EAM Solar (EAM)

[startw1n]

Fra Tuja hos HO/Finansavisen Forum:

"Vi venter på en børsmelding. Selskapet holder på med oversettelse av dommen, og kommer med en oppdatering når de er klar. Dette er bekreftet på xi.

:)"

[Professoren]

-12,5%, noen som har fått vite noe?

[startw1n]

Eller så er det rett og slett at folk begynner å bli nervøse, når det tar tid før info foreligger. Enig med folk at EAM godt kunne gjort litt mer for å informere markedet. Men å ta noen slutninger nå før vi faktisk får høre noe offisielt, tror jeg fort kan bli forhastet, enten den ene eller andre veien. Ser at det er litt halvpanikk både hos XI og HO, men hvem vet om den er berettiget.

Det som bekymrer meg, er at det virker som at enkelte hevder at det “ikke er nevneverdige endringer” fra forrige dom til den som foreligger nå. Men hvordan de har mottatt denne informasjonen kommer selvfølgelig ikke godt fram, og da kan det like så godt bare være ryktespredning. Om dette er for egen gevinst, vites ikke, men tipper noen liker å riste litt i buret nå som stemningen er nervøs.

[TekBot]

EAM Solar ASA: Grounds for court decision published by the Criminal Court of Milan

22 October 2019

On Tuesday the 15th of October 2019, the Criminal Court of Milan released the grounds for the ruling published on the 18th of April 2019.
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The document is 300 pages in Italian describing the trial and the grounds for the Criminal Court rulings. The document is now subject to a “court approved” translation to English and will be published by EAM in its entirety when this translation is received.

The Criminal Court ruling in favour of EAM Solar ASA, as published on the 18th of April is repeated in the grounds published by the Court;

The Criminal Court of Milano found the two Aveleos Directors Igor Akhmerov and Marco Giorgi guilty for criminal contractual fraud against EAM Solar ASA, and sentenced them to prison terms and a provisional damage;

“Sentenced Akhmerov and Giorgi, together with the civil responsible Aveleos SA, to pay damages in favour of the companies EAM Solar Italy Holding srl and EAM Solar ASA, to be paid separately, with provisional payment determined at 5,000,000.00 euros, as well as reimbursement of court costs, which totalled 15,840.00 euros plus VAT and CPA, and 15% in the form of flat-rate reimbursement of expenses.”

In addition, the Criminal Court; “rejected the claim for “compensation in relation to the civil responsible Avelar Energy Ltd. And Enovos Luxemburg S.A.” as also stated in the court decision of the 18th of April.

On the matter of the civil responsibility for economic damages versus Enovos and Avelar, the Court chose in its decision the 18th of April to reverse previous court resolutions on the financial liability based on the lack of autonomy of Aveleos SA versus its shareholders Enovos and Avelar in conjunction with financial liability.
In the grounds published on the 15th the Court states concerning the financial liability the following (preliminary “non-court approved” translation);

“In the preliminary questions, the Court had rejected the request for exclusion, as civil managers, of the two companies, noting that, in light of the elements offered by the parties, it had to be considered, with the obvious limitations of the preliminary ruling, that it was not possible to see a distinct subjectivity of Aveleos with respect to the integrally holding companies of its social capital and its actual administrators (Enovos Luxembourg for about 59 per cent and Avelar Energy for about 41 per cent, as stated above): this resulted in subsistence of an indicative framework indicative of the responsibility of Enovos Luxemburg and Avelar Energy for the obligations assumed by Aveleos through their managers, as they refer to them.
As a result of the judgment, the hypothesis formulated by the Court has not found the necessary confirmation, as elements of denial, or at least doubt, have emerged which do not allow us to believe that proof has been reached that Aveleos was a mere legal shield of its members.”

The Criminal Court proceedings in Milan involved only two out of six directors of Aveleos involved in the fraudulent sale to EAM. The Enovos appointed directors, subject to a criminal complaint filed by EAM in Luxembourg in 2016 together with Enovos Luxembourg et.al., has so far, to our knowledge, not been subject to any investigation or equivalent process.

