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Monday, 26 June 2017

Hargreave Hale AIM VCT 2 plc : Net Asset Value(s)

     

Published: 17:19 CEST 26-06-2017 /GlobeNewswire /Source: Hargreave Hale AIM VCT 2 plc / : HHVT /ISIN: GB00B1GDYS53

Hargreave Hale AIM VCT 2 plc : Net Asset Value(s)

HARGREAVE HALE AIM VCT 2 PLC

 

NAV announcement

 

As at close of business on 23 June 2017, the unaudited Net Asset Value (NAV) for

 

Hargreave Hale AIM VCT 2 plc was as follows:

 

NAV per Ordinary share of 1p Cum Dividend - 116.44 pence.

 

NAV per Ordinary share of 1p Ex-Dividend - 112.44 pence.

 

As at 23 June 2017, there were 43,945,418 ordinary shares of 1p in issue carrying one vote each. Therefore the total voting rights in the Company are 43,945,418.

 

This figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Disclosure and Transparency Rules.

 

26 June 2017

 

For further information please contact:

Stuart Brookes

Company Secretary

Hargreave Hale AIM VCT 2 plc

01253 754740

 

                 





This announcement is distributed by Nasdaq Corporate Solutions (One Liberty Plaza, 165 Broadway, New York, NY 10006. Tel: +1 212 401 8700. www.nasdaqomx.com) on behalf of NASDAQ OMX Corporate Solutions clients. Source: Hargreave Hale AIM VCT 2 plc, Accurist House, 44 Baker Street, London W1U 7AL, United Kingdom
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Hargreave Hale AIM VCT 1 plc : Net Asset Value(s)

     

Published: 17:18 CEST 26-06-2017 /GlobeNewswire /Source: Hargreave Hale AIM VCT 1 plc / : HHV /ISIN: GB00B02WHS05

Hargreave Hale AIM VCT 1 plc : Net Asset Value(s)

HARGREAVE HALE AIM VCT 1 PLC

 

NAV announcement

 

As at close of business on 23 June 2017, the unaudited Net Asset Value (NAV) for

 

Hargreave Hale AIM VCT 1 plc was as follows:

 

NAV per Ordinary share of 1p Cum Dividend - 80.63 pence.

 

NAV per Ordinary share of 1p Ex-Dividend - 78.88 pence

 

As at 23 June 2017, there were 81,766,040 ordinary shares of 1p in issue carrying one vote each. Therefore the total voting rights in the Company are 81,766,040.

 

This figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Disclosure and Transparency Rules.

 

26 June 2017

 

For further information please contact:

Stuart Brookes

Company Secretary

Hargreave Hale AIM VCT 1 plc

01253 754740

 

                 





This announcement is distributed by Nasdaq Corporate Solutions (One Liberty Plaza, 165 Broadway, New York, NY 10006. Tel: +1 212 401 8700. www.nasdaqomx.com) on behalf of NASDAQ OMX Corporate Solutions clients. Source: Hargreave Hale AIM VCT 1 plc, Accurist House; 44 Baker Street, London W1U 7AL, United Kingdom
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Global Kennel Management Software Market 2017-2021 - One Driver in the Market is Amplified Need for Optimized Schedul...

 
Global Kennel Management Software Market 2017-2021 - One Driver in the Market is Amplified Need for Optimized Scheduling - Research and Markets
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AEVI Partners with Epos Now to Deliver Bespoke Cloud POS Systems to the Global Retail and Hospitality Market
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Transportation Management System Market to Reach $202 Billion by 2022: Increasing Number of Vehicles Create Parking Problems - Research and Markets
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EAM Solar ASA : Secures financing to expand legal processes

EAM Solar ASA    

Published: 17:05 CEST 26-06-2017 /GlobeNewswire /Source: EAM Solar ASA / : EAM /ISIN: NO0010607781

EAM Solar ASA : Secures financing to expand legal processes

 

26 June 2017

 

EAM Solar ASA "EAM" or "the Company" has entered into two separate funding schemes in order to increase the litigation efforts against Enovos, Avelar and associated companies.


