BORDEAUX, France, July 8, 2013 /PRNewswire/ --
BUSINESS UPDATE
Since trading on Europlasma shares was suspended Mid
April 2013, the Board, the main
Shareholder Crédit Suisse Europlasma SPV LLC, the Management and
the financial partner (owner of the CHO Morcenx plant), met
regularly to find a solution on both the contractual and technical
issues as well as on the cash shortage caused by the delayed
delivery and the temporary shut down of the CHO Morcenx plant.
Consequently the parties have decided unanimously to replace non
performing equipment. The CHO Morcenx plant will restart in winter
2013/2014 at mid power to achieve 6MW and Take Over by the client.
Full production is expected in summer 2014.
The new equipment is financed by two loans granted pari passu to
CHO Power by CHO Morcenx SAS and Crédit Suisse Europlasma SPV LLC.
The signed termsheet allows overall €4.5m to be released in three
successive tranches. Note that this new funding cancels and
replaces the second tranche (€2.7m) of the bridge loans signed in
December 2012 with Crédit Suisse
Europlasma SPV LLC.
GROUP REORGANISATION AND
GOVERNANCE
In the meantime, the Board has engaged a reorganisation at Group
level with the help of specialised consultants. The following
decisions have already been taken:
- the sale of the Group's subsidiary Europe Environnement in
order to generate significant cash proceeds and refocus on
core business . An M&A specialist has been appointed to
find potential buyers.
- the creation of a new company "CHOPEX", a 100% owned
subsidiary of CHO power, in charge of the operations and
maintenance (O&M) of the CHO Morcenx plant. The O&M
contract, initially awarded to Inertam, will reassigned to CHOPEX
with the transfer of the dedicated personnel first recruited by
Inertam.
- the board has decided to put an end to Didier Pineau's executive positions in the
Group. He has also resigned from his director's seat at Europlasma.
François Marchal, Director at Europlasma's Board, has been
appointed as CEO for a six months period.
RESUMPTION OF TRADING
The trading will restart once the long form agreements and
conditions precedents are fulfilled (early September at the
latest). These conditions precedents include recapitalisation
operations of CHO Power and the signature of existing agreements
amendments. A press release detailing terms and covenants will be
published before the resumption of trading. Market supervisors
(AMF) have been informed about the situation.
FY2012 ACCOUNTS AND ANNUAL GENERAL
MEETING OF SHAREHOLDERS
The publication of the FY2012 consolidated accounts has been
delayed because of the current context.
The Board of Directors should authorize the release of FY 2012
accounts in summer 2013 and the shareholders Annual General Meeting
should be hold in October 2013 in
accordance with the derogatory authorisation granted by the
Tribunal de Commerce de Mont de Marsan.
* * *
About Europlasma
Europlasma is a French Group operating in the clean technologies
and renewable energy production industries. Founded in 1992 to
apply its proprietary plasma torch technology to hazardous waste
destruction, it is now built on the following four business
units:
- Europlasma is a world-wide supplier of plasma heating
systems and related applications
- Inertam is the global specialist in the destruction and
recycling of asbestos and hazardous waste
- Europe Environnement is the European expert in
industrial ventilation and gas cleaning systems.
- CHO Power is a producer of electricity from waste and
biomass gasification.
http://www.europlasma.com [Alternext - NYSE Euronext Paris
- Mnemo : ALEUP - Isin : FR0000044810]
Press and investor contacts
François MARCHAL, C.E.O. / Anne BORDERES,
Shareholders and Press contact
Estelle MOTHAY, C.F.O
Tel: +33-556-497 000 - contactbourse@europlasma.com