algoWatt S.p.A., GreenTech Solutions Company listed on the Italian Stock Exchange (MTA), announces that the Bondholders’ Meeting of the Algowatt Tv Eur6m+1,5 Dc27 Amort – ISIN Code: IT0004991573 (the “Bondholders’ Meeting”) met in second call, today at 12.00 a.m., under the chairmanship of Stefano Neri and in the presence of Notary Public Adele Cesaro of Milan, was attended by bondholders representing 50,8% of the bond.
The Bondholders’ Meeting, with the majorities required by law, approved the resolutions relating to items 2 and 3 on the agenda. These are the most important preparatory elements for the successful outcome of the algoWatt rstructuring process and the consequent substantial debt reduction and forward valorisation of the Company. In particular, the Bondholders’ Meeting resolved:
- Granting of powers to the representative of the bondholders, Mr. Marzio Molinari, for the conclusion with algoWatt S.p.A. of a restructuring agreement pursuant to Article 67, paragraph 3, letter d) of the Bankruptcy Law in line with the provisions of the 2021 Plan;
- The granting of powers in favour of the representative of the bondholders, Mr. Marzio Molinari, for the subscription of the participating financial instruments (hereinafter referred to as “SFP”) under the 2021 Plan.
Through these resolutions, algoWatt will be in a position to complete the negotiations relating to the definition of the new Financial Package and the Business Plan, being able to define the final contents of the new 2021 Plan with the Bondholders’ representative and the creditors by June 2021. AlgoWatt appointed Mr. Franco Carlo Papa (“Attestation Report 2021”) to prepare the asseveration report pursuant to Article 67 of the Bankruptcy Law on the aforementioned Plan (the “Attestation Report 2021”). The activities relating to the preparation of the 2021 Attestation Report are currently being carried out. The Company will then convene its Board of Directors to approve the financial statements obtained the 2021 Plan Attestation Report.
However, the quorum of 50% plus 1 of those entitled to vote was not reached for items 1 and 4 on the Bondholders’ Meeting Agenda. In particular, the prior information to Bondholders on the general contents of the new 2021 Plan received 125 votes in favour, 1 vote against and 1 abstention, while the item on the early extinction and cancellation of the Bonds received 123 votes in favour, 1 vote against and 3 abstention. This outcome on items 1 and 4 of the items on the agenda, however, does not affect the continuation of the financial package and, therefore, the issuance of the SFPs that will follow the conclusion of the restructuring agreement under the terms of the 2021 Plan.
The minutes of the Bondholders’ Meeting and the summary voting report will be made available to the public within the time limit set by the applicable regulatory provisions. A copy of the aforementioned documents will be published on the website www.algowatt.com and on the regulated information storage system 1Info at the URL www.1Info.it.
algoWatt is assisted by R&S Advisory S.r.l. as financial advisor and by Studio Legale Fallanca-Scicolone & Partners, in the person of Avv. Marco Scicolone, for the legal advisory activities. Lawyer Marzio Molinari of Studio Russo De Rosa Associati is the common representative of the bondholders.