EAM SOLAR ASA 22 May 2024 Based on the decision of theCourt of Appeal inMilan to postpone the decision in the criminal case from 16 May to 13 June, as well as the interest linked to the outcome of the criminal case inMilan , the company wishes to provide information to the company's shareholders about what is planned regarding information activity and company decisions in the remaining part of the second quarter of 2024. This status update should be read in conjunction with the company's annual report for 2023, and information given in the company's shareholder meeting on3 May 2024 . The company's reporting, planned information meeting and ordinary general meeting in May andJune 2024 : The company will publish a report for the 1st quarter of 2024 before the stock exchange opens on Friday 24 May. The quarterly report will contain complete information regarding the activity in the 1st quarter, as well as commenting on important events up to and including the publication date and the general status of operations. The extraordinary general meeting on 10 May revealed a need for precise information for the company's shareholders. Considering the need for information, as well as in preparation for necessary company decisions the shareholders must make at the company's planned general meeting on Thursday 27 June, an information meeting will be held on Thursday 30 May. The purpose of the information meeting is, among other things, to have a conversation and discussion with the company's shareholders about possible ways forward for the company after a possible decision in the criminal case inMilan on13 June 2024 . The time and place will be communicated in a separate stock exchange announcement. The company will hold an ordinary general meeting on Thursday27 June 2024 . A notice of the general meeting with proposed resolutions and documents will be sent to the company's shareholders by the end of Thursday 6 June at the latest. The criminal case inMilan : On Thursday 16 May, the tribunal in theCourt of Appeal inMilan held a hearing in the appeal process of the Milan Criminal Court's sentencing decision ofApril 2019 . As far as the company currently knows, the hearing on 16 May mainly consisted of the defendants' defenders reading out their points of appeal against the indictment and the sentence of 2019 and lasted approx. 4 hours. The tribunal (judges) informed that they expect to publish their decision on the question of guilt in the criminal case on13 June 2024 . If theCourt of Appeal publishes its decision on 13 June, it will probably only contain a short decision on the question of guilt for the defendants according to the six (6) charges in the criminal case, of which one charge deals with fraud byEAM Solar ASA . Final sentencing decisions with reasons must initially be published within 90 days of sentencing. However, this deadline can be extended by a further 90 days if the court so wishes. AsItaly has a court break for the entire month of August, this month is not counted in the 90 days. The judgment in theCourt of Appeal can be appealed to the Supreme Court. The appeal deadline to the Supreme Court is 45 days after theCourt of Appeal has published the full judgment. Change in the management ofEAM Solar ASA :Energeia AS has managed the companyEAM Solar ASA since 2010. The management agreement was irrevocable for both parties until 2021. The board ofEnergeia AS has informedEAM Solar ASA that the management agreement between the companies is terminated from the 21st ofMay 2024 . The management agreement has a notice period of 12 months.Energeia AS will assistEAM Solar ASA during this period with the management of the company as it has been carried out since 2010.Energeia AS will assist the board ofEAM Solar ASA with the establishment of a separate organization that will be able to continue operations as an independent company. The basis for separating the operations ofEAM Solar ASA andEnergeia AS has come i.e. because of the companies no longer having any ownership relationship or any natural common business interests. In the period from 2010 until the stock market listing of Energeia in 2022, there was a close connection in dominant share ownership between the two companies. After the listing ofEnergeia AS in 2022, where Energeia gained many new shareholders, this is no longer the case. The business focus forEAM Solar ASA is mainly several legal processes to obtain justice after the fraud the company suffered in 2014, as well as ownership of four solar power plants inItaly .Energeia AS focuses on its business activities related to the ownership, installation and operation of energy systems inthe Netherlands andNorway . Management of other companies is not included as one of the Energeia group's defined core activities going forward. The ordinary general meeting ofEAM Solar ASA on27 June 2024 will elect a board. This board will have as one of its initial tasks to establish an independent and viable organization with assistance fromEnergeia AS . Practical implementation of the establishment of a separate organization inEAM Solar ASA will be discussed in the planned information meeting for the shareholders on30 May 2024 . For further information, please contact: Viktor E Jakobsen, Chair, phone +47 9161 1009, viktor@eam.no AboutEAM Solar ASA :EAM Solar ASA is a utility company that acquires and operates solar power plants. The Company currently owns solar PV power plants inItaly . The plants are operating under long-term sales contracts. In addition, the Company's business is lawsuits in relation acquisition of solar power plants. This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
Click here for more information
© Oslo Bors ASA, source
