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MarketScreener Homepage  >  Equities  >  Oslo Bors  >  EAM Solar ASA    EAM   NO0010607781

EAM SOLAR ASA

(EAM)
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EAM Solar ASA: Legal status update

10/29/2020 | 04:22am EST
29 October 2020

New investigation for subsidy fraud by the Prosecutor within the Criminal Court
of Bolzano
On Wednesday the 28th of October 2020, EAM Solar ASA was informed that the
Prosecutor within the Criminal Court of Bolzano had ordered the financial police
to perform a search and seizure of documents from 57 Italian companies related
to the ownership 58 Solar PV power plants with subsidized electricity sales
contracts towards GSE, of the State of Italy. The search and seizure were
conducted as part of an ongoing investigation into subsidy fraud against the
State of Italy.

The Milan office of EAM Solar ASA's Italian subsidiaries, ENS Solar One Srl,
Energia Fotovoltaica 25 Srl and EAM Solar Italy Holding Srl were visited by
officers of Guardia Di Finanza (the financial police) who retrieved
documentation related to the above-mentioned companies. In addition, the search
and seizure order also identified Energia Fotovoltaica 14 Srl, which is already
part of the ongoing criminal proceedings in Milan and was sent into bankruptcy
in 2016. 

The search and seizure order issued by the Prosecutor identified 79 individuals
as names of interest to the public prosecutor. Viktor Erik Jakobsen, CEO of EAM
Solar ASA, holds the position as Sole Managing Director in the above-mentioned
companies, and is consequently named as one of the 79 individuals.

With this new investigation, and the existing criminal proceedings in the Court
of Milan, all power plants sold to EAM Solar ASA in 2014 by Enovos and Avelar
through their joint investment vehicle Aveleos SA, are subject to criminal
proceedings or investigation for subsidy fraud against the state of Italy. In
addition, the new investigation includes 17 of the remaining 31 SPV's currently
owned by Aveleos SA. 

This latest investigation further demonstrates the fact that Enovos and Avelar,
through their investment vehicle Aveleos SA, conducted a criminal contractual
fraud against EAM Solar ASA in 2014.

Criminal Court of Milan
The appeal procedure in the Criminal Court of Appeal of Milan commenced on the
9th of October with a subsequent Court hearing on the 22nd of October. The
proceedings have scheduled two more hearings for the 10th and 17th of December
2020. This appeal process is done primarily through written submissions and will
not feature witness testimonies. There is a possibility that the Court will add
further hearings beyond the two remaining if needed. However, we are informed
that the decision of the Court of Appeal may come in first half of 2021. 

Collection procedure of EUR 5 million towards Aveleos SA in Luxembourg
Reference is given to the stock exchange notice of the 25th of August 2020. EAM
Solar ASA has together with the Bailiff of Luxembourg conducted formal
collection procedures in Luxembourg. Aveleos SA has defaulted on the payment
demand from the Bailiff. Consequently, EAM Solar ASA will conduct the necessary
legal steps to enforce the payment of the award going forward.

Arbitration Chamber of Milan
On Monday the 5th of October 2020, the Arbitration Chamber of Milan notified EAM
Solar ASA and its subsidiary EAM Solar Italy Holding Srl that Aveleos SA had
filed for two new arbitration proceedings in relation to the P31 SPA with
reference to shareholder loans and corporate guarantees. A hearing date has not
yet been set in these new arbitration matters. 

The first hearing in the Arbitration Appeal of the previous arbitration decision
remains scheduled for the 3rd of February 2021, and there have been no
developments in these proceedings.

At this point it is not clear if there is an overlap between the new filings and
the arbitration award currently under appeal or if the new filings are merited
and allowed.


For further information, please contact:

Viktor E Jakobsen, CEO, phone +47 9161 1009, viktor@eam.no
   
About EAM Solar ASA: EAM Solar ASA is a utility company that acquires and
operates solar power plants. The Company currently owns solar PV power plants in
Italy. The plants are operating under long-term sales contracts. In addition,
the Company's business is lawsuits in relation acquisition of solar power
plants.
 
This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.

Click here for more information

© Oslo Bors ASA, source Oslo Stock Exchange

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Financials
Sales 2019 3,17 M 3,74 M 3,74 M
Net income 2019 -0,24 M -0,28 M -0,28 M
Net Debt 2019 4,72 M 5,58 M 5,58 M
P/E ratio 2019 -340x
Yield 2019 -
Capitalization 8,66 M 10,3 M 10,2 M
EV / Sales 2018 7,66x
EV / Sales 2019 4,05x
Nbr of Employees -
Free-Float 59,8%
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Income Statement Evolution
Managers
NameTitle
Viktor Erik Jakobsen CEO, Head-Investor & Media Relations
Ragnhild Marta Wiborg Chairman
Pål Hvammen Independent Non-Executive Director
Stephan Lange Jervell Independent Non-Executive Director
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