Bli medlem
Bli medlem

Du är här

2016-12-14

Savo-Solar Plc: Validity period of Savo-Solar's bank guarantee limit has been extended by 12 months

Savo-Solar Plc

Company Announcement 14 December 2016 at 2.30 p.m. (CET)

Validity period of Savo-Solar's bank guarantee limit has been extended by 12 months

The bank Suur-Savon Osuuspankki has extended the validity period of its bank
guarantee limit granted to Savo-Solar Plc by 12 months, up and until 30
November 2017. The limit amounts to EUR 2 million and the company uses it in
large projects for guarantees needed during deliveries and the warrant
period, among others. The extension of the limit's validity period is
conditional upon Finnvera Plc granting a counter guarantee to the bank on
behalf of the company and the company giving an additional collateral to the
bank. Finnvera has already made a positive decision regarding the guarantee.

The most important covenants of the bank guarantee limit are an equity ratio
of at least 30% (currently 71.7% as per 30 November 2016) including the
subordinated debt and a positive operating margin (EBITDA) during the last
quarter of the year 2017. Should the covenants not be met, the bank has the
right to adjust the terms of the bank's financing or cancel the financing.

The financial position of Savo-Solar has improved as a result of the
successful rights issue and directed share issue carried out during the
autumn 2016, when the company raised approximately EUR 5.8 million in net
proceeds. The company aims to increase its revenue and to improve its
profitability so that it can ensure the coverage of needed working capital
and meet the covenants of its loan funding.

SAVO-SOLAR PLC

For more information:

Managing Director Jari Varjotie
Phone: +358 400 419 734
E-mail: jari.varjotie@savosolar.fi

Savo-Solar Plc. discloses the information provided herein pursuant to the
Securities Markets Act and/or the Financial Instruments Trading Act. The
information was submitted for publication on 14 December 2016 at 2.30 p.m.
CET.

Savo-Solar in brief
Savo-Solar with its highly efficient collectors and large-scale solar thermal
systems has taken solar thermal technology to the next level. The company's
collectors are equipped with the patented nano-coated direct flow absorbers,
and with this leading technology, Savo-Solar helps its customers to produce
competitive clean energy. Savo-Solar's vision is to be the first-choice
supplier to high performance solar installations on a global scale. Focus is
on large-scale applications like district heating, industrial process heating
and real estate systems - market segments with a big potential for rapid
growth. The company primarily delivers complete systems from design to
installation, using the best local partners. Savo-Solar is known as the most
innovative company in the business, and aims to stay as such. The company has
sold and delivered its products to 17 countries on four continents.
Savo-Solar's shares are listed on Nasdaq First North Sweden with the ticker
SAVOS and on Nasdaq First North Finland with the ticker SAVOH.
www.savosolar.fi.

The Company's Certified Adviser is Mangold Fondkommission AB, tel.: +46 8 5030
1550.

---------------------------------------
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Savo-Solar Oyj via Globenewswire

Författare Hugin

Tala om vad ni tycker

Tala om vad ni tycker

Ni är just nu inne på en betaversion av nya aktiespararna. Lämna gärna feedback på vad ni tycker i formuläret nedan.