London, UK, July 1, 2021. ANDINA PLC (“APLC” or the “Company”) today announces that its Board of Directors approved on March 1, 2021 the issue and allotment, to an American company, of 11,963,990 ordinary shares having a nominal value of 10p each to be issued at a premium of 8p per share, for a total value of USD 3,030,000.
This is part of the APLC strategy to attain an adequate equity structure allowing it to complete its participation in the Empresa Distribuidora y Comercializadora Norte S.A (“EDENOR”) (Argentina) acquisition, and to prepare for any future investments that complements and enhances its legacy.
The remainder of the shareholders not participating in the capital raise were invited to subscribe for shares in the Company on similar terms and conditions, mutatis mutandis, to those of the above mentioned capital raise, at a subscription price of 18p per share, a proportion of shares of APLC that is pro rata to the proportion in nominal value of the ordinary share capital of the Company held by each such shareholder on a basis prior to the aforesaid capital raise. Furthermore, for each share subscribed under the invitation to subscribe, the Company granted two warrants, which will consist of an option to subscribe for Company shares at a rate of one share for each warrant, for a three-year term, at a subscription price of 25p per share.
“The response from new investors as well as from existing shareholders motivate us to continue developing APLC to a leading energy company and we see this as an acknowledgment that investors believe in our growth agenda” said Jorge Rosenblut, Chairman of APLC.
About ANDINA PLC
Andina is a company focused on the development & operation of renewable energy projects, generation plants and distribution of electricity energy and regulated public services.
Energy is its core business, it produces 150 GWh of renewable hydro energy, it distributes energy to almost 3.6 million customers and it develops renewable energy projects throughout Argentina.
In a future characterized by the expansion of electrification, Andina is committed to developing and managing sustainable infrastructure solutions to help people use and manage energy more efficiently, focusing on the incorporation of technological advance and innovative solutions to make energy more reliable and affordable.
Mission: To provide sustainable, reliable and affordable energy through renewable sources and smart grids and support its customers into the new role dwellings have and will have in the pandemic and post- pandemic world.
Values: To always act in a competent and honest manner in order to be trusted. To devote its energy responsibly to serve people’s needs and to anticipate future opportunities through innovation and proactivity.