Main events in the quarter:
On 26 June the Company entered into a Litigation Funding Agreement with the international specialist litigation fund Therium Litigation Funding IC and resolved to carry out a fully underwritten rights' issue with gross proceeds of NOK 30 million. The litigation funding agreement and equity issue secures EAM Solar ASA's capability to pursue legal actions in the foreseeable future.
In May the Criminal Court of Milan ordered a conservative seizure on all assets connected to Marco Giorgi and Igor Akhmerov, up to the total amount of Euro 33.062.632,62 in favour of EAM Solar ASA and EAM Solar Italy Holding S.r.l.
EAM achieved a record high power production in the first half of 2017, adjusted for solar irradiation, due to improved technical operations.
Based on the record power production the EBITDA for the first half 2017 came in at EUR 472k. Adjusted for legal costs normal operations yielded an EBITDA of EUR 1.2 million in the first half 2017, equivalent to an EBITDA margin of 58%.
For information, please contact:
Viktor E Jakobsen, CEO, phone +47 9161 1009, viktor@eam.no
About EAM Solar: EAM Solar is a utility company that acquires and operates solar power plants. The Company currently owns solar PV power plants in Italy. The plants are operating under long-term sales contracts.
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
