In the quarter the Company
made a
share capital increase by
the issuance
of 532 210 shares in the
Company to
EAM Solar Park Management AS
("the
Manager"). The shares were
consideration
for the financial
participation
mechanism in the Management
Agreement,
and were non-dilutive for
the
shareholders. As part of the
transaction
the Company recognised a
cost and
debt of EUR 1 888 thousand
that was
settled with the
shares.
In the quarter the Company
also conducted
a fully underwritten rights
issue
with gross proceeds of NOK
30 million,
resulting in 1 250 000
shares being issued.
EBITDA for the first nine
months 2017
came in at minus EUR 6.1
million. Adjusted
for legal costs and the
purchase
of the financial
participation mechanism,
and write down of
receivable
against Aveleos SA, normal
operations
yielded an EBITDA of EUR 1.9
million in
the first nine months of
2017, equivalent
to an EBITDA margin of 52
per cent.
The following special items
have been
recognised during the
quarter;
Provision for doubtful debt
against
Aveleos SA of EUR 4 418 thousand,
given that Aveleos SA is de-facto
bankrupt.
Provision for cost coverage
of legal
cost based on the agreement
with
Therium of EUR 191
thousand.
Cost of settling the
financial participation
mechanism of EUR 1 888
thousand.
Change in the management
agreement
with effect of EUR 55
thousand.
For information, please
contact:
Viktor E Jakobsen, CEO,
phone +47 9161 1009, viktor@eam.no
About EAM Solar: EAM Solar
is a utility company that acquires and operates solar power plants.
The Company currently owns solar PV power plants in Italy. The
plants are operating under long-term sales contracts.
This information is subject
to the disclosure requirements pursuant to section 5-12 of the
Norwegian Securities Trading Act.