Renergen Limited (JSE:REN) has appointed Standard Bank as a joint underwriter in its planned Nasdaq initial public offering (IPO) and has secured a short-term funding facility with the bank to provide it with funding leading into the IPO. ?Standard Bank is delighted to extend its long-standing support of the Renergen story into this next critical phase of the project?s development and looks forward to delivering a successful capital raise and Nasdaq listing for the company,? said Richard Stout, Head of Equity Capital Markets SA and Sub-Saharan Africa.

In terms of the loan conditions, CRT Investments, an associate of Renergen Director Nicholas Mitchell, and MATC Investments Holdings, an associate of CEO Stefano Marani, have concluded cession and pledge agreements, in terms of which CRT and MATC have ceded as security collectively 17.3-million Renergen ordinary shares to Standard Bank. CRT?s and MATC?s potential liability under the security given in respect of the financial obligation was capped at the lower of the value of the pledged shares, or ZAR 155 million, Renergen said in a statement on September 2, 2024. ?The financial security offered by Stef and Nick shows the clear level of commitment and certainty that management have over the project, and their complete alignment with our valued shareholders as we prepare for the next chapter in Renergen?s exciting journey,?

said the group. ?We also welcome Standard Bank as a key figure in the IPO process, bringing an elegant mix with deep knowledge on SA and the energy landscape in the region, which will be a powerful addition to the marketing team to foreign investors less familiar with the region and its prospects,? said chair David King.

Business Day reported in November 2023 that Marani was living in Texas, the US. He said at the time that it would be easier to raise funds in the US for the company?s proposed Nasdaq listing.