The funding schemes are a litigation funding agreement and an equity rights issue, fully underwritten by the Company's largest shareholders. The two initiatives will significantly strengthen the Company's financial "litigation war chest" and enable EAM to expand its ongoing legal processes in Italy, Luxembourg, Switzerland and other relevant jurisdictions in the foreseeable future.


The litigation funding agreement with Therium Litigation Funding IC and the equity rights' issue will in the outset contribute with more than EUR 5 million to cover future legal costs based on the current budgets for legal costs in the period 2017 through 2021. This funding comes in addition to the free cash flow from ordinary operations, significantly enhancing the legal strength of EAM going forward.


The dialogue with Therium was initiated in November 2016, and following a comprehensive due diligence conducted by Therium in close collaboration with EAM's management and EAM's legal counsels in Italy and Luxembourg, Therium decided to participate in and invest in the EAM litigation efforts in June.


The key financial metrics for the litigation funding agreement and the equity rights issue is that Therium in the case of a claim award to EAM Solar ASA will receive in the range 5 to 10% of the anticipated claim award, and the dilution of non-participating shareholders in the equity rights issue will be approximately 20% (excluding any revenue from sale of subscription rights).


"We have during the past year made significant progress in the ongoing legal processes. With the proposed initiatives to put in place further financial resources, we strengthen our capabilities to seek justice and expand our pan-European efforts against the companies and individuals that were involved and responsible for the P31 fraud against EAM. The fact that Therium, as a specialist Litigation Fund, after a comprehensive due diligence decides to invest in our litigation efforts, further confirms the strength of our case against the responsible for the P31 fraud," says Viktor E. Jakobsen, CEO of EAM in a comment.


Therium is one of the most established global litigation financing firms, founded in London and Jersey in 2009, with a presence in London, New York, Jersey, Spain, Italy, Scandinavia and Germany, and a market-leading track record of generating superior returns for its investors. In April 2015, Therium secured $300 million to invest in commercial litigation financing, the largest ever single investment in the litigation-funding sector, globally. Therium Nordic AS has been active since the spring of 2016 and has been well received by the legal communities and leading law firms in Oslo, Stockholm and Copenhagen. Therium Nordic AS has so far funded a number of meritorious claims for Nordic claimants.


"Therium has worked with EAM and their experienced team of international legal advisers for several months, with the intention to make a major investment in this extraordinary case. We are very pleased, and proud, through our investment decision to contribute significantly to EAM seeking justice in this complex, but strong case", says Henrik A. Jensen, chairman of the board in Therium Nordic AS.


The litigation funding transactions follows a ruling where the Criminal Court of Milan ordered the conservative seizure (see OSE release 8 June 2017) in favour of EAM Solar ASA and EAM Solar Italy Holding S.r.l., on all assets belonging to Marco Giorgi and Igor Akhmerov (previous directors of Aveleos SA and associated companies), up to the total amount of more than Euro 33 million. The Court's decision was made in order to secure a possible compensation of part of the cash outlay made by EAM companies in July 2014 in conjunction with the P31 fraud also involving Aveleos SA, Avelar Energy Ltd and Enovos Luxembourg SA. The Court furthermore decided not to grant a conservative seizure against Enovos Luxembourg SA and Avelar Energy Ltd since the Court deemed these companies to have sufficient financial resources to meet any future payments of damages claims to EAM.


The amount identified by the court in this conservative seizure ruling is not to be interpreted as a limitation to the final damages claims that may be awarded EAM Solar ASA in the criminal proceedings in Milan and elsewhere.


The proposed litigation funding comprises a maximum amount of approximately EUR 2.3 million divided into three equal tranches. The first tranche of EUR 776,865 has been committed, and Therium may provide two additional tranches in the same amount in the future at their own discretion if the Company needs further funds to cover legal costs. The funding is non-recourse and does not constitute a debt, however, Therium will upon a successful claim award receive four times the invested amount on any committed tranches.


In connection with the proposed Rights Issue, the Company has entered into an underwriting agreement with the Company's main shareholders of NOK 30 million who upon and subject to certain conditions underwrite the subscription of all the shares to be offered in the forthcoming Rights Issue.