As previously reported, EAM filed a civil lawsuit against the Enovos directors and Enovos et.al. subordinated the criminal complaint in July 2019.

The Criminal Court of Milan has not given any statement concerning the total amount of damages award apart from the provisional, now enforceable, amount of EUR 5 million. To EAMs knowledge the final damages award shall be determined in a civil court proceeding following a final ruling.

EAM will revert to the market with updates on legal proceedings as soon as possible, included a more comprehensible description of the fraud now firmly documented and established by the Criminal Court of Milan involving the two directors representing Avelar.

Appeals against the Criminal Court ruling must be filed within 45 days of the publication of the grounds for the Courts decision, i.e. late November 2019.

For further information, please contact:

Viktor E Jakobsen, CEO, phone +47 9161 1009, viktor@eam.no

About EAM Solar ASA: EAM Solar ASA 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. In addition, the Company’s business is lawsuits in relation acquisition of solar power plants.

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

Kilde

[TekBot]

EAM Solar ASA: Invitation to investor presentation

22 October 2019

EAM Solar ASA invites to an investor presentation in order to clarify status of the various ongoing legal proceedings, interpretation of preliminary results from these proceedings and a clarification of the necessary work conducted in order to rectify the financial damages caused by the criminal contractual fraud committed against EAM Solar ASA.
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Following the recent publication of the grounds for the Criminal Court’s decision on the 18th of April 2019 on the indictment of criminal contractual fraud against EAM Solar ASA, EAM has been subject to questions and speculations in the recent days and would like to meet the need for more information to the market.

The presentation will be held at Hotel Continental on Tuesday the 29th of October at 10:00 CET.

For further information, please contact:

Viktor E Jakobsen, CEO, phone +47 9161 1009, viktor@eam.no

About EAM Solar ASA: EAM Solar ASA 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. In addition, the Company’s business is lawsuits in relation acquisition of solar power plants.

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

Kilde

[TekBot]

EAM Solar ASA: Investor presentation 29 October 2019

EAM Solar ASA invites to an investor presentation in order to clarify status of the various ongoing legal proceedings, interpretation of preliminary results from these proceedings and a clarification of the necessary work conducted in order to rectify the financial damages caused by the criminal contractual fraud committed against EAM Solar ASA.

Following the recent publication of the grounds for the Criminal Court’s decision on the 18th of April 2019 on the indictment of criminal contractual fraud against EAM Solar ASA, EAM has been subject to questions and speculations in the recent days and would like to meet the need for more information to the market.
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The presentation will be held at Hotel Continental on Tuesday the 29th of October at 10:00 CET.

Please find the presentation attached.

For further information, please contact:

Viktor E Jakobsen, CEO, phone +47 9161 1009, viktor@eam.no

About EAM Solar ASA: EAM Solar ASA 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. In addition, the Company’s business is lawsuits in relation acquisition of solar power plants.

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

Kilde

[Salamis]

Pactum er ute av top20.

Jeg var ikke på presentajosnen idag, det var tydeligvis ikke mange lyspunkter hvis man ser på kursutviklingen, var noen der og vil dele noe som ikke stod i presentasjonsskrivet?

[alano]

Salget startet idet presentasjonen ble tilgjengelig.

Men markedet (som i større og større grad nå er retail etter at lorentzen, pactum og toluma har solgt seg ut), ser jo ut til å ha kapitulert helt med snart -50% fra endelig dom var ute… Så enten er det ikke spesiellt bra eller så misforstår markedet - eller markedet ble forbauset over at ttt?

Men, nå skal eam ihvertfall kreve inn 5m€, eller 7.50/aksjen - så får vi se hvordan det går.

[Salamis]

Når man avslutter en presentasjon med… to continue into 2020 and onwards…så skyver man ut alle investorer som ikke har mangeårshorisont.

