Significant investment by EBIOSS Energy in REACT Energy Group
January 10, 2017
Kerman & Co advised new client, EBIOSS Energy AD (“EBIOSS Energy”) in connection with the conditional assignment of the benefit of the EUR5,150,226 debt due to EBIOSS from Newry Biomass Limited (“NBL”), a 50.02 per cent. subsidiary of REACT Energy PLC (“REACT” or “Company”), a AIM listed public limited company incorporated in Ireland to REACT and the conditional issue of 78,210,000 new ordinary shares (“New Ebioss Shares”) by REACT to EBIOSS at a price of 5.33 pence per share.
As the issue of the New Ebioss Shares would result in EBIOSS Energy holding 51 per cent. of the enlarged share capital of REACT, their issue was conditional, inter alia, on Independent Shareholders approval of the waiver of the requirements of Rule 9 of the Irish Takeover Rules that would otherwise arise on EBIOSS Energy to make a general offer to all shareholders of REACT.
On 6 February 2017, the Independent Shareholders of REACT approved, by way of a poll vote, the waiver under Rule 9 of the Irish Takeover Rules as well as the change of name of the Company to EQTEC Plc and the New Ebioss Shares were expected to be admitted to trading at 8.00 a.m. on 7 February 2017.
EBIOSS Energy is the holding company of the EBIOSS Energy group companies which specialise in waste to energy projects and waste management solutions. EBIOSS Energy is admitted to trading on the Mercado Alternativo Bursátil (“MAB”) market of the Bolsas y Mercados Españoles.
Joan Yu (Partner) and Jack Kemmish (Solicitor) were part of the Kerman Corporate & Capital Markets Team who advised Ebioss Energy.