with the Court of Registration. The total amount of the capital increase in the form of private placement is HUF 21,580,140,000.- approx. EUR 78 Million.
Through this capital increase, more business goals, which were set before, will be completed.
On the one part, Genesis Energy will further capitalize its Spanish subsidiary Genesis Solar España S.L. with the Euro 9 Million worth of assets which have been contributed by Vital Source S.A. The Management Board is of the opinion that the capital increase in Genesis Energy executed by Vital Source S.A. validates the commitment of the Swiss partner to make the solar project successful. It is also expected that Vital Source S.A. will complete its private placement in Genesis Solar Corporation as well which can be followed by the final closing of the SPA concluded between the Company and Genesis Solar Corporation. These two capital increases will enable Genesis Solar España S.L. to build the solar panel manufacturing plant in El Puerto de Santa Maria in Spain, based on a beneficial financing structure.
On the other hand, the capital increase executed by the Logical Mining CC, the Pinning Properties CC, the Calypso Mining CC and the Mohikan Development CC brings a new business profile into the Company which will determine the future activity of Genesis Energy. With the completion of the transaction, the opening and reopening of the open pit mines at Rudabánya can be started based as per the previously published plans, together with the exploration and processing of the valuable geological fortune.
Budapest, June 23, 2010
For further information please contact:
Jeno Kunovits
Deputy CEO
Genesis Energy Investment Plc.
Szent István krt. 18., Budapest
H-1137 Hungary
NEWSLETTER REGISTRIERUNG:
Aktuelle Pressemeldungen dieses Unternehmens direkt in Ihr Postfach:
<a href="http://www.irw-press.com/alert_subscription.php?lang=en&isin=HU0000071865">http://www.irw-press.com/alert_subscription.php?lang=en&isin=HU0000071865</a>
Mitteilung übermittelt durch IRW-Press.com. Für den Inhalt ist der Aussender
verantwortlich.
Kostenloser Abdruck mit Quellenangabe erlaubt.