HBR Investment Group, the personal holding company of businessman Hugo Brugière, has become Boostheat's largest shareholder, increasing its stake to over 20%.

The energy efficiency specialist explains that it has been notified of
the crossing by HBR Investment Group of the 5%, 10% and 15% thresholds for capital and voting rights on January 9, and of the crossing of the 20% threshold for capital and voting rights on January 13, 2023.

Boostheat explains that these threshold crossings are the result of off-market share acquisitions from former historical shareholders, including Holdigaz and Fluxys.

As of January 13, HBR Investment Group held 2,808,878 Boostheat shares representing the same number of voting rights, or 21.2% of the company's capital and voting rights.

Last month, Boostheat had declared that it had requested authorization to receive one million euros from HBR, the personal holding company of its CEO Hugo Brugière, and to sign a 30 million euro financing line with European High Growth Opportunities Securitization Fund (EHGO).

These operations should enable the thermal compressor manufacturer to cover its cash requirements, estimated at 2.3 million euros, under its proposed safeguard plan.

In addition, Boostheat points out that HBR has provided a guarantee of 10 million euros, covering the company's liquidity risk over the next 12 months.

This solution could enable Boostheat to finance the observation period and the reorganization required to ensure the company's long-term viability, safeguard jobs and pay off
creditors.

The company's share price, which resumed trading today after almost five months' suspension, had to be halted at the end of the morning as the value soared by 124%.

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