Grupo Ezentis, S.A. announced that it expects to receive funding from Electrica Nuriel, S.L.U.
January 27, 2021
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Grupo Ezentis, S.A. (BME:EZE) announced that it has entered into an investment agreement with new investor Electrica Nuriel, S.L.U. for private placement of 66,200,000 shares at a price of €0.30 per share for gross proceeds of €19,860,000 on January 28, 2021. The investor will acquire 16.66% stake in the company. The transaction will be subject to full or partial execution within a maximum period of two months. The company will also issue convertible bonds to increase the stake of investor to 29.99%. The bonds are convertible at initial fixed conversion price of €0.30 per share and subsequently at a variable conversion price referenced to the listed price with a 10% discount. The bonds bears annual interest of 2%, which will be capitalized and paid on the conversion date. The bonds will have a maximum conversion term of two years from its issuance. The bonds can be converted in whole or in part at any time, provided that each conversion request is made for a minimum amount of €500,000. After two years, the bonds will be compulsory convertible into shares, so they cannot be redeemed in cash. Due to this investment, Electrica Nuriel, S.L. will have the right to appoint two members and a non-director deputy secretary to the board of directors once he subscribes and executes the capital increase. If the investors participation exceeds 20% at any time, it may designate an additional member. The transaction is approved by the board of directors of the company.
Grupo Ezentis SA, also known as Ezentis, is a Spain-based company engaged in the infrastructure and telecommunications sectors. The Companyâs activities are structured into three segments: Telecommunications, Electricity and Others. The Telecommunications segment provides design, construction, operation, as well as maintenance services of fiber optic and mobile telephone networks, among others. The Electricity area offers a variety of services within the electric power infrastructure, such as assembly of transmission and distribution lines, installation of substations, smart grids and maintenance of public lighting network. The Others segment encompasses operations in water, oil and gas, as well as mining sector, including construction, repairs, inspections, project management, and engineering services, among others. Ezentis operates through Comunicaciones Y Sonido Mexico SA de CV, Ingenieria Celular Panamericana SA and Gts Thaumat XXI SA.