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  AGROGENERATION company press release from 08/07/2019

  08/07/2019 - 18:00

Dispute with European High Growth Securitization Fund regarding the issuance agreement (ORNANE)


Paris, July 8, 2019

AgroGeneration announced that it has brought proceedings against the European High Growth Opportunities Securitization Fund before the Paris Commercial Court following a contractual dispute between the two parties.

AgroGeneration signed a financing agreement with the European High Growth Opportunities Securitization Fund on June 6, 2018 for the issuance of bonds redeemable in new or existing shares (ORNANE) for a maximum nominal value of €20 million[1]. Drawdowns totaling €4 million were made under this agreement before the program was suspended[2].

Without prior service of formal notice, European High Growth Opportunities sent an email notification of default under the issuance agreement requesting termination of the agreement and redemption, in cash, of all ORNANE bonds issued and not converted, for a total amount of €1.9 million. AgroGeneration considers this request to be totally unjustified.

European High Growth Opportunities alleges that the contractual provisions of the ORNANE issuance agreement were not met.

AgroGeneration strongly contests the alleged default and considers that it was acting within its rights. Accordingly, the company decided to contest the request for early repayment of the ORNANE bonds in cash before the Paris Commercial Court.

In response, European High Growth Opportunities decided to sue AgroGeneration in order to obtain payment of the alleged debt.

AgroGeneration will keep its shareholders informed of the result of such litigation.

About AGROGENERATION

Founded in 2007, AgroGeneration is a global producer of grain and oilseed. Following its merger with Harmelia, the new group has become one of the top producers of grain and oilseed in Ukraine, with close to 70,000 hectares of farmland under control in Ukraine. Through the high-potential farmland it leases, the group's ambition is to meet the food challenges of tomorrow as global consumption doubles in scale between now and 2050.

 
AgroGeneration
+33 (0)1 56 43 68 60
investisseurs@AgroGeneration.com
www.AgroGeneration.com
Actus Finance
Guillaume Le Floch, Investor Relations
+33 (0)1 53 67 36 70
Anne-Pauline Petureaux, Investor Relations
+33 (0)1 53 67 36 72
Alexandra Prisa, Media Relations
+33 (0)1 53 67 36 90
 

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[1] Press release dated June 6, 2018

[2] Press releases dated October 15, 2018 and November 27, 2018