The investment bank Carnegie and the law firm Wiersholm has acted as the Company's financial and legal advisors.


"We are grateful for the continued backing and support from our shareholders and we remain dedicated to rectify the damages inflicted on EAM and our shareholders following the fraudulent actions by Aveleos SA, Avelar Energy Ltd and Enovos Luxembourg SA and their representatives", says Viktor E. Jakobsen in a comment.


For further details about the transactions see separate OSE releases. The summons for an Extraordinary General Meeting will be issued at a later date.

 


For information, please contact:


Viktor E Jakobsen, Executive Director, phone +47 9161 1006, 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.




This announcement is distributed by Nasdaq Corporate Solutions (One Liberty Plaza, 165 Broadway, New York, NY 10006. Tel: +1 212 401 8700. www.nasdaqomx.com) on behalf of NASDAQ OMX Corporate Solutions clients. Source: EAM Solar ASA, Dronningen 1, Oslo 0287, Norway
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EAM Solar ASA :Rights issue of shares

EAM Solar ASA    

Published: 17:05 CEST 26-06-2017 /GlobeNewswire /Source: EAM Solar ASA / : EAM /ISIN: NO0010607781

EAM Solar ASA :Rights issue of shares

26 June 2017

 

This announcement is not for release, publication or distribution (directly or indirectly) in or to the United States, Canada, Australia or Japan. It is not an offer of securities for sale in or into the United States, Canada, Australia, the Hong Kong Special Administrative Region of the People's Republic of China, South Africa or Japan.

 

This announcement is not an offer of securities for sale in the United States. The new shares to which this announcement relates have not been and will not be registered under the United States Securities Act of 1933, as amended (the "Securities Act"), and may not be offered or sold in the United States absent registration or an exemption from registration under the Securities Act. There will not be a public offering of shares in the United States.

 

The board of directors of EAM Solar ASA (the "Company") has resolved to carry out a fully underwritten rights' issue with gross proceeds of NOK 30 million (the "Rights Issue"). The Rights Issue is subject to approval by the Company's general meeting. An extraordinary general meeting will be held in early August 2017 to consider the proposal for a Rights Issue.


The net proceeds from the Rights Issue will be used for financing the on-going legal processes and working capital purposes.  


The subscription price in the Rights Issue will be the lowest of NOK 24 per share and a discount of 25% to the theoretical ex-rights price for the shares (i.e. the calculated price for the Issuer's shares after issuing the new shares in the Rights Issue, assuming that the Rights Issue is subscribed for the full amount and based on a pre-transaction share price equal to the volume weighted share price for the Issuer's shares quoted on Oslo Børs in the period from and including 27 June 2017 to and including the last trading day prior to the date of the EGM notice. The number of new shares will be decided on the basis of the final subscription price.


The dilution of non-participating shareholders in the equity rights issue will be approximately 20% (excluding any revenue from sale of subscription rights).


In connection with the Rights Issue, the Company has entered into an underwriting agreement with the main shareholders (the "Underwriters"), who upon and subject to certain conditions underwrite the subscription of all the shares to be offered in the Rights Issue.


New shares not subscribed for by the end of the subscription period will thus be allocated to the Underwriters. The Underwriters will receive an underwriting fee corresponding to 2.00% of the underwritten amount.


The Company will prepare a prospectus relating to the Rights Issue, to be approved by the Financial Supervisory Authority of Norway. Existing shareholders will be granted subscription rights for the shares offered in the Rights Issue pro rata to their existing shareholding in the Company. The shareholders will receive subscription rights on the basis of their shareholding in the Company as of a record date to be determined when the date of the general meeting has been decided. Oversubscription and subscription without subscription rights will be permitted. The subscription rights will be freely tradable and listed on the Oslo Stock Exchange.

 

The Company has appointed Carnegie as Manager for the Rights Issue. Advokatfirmaet Wiersholm AS is the Company's legal counsel.