Når det gjelder innkrevningen av de 5 mill EUR: Therium skal ha de første 8 mill EUR av erstatnigene fremdeles, eller har Therium gitt avkall/firet på kravet om først til mølla? Jeg husker det var snakk om dette på forrige møte, men husker ikke om det har kommet en konklusjon…

[alano]

At kriminalsaken fortsetter er jo kjent, den eller deler av den vil høyst sannsynlig bli anket - kanskje tom av påtalemyndighetene eller eam selv. Uansett, dette er en kriminalsak mot personer.

Voldgiften - som er anket, vil trolig nå kunne gi en annulering av salget og kan knytte Encevos/Enovos til svindelen på en annen måte enn kriminaldomstolen kan. Da vil det kanskje begynne å hjelpe litt.

I tillegg kommer sakene i Luxemburg - der kunne de definitivt trengt noe politisk press for fortgang.

Er litt uklart mtp Therium for meg også - men mulig dette bare er uklar kommunikasjon fra ledelsen?

[kadden]

Viktor sier at de 5meur skal settes på klientkonto hos deres advokater, da en ankesak i værste fall kan medføre at pengene må tilbakebetales. Så sier han at ja, kanskje Therium burde få 1meur, for goodwill, om de skulle trenge mer funding.

[TekBot]

Financial calendar

Financial calendar for EAM Solar ASA

FINANCIAL YEAR 2019
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31.03.2020 - Annual Report

20.11.2019 - Quarterly Report - Q3
25.02.2020 - Quarterly Report - Q4

For further information, please contact:
Viktor E Jakobsen, CEO, phone +47 9161 1009, viktor@eam.no

About EAM Solar ASA: EAM Solar ASA 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. In addition, the Company’s business is lawsuits in relation solar power plants.

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

This information is published pursuant to the requirements set out in the Continuing obligations.

Kilde

[TekBot]

EAM Solar ASA: Q3 2019 Financial Report presentation on 20 November 2019

18 November 2019

EAM Solar ASA will hold an investor presentation in connection with its Q3 2019 Financial Report at Hotel Continental in Oslo on 20 November 2019 at 11:30 CET. The presentation will be held by Viktor E Jakobsen, CEO of EAM Solar ASA.
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The presentation material will be made available when the presentation starts.

For further information, please contact:

Viktor E Jakobsen, CEO, phone +47 9161 1009, viktor@eam.no

About EAM Solar ASA: EAM Solar ASA 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. In addition, the Company’s business is lawsuits in relation solar power plants.

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

Kilde

[TekBot]

EAM Solar ASA: Q3 2019 Financial Report

HIGHLIGHTS Q3 2019

■ EBITDA for the quarter was EUR 49 thousand and accumulated for the year EUR 705 thousand. Normal operations, adjusted for legal costs resulted in an EBITDA of EUR 473 thousand for the quarter and EUR 1 598 thousand accumulated
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for the year, equivalent to an adjusted EBITDA margin of 60 per cent and 54 percent, respectively.

■ Cost of operations and SG&A were EUR 61 thousand and EUR 249 thousand for the quarter and EUR 290 thousand and EUR 1 048 thousand accumulated for the year respectively.

■ Legal costs were EUR 424 thousand in the quarter and EUR 894 thousand accumulated for the year respectively.

■ On 15 August 2019 EAM Solar ASA sold the shares in the subsidiary EAM Solar Norway Holding AS to Energeia AS. The
financial take-over date was 1 August 2019. EAM Solar ASA Group recognized a profit from the sale of EUR 2.6 million.
The capital gain for the parent company was NOK 53 million. After the sale the group equity is EUR 12 million, and the parent company EUR 17.5 million.

■ On Tuesday 15 October 2019 the Criminal Court of Milan released the grounds for the ruling published on 18 April 2019.

■ In Luxembourg, EAM Solar ASA filed on 11 July 2019 a civil lawsuit against the Aveleos shareholder, Enovos Luxembourg SA, its parent company Encevo SA, along with four Enovos-employed directors of Aveleos.

