The average yearly electrical consumption of a TV is about 240 kWh; that of a clothes dryer is about 450 kWh.
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Press Release
GM unanimously gives mandate to raise capital with € 16 million
05/05/2010
05 May 2010 – 22h30 CET – Antwerp – Regulated Information
Today the Thenergo Extraordinary General Meeting (EGM) decided unanimously to give the Board of Directors the mandate to raise the capital of the company by contribution in cash with a maximum of € 16 million. The mandate will expire on 31 may 2011. The other modalities, as listed in the convocation, were also unanimously approved.
Previously the General Meeting (GM) approved the complete agenda, amongst others the annual accounts for the year ending on 31 December 2009. The GM decided to continue the activities of the company.
During the annual meeting the Chairman explained the financial position of Thenergo. The cash position of Thenergo on 30 April 2010 amounts to € 1.8 million. In addition the selling of non-core activities (of which the process is ongoing) should yield € 2.1 million during the first half of 2010. Based on an estimated and a non audited cash out of € 16.5 million for the coming 12 months, this implies a capital need of € 12.6 million of which € 7.5 million in the coming two months.
The projected cash-out of € 16.5 million includes a one-off restructuring cost at holding level with the aim to further drastically reduce the holding cost from € 2.1 million in 2009 to € 1.6 million in 2010 and further in 2011.
With the approved mandate to raise € 16 million Thenergo can continue its activities with a significant lower cost structure. Based on the projected cash flows and the current operational projects Thenergo expects a revenue of € 41.9 million and a REBITDA of € 4.9 million in 2010, after the sale of the Leysen activities.
Preceding the meetings Thenergo was informed by PMV that they could claim to be reimbursed for the outstanding amount (€ 6.2 million) of their convertible bond. During the General Meeting PMV emphasized that they want to contribute constructively, together with Thenergo and the other shareholders or investors, to Thenergo’s future. The report of the GM and EGM will be published on the Thenergo website.
About Thenergo
Based in Belgium, Thenergo is fully integrated and independent developer and operator of sustainable energy projects using biogas, natural gas and woody biomass. Thenergo creates value for its partners and shareholders as a one-stop provider of sustainable energy solutions, transforming renewable fuels into electricity and heat. Today Thenergo manages 30 operational energy units with an electrical capacity of 85 MWe and a thermal capacity of 207 MWth.
For more information, please contact:
Chris Beliën
General Counsel & Secretary
T.: +32 3 292 96 99
Caroline Kerremans
Communications Manager
T.: + 32 3 292 97 01
Caroline.kerremans@thenergo.eu
Gateway House, Brusselstraat 59
B-2018 Antwerp
Belgium
This press release is made available through our corporate website www.thenergo.eu.