 


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 of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

 


IMORTANT INFORMATION:

This announcement is not an offer to sell or a solicitation of offers to purchase or subscribe for securities of EAM Solar ASA. This announcement is not a prospectus for the purposes of Directive 2003/71/EC (as amended, together with any applicable implementing measures in any Member State, the "Prospectus Directive"). Copies of this announcement may not be sent to jurisdictions, or distributed in or sent from jurisdictions, in which this is barred or prohibited by law. The information contained herein shall not constitute an offer to sell or the solicitation of an offer to buy, in any jurisdiction in which such offer or solicitation would be unlawful prior to registration, exemption from registration or qualification under the securities laws of any jurisdiction. A decision to invest in securities of EAM Solar ASA referred to in this announcement should be based exclusively on the prospectus published by EAM Solar ASA for such purpose.

 

This announcement and the information contained herein is not for publication or distribution into the United States of America and should not be distributed or otherwise transmitted into the United States or publications with a general circulation in the United States. This announcement does not constitute an offer or invitation to subscribe for or to purchase any securities in the United States of America. The new shares referred to herein have not been and will not be registered under the Securities Act or the laws of any state and may not be offered or sold in the United States of America absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended (the "Securities Act"). There will be no public offering of the new shares in the United States of America.

 

The information contained herein does not constitute an offer of securities to the public in the United Kingdom. No prospectus offering securities to the public will be published in the United Kingdom. This announcement is only being distributed to and is only directed at (i) persons who are outside the United Kingdom or (ii) to investment professionals falling

within article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended, the "Order") or (iii) high net worth entities, and other persons to whom it may lawfully be communicated, falling within article 49(2)(a) to (d) of the Order (all such persons together being referred to as "relevant persons").

 

The new shares are only available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire such Shares will be engaged in only with, relevant persons. Any person who is not a relevant person should not act or rely on this announcement or any of its contents.

 

Any offer of securities to the public that may be deemed to be made pursuant to this communication in any EEA Member State that has implemented Prospectus Directive is only addressed to qualified investors in that Member State within the meaning of the Prospectus Directive.

 

This publication may contain specific forward-looking statements, e.g. statements including terms like "believe," "assume," "expect," "forecast," "project," "may," "could," "might," "will" or similar expressions. Such forward-looking statements are subject to known and unknown risks, uncertainties and other factors which may result in a substantial divergence between the actual results, financial situation, development or performance of EAM Solar ASA and those explicitly or implicitly presumed in these statements. Against the background of these uncertainties, readers should not rely on forward- looking statements. EAM Solar ASA assumes no responsibility to up-date forward-looking statements or to adapt them to future events or developments.

 
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.




This announcement is distributed by Nasdaq Corporate Solutions (One Liberty Plaza, 165 Broadway, New York, NY 10006. Tel: +1 212 401 8700. www.nasdaqomx.com) on behalf of NASDAQ OMX Corporate Solutions clients. Source: EAM Solar ASA, Dronningen 1, Oslo 0287, Norway
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EAM Solar ASA :Acquisition of Royalty Rights

EAM Solar ASA    

Published: 17:04 CEST 26-06-2017 /GlobeNewswire /Source: EAM Solar ASA / : EAM /ISIN: NO0010607781

EAM Solar ASA :Acquisition of Royalty Rights

26 June 2017

 

EAM Solar Park Management AS ("SPM"), a subsidiary of Energeia Asset Management AS, is providing management services to EAM Solar ASA ("EAM") under an administrative, technical and commercial management agreement originally entered into on 17 March 2011 and amended and restated on 3 March 2013 (the "Agreement").


SPM is entitled to 12.5 % of the annual pre-tax profit (the "Royalty") in EAM. EAM and SPM is in agreement that the management agreement in its original form no longer works in the best interest of EAM and SPM, and have therefore decided to amend the Agreement.


The amendment is conducted to secure that SPM's interests are fully aligned with EAM in the pursuit of the claims against Aveleos, its directors, Enovos and Avelar.


EAM and SPM have entered into an addendum to the Agreement pursuant to which EAM shall buy back SPM's right to the Royalty with effect from the Effective Time, following which the Royalty will be cancelled. In consideration of to the buy-back of the Royalty, SPM shall receive a claim equal to NOK 17,436,385. This claim will be converted into 532,210 shares in EAM (the "Consideration Shares"). The new shares are non-dilutive for the existing shareholders.


