EUROPLASMA - Annual Shareholders' Meeting of 1 September 2014

BORDEAUX, France, July 25, 2014 /PRNewswire/ --

Notice of meeting 

The company informs its shareholders that they are invited to attend an Ordinary and Extraordinary Shareholders' Meeting on 1 September 2014 at the Cité Photonique in Pessac, where Europlasma's Bordeaux offices will be relocated in November. A notice convening the Shareholders' Meeting, containing the agenda and the text of the resolutions, is published in the Bulletin of Mandatory Legal Notices (BALO) today.

Details regarding the eleventh, twelfth and thirteenth resolutions 

As indicated in press release dated 3 July 2014, the Group received in April 2014 a new loan in the amount of €2.8 million granted pari passu (50:50) by its main shareholder, Crédit Suisse Europlasma SPV (CSE), and CHO Morcenx.

This loan, coupled with financial aid (repayment deferments) granted by the State and some of the Group's other key partners, allowed the company to cover its cash requirements between April and July 2014, a particularly rich period in operational terms that saw :

• CHO Power receive the Preliminary Delivery of the Morcenx power plant,
• Inertam find a lasting solution to the long-standing and recurring problems of torch rectifiers,
• Torches & Process secure more orders for studies,
• and Management continue the execution of the 180-day plan.

It is repayable by May 2015 at the latest, in cash or by the conversion into Europlasma or CHO Power shares, at the request of the lenders and subject to the prior approval of the Shareholders' Meeting as regards the conversion into Europlasma shares. This authorisation is subject to the approval of the eleventh resolution to be submitted to shareholders.

Conversion into Europlasma shares would be made at the same price as the exercise price determined by the Board of Directors for the capital increase with preferential subscription rights planned in September 2014. The possibility of converting would be restricted to a three-month period following the approval of the Shareholders' Meeting.

In case of rejection by the Shareholders' Meeting of the eleventh resolution authorising the possible conversion of loans granted since 1 January 2013, additional interest of 10% would apply to the April 2014 loan.

Moreover, the loan has a clause providing for the issuance of Europlasma warrants at a token unit price of €0.01 each, with prior authorisation from the Shareholders' Meeting. The number of warrants issued would be a function of the ratio of 20% of sums lent as of the date of issue of the warrants and €0.80, the subscription price determined by the Board of Directors for the capital increase planned in September 2014. The warrants will be exercisable over a period of five years at an exercise price equal to the subscription price of the said capital increase.