NHOA Announces the Strong Success of Its €140 Million Rights Issue
NOT FOR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES OF AMERICA, CANADA, AUSTRALIA AND JAPAN
NHOA (Paris:NHOA) (NHOA:PA, formerly Engie EPS, the “Company”) a global leader in energy storage, e-mobility and electric vehicles public fastcharging infrastructure, listed on the regulated market of Euronext in Paris, announces the successful completion of its capital increase with shareholders’ preferential subscription rights (the “Rights”) with the subscription period running from November 12, 2021 to November 23, 2021 (the “Rights Issue”).
The Rights Issue was conducted by Société Générale acting as Sole Global Coordinator and Joint Bookrunner alongside Mediobanca acting as Joint Bookrunner.
The net proceeds of the offering will be used to support the announced Masterplan10x and strategic ambitions of NHOA, in particular:
- c.€30 million to serve investments in the 2021-2023 Technology Roadmap and the additional R&D required to preserve NHOA’s competitive positioning recently obtained in the storage sector, particularly in Asia Pacific,
- c.€8 million to finance the expansion in the Americas and Asia Pacific regions, including the set-up of local development and execution teams and the implementation of the necessary commercial infrastructure, and
- c.€98 million for the equity financing of the first phase of the Atlante network, including the strengthening of the industrial footprint and the supply chain vertical integration of the Global Business Line eMobility that will be required to follow the Atlante demand for fastchargers in Southern Europe.
Results of the Rights Issue
The final gross proceeds of the transaction amount to €139,924,785.60 corresponding to the issuance of 12,766,860 new shares at a price of €10.96 per share.
Total demand, which amounted to approximately €160 million, was greater than the targeted proceeds of €140 million, corresponding to a subscription rate of about 114%, including the irreducible order from NHOA’s main shareholder, Taiwan Cement Europe Holdings B.V. (“TCEH”), the fully-owned subsidiary of Taiwan Cement Corporation (“TCC”) and over 140% excluding the order from TCC.
Total demand was split as described below:
- 12,611,653 new shares were subscribed on an irreducible basis (“à titre irréductible”), representing 98.8% of the number of new shares to be issued;
- orders subject to reduction (“à titre réductible”) amounted to 1,978,500 new shares and will, as a result, only be partly allocated, in the amount of 155,207 new shares.
Impact of the Rights Issue on the allocation of the share capital