The addendum is subject to the approval of the general meeting of EAM.


The addendum shall become effective when the general meeting of EAM has given the board of directors of EAM the authority to carry out the increase of the share capital required to issue the Consideration Shares (the "Effective Time").


SPM will continue as the manager of EAM and except for the amendments described above the management agreement will continue in force.


SPM has agreed to a lock-up on the Consideration Shares. Under the lock-up, SPM shall not for the period until the earlier of (i) five years from the Effective Time and (ii) such time when all legal disputes involving EAM or its subsidiaries in relation to the acquisition of the P31 portfolio have been finally settled or adjudicated, sell or in any other way transfer the Consideration Shares to any other person.


Carnegie and Wiersholm has acted as advisors to EAM in conjunction with this transaction.

 


For information, please contact:

 

Viktor E Jakobsen, CEO, phone +47 9161 1009, viktor@eam.no

 


About EAM Solar ASA: EAM Solar ASA 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.




This announcement is distributed by Nasdaq Corporate Solutions (One Liberty Plaza, 165 Broadway, New York, NY 10006. Tel: +1 212 401 8700. www.nasdaqomx.com) on behalf of NASDAQ OMX Corporate Solutions clients. Source: EAM Solar ASA, Dronningen 1, Oslo 0287, Norway
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EAM Solar ASA : Litigation Funding Agreement with Therium

EAM Solar ASA    

Published: 17:03 CEST 26-06-2017 /GlobeNewswire /Source: EAM Solar ASA / : EAM /ISIN: NO0010607781

EAM Solar ASA : Litigation Funding Agreement with Therium

26 June 2017

 

EAM Solar ASA ("EAM" or "the Company") has entered into a Litigation Funding Agreement ("LFA") with the international specialist litigation fund Therium Litigation Funding IC ("Therium"), which is part of the Therium Capital Management Group.


Following a comprehensive due diligence of the legal and financial claims of EAM, Therium has decided to invest in the Company's litigation claim against Aveleos, its directors, Enovos and Avelar.


The LFA secures part of the funding of legal costs of the various legal processes in Luxembourg, Italy and Switzerland that EAM is conducting in order to pursue justice and to recover the financial losses inflicted on EAM in conjunction with the P31 fraud. In addition, EAM has established an underwriting consortium that will underwrite an equity issue of NOK 30 million (see separate stock exchange notice).


Therium has committed to invest a maximum amount of up to EUR 2.3 million divided into three tranches of EUR 775 million for the three years from 2017 to 2019. Therium may choose not to invest more than the first tranche.


The LFA entitles Therium to receive the invested amount plus a contingency fee of 3X the committed funds under any incepted tranche of funding as a first priority payment from any litigation claim awarded to the Company, the fee is expected to be in the range of 5% to 10% of the anticipated claim award. The litigation funding by Therium is non-recourse and does not constitute a loan for EAM, and will be booked as revenues and construes a contingent liability in the event that EAM receives a litigation claim award.


Therium is one of the most established global litigation financing firms, founded in London and Jersey in 2009, with a presence in London, New York, Jersey, Spain, Italy, Scandinavia and Germany, and a market-leading track record of generating superior returns for its investors. In April 2015, Therium secured USD 300 million to invest in commercial litigation financing, the largest ever single investment in the litigation-funding sector, globally. Therium Nordic AS has been active since the spring of 2016 and has been well received by the legal communities and leading law firms in Oslo, Stockholm and Copenhagen. Therium Nordic AS has so far funded a number of meritorious claims for Nordic claimants.


 

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.




This announcement is distributed by Nasdaq Corporate Solutions (One Liberty Plaza, 165 Broadway, New York, NY 10006. Tel: +1 212 401 8700. www.nasdaqomx.com) on behalf of NASDAQ OMX Corporate Solutions clients. Source: EAM Solar ASA, Dronningen 1, Oslo 0287, Norway
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