A fund based in Dubai, Alpha Blue Ocean, has agreed to make available to the Galician self-consumption group EiDF a loan of 20 million euros without interest and exchangeable for shares of the company itself. The move gives oxygen to a company recovering after its recent stock market collapse and also anticipates the entry into its capital of an Arab investor.
In a note sent to BME Growth, which is where EiDF is listed, the renewables company explains that it has reached a financing agreement with a firm called Global Corporate Finance Opportunities 24, which is a subsidiary of the Emirati fund.
The new investor will subscribe to shares convertible into shares through financing with a maturity of twelve months and without interest. He will have the right to exchange the loan for shares whenever he wishes, so that he will be able to choose the moment of the listing that is most favorable to him to obtain a greater presence in the capital.
This announcement today caused the price of EiDF shares to rise by 10.5% on the BME Growth, to 5.35 euros. However, its stock market value, of 309 million euros, is 82% lower than the nearly 1,721 million reached in August, before its collapse amid doubts about its accounts.
The new investor, who is a shareholder in Intercity of Alicante, the first Spanish football club listed on the BME Growth and in some Spanish markets, will allow EiDF to “raise funds in the current context of financial uncertainty.” It will use them, according to the company, to develop “different business units” in self-consumption and photovoltaic energy generation.
At the end of August, the National Securities Market Commission (CNMV) found in EiDF signs of possible falsification of documents related to invoices, works or deliveries of materials that directly affect the group’s financial statements.
These conclusions are part of the forensic report commissioned from Deloitte after, in April of this year, the company’s listing was suspended amid delays in the publication of the 2022 annual accounts due to discrepancies with the auditor, PwC.
