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12.05.2010
Genesis Energy: Up to Euro 90 Million capital increase approved by the shareholders of Genesis Energy Investment Plc.
Genesis Energy: Up to Euro 90 Million capital increase approved by the shareholders of Genesis Energy Investment Plc.
The contribution in kind has been subscribed in time in a value of HUF 21,580,140,000 (approx. EUR 81million)
The Company’s annual general meeting accepted the financial statements of the Company for 2009 and decided to increase the capital of the Company by issuance of new shares against a subscription in kind in form of a variety of assets and cash, which allows the company to accomplish its existing and newly set goals.
The existing goal, which was set three years ago by the major investors, seems now to be completed. A large investment consortium, the Swiss Vital Source group has committed itself to increase the capital of Genesis Energy Investment Plc. by EUR 9 million and subsequently that of its affiliate, Genesis Solar Corporation by USD 35 million. These actions enable Genesis Solar Spain to accomplish its business goals: to complete the finance and to start building the factory; to receive Euro 20 million state subsidies and apply for the soft loan from the Spanish Central Government and the Andalusian Government and start to negotiate the purchase contract with AMAT, the equipment supplier. Genesis Solar España received a letter of continued interest from US Exim Bank and based on that also an offer from the financing bank for the project financing. The factory cost today is less than it was anticipated before and by the influence of the new investor Vital Source S.A., Genesis Solar Corporation is considering to start deploying solar farms itself, establishing a vertically integrated business model. This is a major enhancement and alteration of the former business plan of Genesis Solar Corporation. The purchase of all assets of the solar business of Genesis Energy Investment Plc. is on its way in exchange for the Genesis Solar Corporation shares. When the Genesis Solar Corporation shares will be listed on a stock exchange in US a share exchange option will be opened for the Genesis Energy shareholders.
- The date of the exchange will be determined later and shall be subsequent to a US stock exchange listing.
- The exchange of GEI shares for GSC shares takes place in the proportion of 1:1, independently from the share price of GEI or GSC at the time of the exchange.
- Only those shareholders may participate in the exchange who have registered their shareholdings with Genesis Energy on 7th of April 2010, the date of the ownership identification.
All new subscribing investors submitted to the Company their signed and legally binding commitment declarations in respect of contributing assets to the Company in a value of HUF 21,580,140,000 (approx. EUR 81 million). This includes a contribution in kind of assets in the value of EUR 9 million from Vital Source S.A.; therefore, it is also expected that Vital Source S.A. will complete its private placement in Genesis Solar Corporation, as well. Upon closing of these two transactions the fund raising will end and the construction of the solar panel manufacturing plant can start in Spain.
The new investors also contributed a very broad range of assets for the exploration of mineral deposits, open pit mines for the exploitation of different minerals and refuse piles originating from the old mines of Rudabánya, in North-East Hungary. The real estates owned by these Companies represent further hidden reserves well above the audited valuation of their contribution in kind. According to the certificate issued by the National Geological Service, the existing mineral content that is available to be processed is valued at approximately USD 1.5-2.0 Billion. These natural reserves consist of already partially explored polymetallic ores (copper, lead, iron) and other minerals. Rudabánya is a source of barite, a high barium-sulphate containing mineral, which serves as the primary raw material for radiation-protective self-compacting heavy concrete, and radiation-protective heavy plaster.
Genesis Energy Investment Plc. plans to develop a dry radiation-protective heavy concrete mixing plant, along with other investments, in order to process the barite and manufacture products that may be used by the nuclear energy industry in the CEE region and in the broader EU. As a result of this, Genesis Energy possesses its own Research & Development department, through which it maintains an excellent relationship with universities, foreign mining companies, and industry professionals. Sales of concrete products to entities from the Russian nuclear industry have already begun. The major aim of the company is to reopen the Rudabánya mines and deploy further open pit mines to exploit the already explored minerals and other valuable metallic ores. A modern, cost effective exploitation can be restarted with new technologies at hand and the commodities can be sold at attractive prices on the world market. The exploitation of the hidden reserves in the various mines still have more material resources available than the value of the output during the exploitation of the last 80 years of operation.
The Company’s General Meeting approved the capital increase in form of private placement partially in form of contribution in kind and partially in form of cash contribution, with an upper limit of HUF 2.5 billion (about Euro 9.4 million) applicable in respect of the cash contribution. Since Genesis Energy is a publicly traded company, the capital increase to be performed by contribution in kind will take the form of a private offering of new shares. The capital increase in form of cash contribution shall take place also privately and only those shareholders may take part in the upcoming capital increase, who will subscribe to shares in the value of not less than Euro 50,000 and who will be identified as shareholders in the upcoming shareholders registration process to be determined and announced in the upcoming weeks. In the case of oversubscription at the private placement with cash contribution, the time sequence of subscription shall prevail.