For further information, please contact: Viktor E Jakobsen, CEO, phone +47 9161 1009, viktor@eam.no

About EAM Solar ASA: EAM Solar ASA 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. In addition,
the Company’s business is lawsuits in relation solar power plants.

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

Kilde

[TekBot]

EAM Solar ASA: Q3 2019 Financial Report presentation on 20 November 2019

20 November 2019

EAM Solar ASA will hold an investor presentation in connection with its Q3 2019 Financial Report at Hotel Continental in Oslo on 20 November 2019 at 11:30 CET. The presentation will be held by Viktor E Jakobsen, CEO of EAM Solar ASA.
…

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Please find the presentation material attached.

For further information, please contact:

Viktor E Jakobsen, CEO, phone +47 9161 1009, viktor@eam.no

About EAM Solar ASA: EAM Solar ASA 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. In addition, the Company’s business is lawsuits in relation solar power plants.

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

Kilde

[Salamis]

Nå er det AREPO som selger. Har redusert fra 114 667 til 74 667 på 4 uker. Skal vel helt ut. Har vært aksjonær siden 2014, tror jeg.

[alano]

Arepo solgte mellom 25 okt og 8 nov, uendret på 74667 siden listen 11 nov.

[Salamis]

Takk for info.

[kadden]

Eam kommer sannsynligvis til å anke kriminalsaken, da de mener de har mye bevis som ikke er lagt frem som beviser at aveleos er et skallselskap, uttalte viktor sist presentasjon. Ankefristen var 28. Nov, så kanskje vi får en børsmelding om det snart. Får ikke håpe at det tar et halvår før prossessen starter opp igjen, men det er nok sannsynlig at det vil ta en stund som vanlig. Tvangsinndrivelsen av de 5meur har begynt men lux har behov for en fransk oversettelse av kriminaldommen. Eam mener at den er klar i januar. Ang UBI leasing virket det som at første høring gikk bra, og at motpartens advokater hadde dårlig argumentasjon. På spørmål om hvorfor de valgte å gå etter eam hadde de svart at det var fordi «de andre» ikke hadde penger. Det stemmer heller ikke, påtalemyndighetene i italia har beslaglagt eiendeler for opp i mot 50millioner euro(hvorpå eam har rettigheter inn mot noe). Viktor forteller at de nå er 100% EK og vil ha nok til flere år til med litigation om nødvendig med den burnraten de har nå. Jeg mistenker at økokrim vil involveres, men det er bare en gjetning. Eam tærer på tålmodigheten, men det er på ingen måte så dystert som det kan se ut som, mener jeg.

[TekBot]

EAM Solar ASA: Legal status update

10 December 2019

Civil Court of Brescia
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On Monday the 9th of December 2019, EAM Solar ASA was informed that the Judge in the Civil Court of Brescia dismissed the petition by UBI Leasing to have an injunction against the company declared as provisionally enforceable.

The decision refers to the petition for the provisional enforceability only and follows a summary judgement on the introductive briefs and documents. That means that the final decision at the end of the full proceedings may differ from the present order. For the time being, UBI cannot start any enforcement procedure against EAM Solar ASA.

A further hearing has been scheduled for 21st of January 2020.
We expect that the Judge will grant further terms for filing additional briefs.

Criminal Court of Milan
Following the publication of the grounds for the ruling in the Criminal Court, that was made on October 15th 2019, the parties have had 45 days to decide and prepare on a possible appeal. EAM Solar ASA and its subsidiary EAM Solar Italy Holding Srl filed an appeal before deadline. The appeal is concentrated on the fact that Enovos Luxembourg SA and Avelar Energy Ltd. where not held financially liable.

For further information, please contact:

Viktor E Jakobsen, CEO, phone +47 9161 1009, viktor@eam.no

About EAM Solar ASA: EAM Solar ASA 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. In addition, the Company’s business is lawsuits in relation acquisition of solar power plants.

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

Kilde