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the globe increase. Opcon’s Board foresees significant growth for the company, with comparable units expected to grow by 30% or more in 2011. The background to the agreement is that the Board wishes to strengthen the company’s financial muscles and ensure that the company has access successively to the capital needed to speed up the industrialisation and international expansion phases for the Renewable Energy business area. The market potential for the company’s technology used to produce electricity from waste heat is considered to be exceptional. Following intensive work on marine applications, the company has also revised upwards the number of vessels where it is considered that the company’s products have the technical and commercial potential to be successful. Bunker oil prices have meanwhile risen significantly, more than doubling since the start of 2009. Opcon has entered a resource-intensive phase of further developing Opcon Powerbox for operation at sea, and a first reference installation will be made on a vessel operated by Wallenius in mid 2011. Considering the partnerships and discussions entered into with several leading players concerning the marine application of Opcon Powerbox, Opcon has decided to strengthen its capabilities for further initiatives. The Board has also decided to further develop Boxpower’s business, which covers sales of electricity from Opcon Powerbox, within Opcon’s own organization, in order to better serve the interests of shareholders in future. This business can be developed more quickly with better access to capital. The principal commercial terms that have been agreed include the following: GEM is placing an equity line of credit worth a total of SEK 250 million before expenses at Opcon’s disposal with an advance of SEK 25 million. As such Opcon has also committed to utilizing at least SEK 25 million of the equity line. The equity line of credit runs for 36 months. As Opcon utilises the credit, GEM gains the right to subscribe for shares worth a corresponding amount. The subscription price is set at 90% of the market price that shall be established on an ongoing basis as the average of a number of trading days on the occasions when Opcon chooses to utilise the credit. The agreement also includes an undertaking that enables GEM, as security, to borrow shares until a new share issue is performed and the new shares are registered and delivered. For this purpose, B.O. Intressenter will make shares available, initially in relation to Opcon’s initial commitment. In accordance with the agreement Opcon will also issue 2.2 million warrants with a subscription price of SEK 24, which are valid for five years. The warrants are subject to shareholder approval at the Annual General Meeting. Opcon’s two largest owners, who together control around 26.2% of the company, have undertaken to vote in favour of such a proposal. Global Emerging Markets Limited, www.gemny.com, was founded in 1991. GEM is a $3.4b investment group having completed 285 transactions in 60 countries. The firm is an alternative investment group that manages a diverse set of investment vehicles across the world. For further information, please contactPDF Image | Opcon secures SEK 250 million equity line of credit for investment in renewable energy and improved energy efficiency
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