Budapest, 4 May 2010.
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<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>
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The contribution in kind has been subscribed in time in a value of HUF 21,580,140,000 (approx. EUR 81million)
The Company’s annual general meeting accepted the financial statements of the Company for 2009 and decided to increase the capital of the Company by issuance of new shares against a subscription in kind in form of a variety of assets and cash, which allows the company to accomplish its existing and newly set goals.
The existing goal, which was set three years ago by the major investors, seems now to be completed. A large investment consortium, the Swiss Vital Source group has committed itself to increase the capital of Genesis Energy Investment Plc. by EUR 9 million and subsequently that of its affiliate, Genesis Solar Corporation by USD 35 million. These actions enable Genesis Solar Spain to accomplish its business goals: to complete the finance and to start building the factory; to receive Euro 20 million state subsidies and apply for the soft loan from the Spanish Central Government and the Andalusian Government and start to negotiate the purchase contract with AMAT, the equipment supplier. Genesis Solar España received a letter of continued interest from US Exim Bank and based on that also an offer from the financing bank for the project financing. The factory cost today is less than it was anticipated before and by the influence of the new investor Vital Source S.A., Genesis Solar Corporation is considering to start deploying solar farms itself, establishing a vertically integrated business model. This is a major enhancement and alteration of the former business plan of Genesis Solar Corporation. The purchase of all assets of the solar business of Genesis Energy Investment Plc. is on its way in exchange for the Genesis Solar Corporation shares. When the Genesis Solar Corporation shares will be listed on a stock exchange in US a share exchange option will be opened for the Genesis Energy shareholders.
- The date of the exchange will be determined later and shall be subsequent to a US stock exchange listing.
- The exchange of GEI shares for GSC shares takes place in the proportion of 1:1, independently from the share price of GEI or GSC at the time of the exchange.
- Only those shareholders may participate in the exchange who have registered their shareholdings with Genesis Energy on 7th of April 2010, the date of the ownership identification.
All new subscribing investors submitted to the Company their signed and legally binding commitment declarations in respect of contributing assets to the Company in a value of HUF 21,580,140,000 (approx. EUR 81 million). This includes a contribution in kind of assets in the value of EUR 9 million from Vital Source S.A.; therefore, it is also expected that Vital Source S.A. will complete its private placement in Genesis Solar Corporation, as well. Upon closing of these two transactions the fund raising will end and the construction of the solar panel manufacturing plant can start in Spain.
The new investors also contributed a very broad range of assets for the exploration of mineral deposits, open pit mines for the exploitation of different minerals and refuse piles originating from the old mines of Rudabánya, in North-East Hungary. The real estates owned by these Companies represent further hidden reserves well above the audited valuation of their contribution in kind. According to the certificate issued by the National Geological Service, the existing mineral content that is available to be processed is valued at approximately USD 1.5-2.0 Billion. These natural reserves consist of already partially explored polymetallic ores (copper, lead, iron) and other minerals. Rudabánya is a source of barite, a high barium-sulphate containing mineral, which serves as the primary raw material for radiation-protective self-compacting heavy concrete, and radiation-protective heavy plaster.
Genesis Energy Investment Plc. plans to develop a dry radiation-protective heavy concrete mixing plant, along with other investments, in order to process the barite and manufacture products that may be used by the nuclear energy industry in the CEE region and in the broader EU. As a result of this, Genesis Energy possesses its own Research & Development department, through which it maintains an excellent relationship with universities, foreign mining companies, and industry professionals. Sales of concrete products to entities from the Russian nuclear industry have already begun. The major aim of the company is to reopen the Rudabánya mines and deploy further open pit mines to exploit the already explored minerals and other valuable metallic ores. A modern, cost effective exploitation can be restarted with new technologies at hand and the commodities can be sold at attractive prices on the world market. The exploitation of the hidden reserves in the various mines still have more material resources available than the value of the output during the exploitation of the last 80 years of operation.
The Company’s General Meeting approved the capital increase in form of private placement partially in form of contribution in kind and partially in form of cash contribution, with an upper limit of HUF 2.5 billion (about Euro 9.4 million) applicable in respect of the cash contribution. Since Genesis Energy is a publicly traded company, the capital increase to be performed by contribution in kind will take the form of a private offering of new shares. The capital increase in form of cash contribution shall take place also privately and only those shareholders may take part in the upcoming capital increase, who will subscribe to shares in the value of not less than Euro 50,000 and who will be identified as shareholders in the upcoming shareholders registration process to be determined and announced in the upcoming weeks. In the case of oversubscription at the private placement with cash contribution, the time sequence of subscription shall prevail.
Budapest, 4 May 2010.
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.