Company Announcement 28 November 2018 at 12.00 a.m. (CET)
Savosolar has due to customer project-schedules a short-term deficit in the working capital
Savosolar Plc (“Savosolar” or the “Company”) assesses a risk that the working capital is deficient to cover the Company’s short-term capital needs during the next weeks until cash flow from project in delivery is received during Q1/2019.
The Company has in delivery phase customer projects with 2,6 MEUR of cash flow, which would cover well the planned working capital need. These customer payments will anyhow be received during the Q1 2019.
The Company’s warrants of Warrant Plan 1-2018 have a final subscription date on 10 December 2018. Due to the difference between the strike price (0.02 EUR or 0.21 SEK) and the current share price, the Board assesses that with the current subscription price the plan for receiving working capital via the warrants is risky,
Because of this the Company has started negotiations for short-term financing solutions to secure working capital until cash flow from current projects is received and will revert with further details as soon as decisions in the financing issue have been taken or the working capital matter is other ways solved.
For more information:
Managing Director Jari Varjotie
Phone: +358 400 419 734
Savosolar Plc discloses the information provided herein pursuant to the Market Abuse Regulation ((EU) No 596/2014, “MAR”). The information was submitted for publication by the aforementioned person on 28 November 2018 at 12.00 a.m. (CET).
Savosolar in brief
Savosolar with its highly efficient collectors and large-scale solar thermal systems has taken solar thermal technology to the next level. The company’s collectors are equipped with the patented nano-coated direct flow absorbers, and with this leading technology, Savosolar helps its customers to produce competitive clean energy. Savosolar’s vision is to be the first-choice supplier to high performance solar installations on a global scale. Focus is on large-scale applications like district heating, industrial process heating and real estate systems – market segments with a big potential for rapid growth. The company primarily delivers complete systems from design to installation, using the best local partners. Savosolar is known as the most innovative company in the business and aims to stay as such. The company has sold and delivered its products to 17 countries on four continents. Savosolar’s shares are listed on Nasdaq First North Sweden with the ticker SAVOS and on Nasdaq First North Finland with the ticker SAVOH. www.savosolar.com.
The company’s Certified Adviser is Augment Partners AB, phone: +46 8 505 65 172.