Ebusco’s shareholders adopt all resolutions to pursue company restructuring (new liquidity needed)
Ebusco’s shareholders adopted all resolutions on the agenda of 24th October’s meeting in order to go ahead with the turnover plan, put its operations in order and avoid bankruptcy, that appeared quite close after the loss of a court case against Qbuzz on the 23rd October. The meeting held yesterday approved authorisation of the Management […]
Ebusco’s shareholders adopted all resolutions on the agenda of 24th October’s meeting in order to go ahead with the turnover plan, put its operations in order and avoid bankruptcy, that appeared quite close after the loss of a court case against Qbuzz on the 23rd October.
The meeting held yesterday approved authorisation of the Management Board to issue up to EUR 36 million in shares. Ebusco intends to raise equity of up to EUR 36 million, largely in the form of a rights issue, as announced in September.
Ebusco shares have today a value of 0.50 €, and witnessed a -89% decrease in the last 12 months. The loss compared to the time when the company went public (October 2021) is -97%, as Ebusco’s shares value at that time was around 23 euros.
Ebusco needs new equity
As reported on Dutch newspaper ‘Financieel Dagblad’, “The company’s shareholders, including Ebusco founder Peter Bijvelds and ING, are thus giving Ebusco another chance to implement its intended rescue plan. Nevertheless, with the current share price, the bus manufacturer will have a tough job raising the required millions. On the Amsterdam stock exchange, the smallcapper closed the day at €0.41, down almost 20%”.
The same newspaper highlights that “Private investors expressed dissatisfaction with the ongoing problems at the company. ‘We have been hearing these stories about cost savings, market potential and new leadership for three years now. Why should we believe you again this time?‘ a representative of investors’ association VEB wondered aloud”.
The company reported that it currently holds €33 million in outstanding debt. Additionally, Ebusco anticipates incurring more penalties due to delays in deliveries, especially as bus production has been significantly slowed to reduce expenses.
The following resolutions have been released by Ebusco, in the words of the company’s press release:
- Appointment Mr Schreyer as member of the Management Board with the title Chief Executive Officer
As of 2 September, Mr Schreyer joined the company with the title Chief Executive Officer (CEO) for a term ending at the end of the AGM to be held in 2028.
- Deviation of the remuneration policy in respect of Mr Schreyer
The deviation means that Mr Schreyer will be granted 300,000 Ebusco shares that will vest in three years after his appointment by the EGM, provided that Mr Schreyer is still working for the company in the role of CEO at that time.
- Share consolidation and amendment of the Articles of Association of the company
The company will consolidate 5 shares to 1. This means that 5 (five) ordinary shares will be consolidated into 1 (one) ordinary share. The purpose of the share consolidation is to increase the market value per ordinary share and to facilitate the rights issue.
As a result of the share consolidation: (i) 5 ordinary shares (ISIN NL0015000CZ2) will be consolidated into 1 ordinary share, with nominal value per ordinary shares changing from EUR 0.01 to EUR 0.05 and the number of shares outstanding changes from 73,088,382 to 14,617,676.
