The General Meeting confirmed the re-organisation of the financing programme by OCABSA with Bracknor Investment announced on 18 May 2017
Evry (France) and Dubai (United Arab Emirates), 26 June 2017 – Global Bioenergies (Alternext Paris: ALGBE) announced that the General Meeting of Shareholders approved the re-organisation of the OCABSA financing programme with Bracknor in accordance with the terms set out in the press release of 18 May 2017.
As a reminder, this financing will be suspended after the first two tranches have been drawn down.
The Extraordinary General Meeting of Global Bioenergies which met today voted in favour of re-organising this financing programme.
By virtue of this delegation of authority granted to the Board of Directors by the nineteenth resolution of this combined General Meeting, ruling on the basis of Article L. 225-138 of the French Commercial Code and the contract signed by Bracknor Investment and Global Bioenergies on 18 May 2017, the Board of Directors which met on 26 June 2017 decided to issue 20 BEOCABSAs in favour of Bracknor Investment.
Within the scope of the final establishment of this financing, it is indicated that an initial Warrant will be exercised giving rise to Global Bioenergies issuing 20 OCABSAs, with a par value of €60,000 each, and an OCA with the same par value (without attached BSAs) as payment of the fixed-sum commitment commission associated with this drawdown.
The characteristics of the Warrants, the OCAs and the BSAs are given in detail in the Global Bioenergies press release of 18 May 2017 which may be obtained on its website: www.global-bioenergies.com. A table monitoring the Warrants, the OCAs, the BSAs and the number of Global Bioenergies’ shares outstanding will also be maintained up to date on its website.
It should be noted that this issue will not lead to the establishment of a prospectus subject to AMF approval.
The impact of the issue of the 400 OCABSAs and the additional 20 OCAs (if the maximum ceiling is reached) on the investment of a shareholder holding 1% of the capital of the Company prior to the issue and not subscribing thereto, calculated on the basis of the number of shares composing the capital at 26 June 2017, would be as follows:
|Theoretical investment in the capital of the Company||On the basis of shares outstanding to date
|Diluted base of diluting instruments issued prior to 26 June 2017|
|Prior to the issue of new ordinary shares of the Company from the conversion of the totality of the OCAs and upon the exercise of all of the BSAs in tranches 1 to 20.||1.00%||0.86%|
|ESTABLISHMENT OF FINANCING BY ISSUE OF OCABSA:|
|Following the 133,332 issue of new ordinary shares of the Company issued only from the conversion of the OCAs of tranches 1 and 2||0.96%||0.84%|
|Following the issue 28,952 of additional new ordinary shares from the exercise of the BSAs attached to the OCAs of tranches 1 and 2||0.96%||0.83%|
|Following the issue 1,199,988 of additional new ordinary shares of the Company from the conversion of the OCAs of tranches 3 to 20||0.73%||0.65%|
|Following the issue 260,568 of additional new ordinary shares from the exercise of the BSAs attached to the OCAs of tranches 3 to 20||0.69%||0.62%|
The dilution was calculated on the basis of the volume-weighted average price of the session of
23 June 2017 i.e. a price per share of 19,9013€. This dilution does not prejudice either the final number of shares to be issued or their issue price, which will be set according to the market price listed in accordance with the procedures described in the press release of 18 May 2017.
As a reminder, Global Bioenergies is cancelling the last four BEOCABSAs inherent in the first contract approved at the General Meeting of 28 October 2016.
Furthermore, as announced in the press release of 18 May 2017, the new contract will be suspended following the issue of the first two tranches.
François-Henri Reynaud, CFO of Global Bioenergies, explained: “The re-organisation of the financing is more favourable to Global Bioenergies and its shareholders and secures the financing of the group up to the end of 2018.”
About GLOBAL BIOENERGIES
Global Bioenergies is one of the few companies worldwide, and the only one in Europe, that is developing a process to convert renewable resources into hydrocarbons through fermentation. The Company initially focused its efforts on the production of isobutene, one of the most important petrochemical building blocks that can be converted into fuels, plastics, organic glass and elastomers. Global Bioenergies continues to improve the performances of its process, operates its industrial pilot, has started operations at its demo plant in Germany, and prepares the first full-scale plant through a Joint-Venture with Cristal Union, named IBN-One. Global Bioenergies is listed on Alternext, Euronext Paris (FR0011052257 – ALGBE).
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Bracknor Capital Ltd is the Investment Manager platform of Bracknor Investment (A Dubai UAE incorporated investment vehicle). Bracknor’s mandate is to invest globally in SMEs that bears unique competitive advantages and true potential, providing them with paramount working capital or growth capital needed to foster and ignite their growth.
Bracknor, through its Chairman, Mr Aboudi Gassam, is backed up by the Saudi Group MS Group (Jeddah) -http://mscc.com.sa and aim to activate intra portfolio synergies to bring relevant opportunities and cooperative developments to Bracknor’s portfolio companies particularly in the GCC (Gulf Cooperation Council) Region.
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