Meyreuil (13) June 4, 2019. The Combined General Meeting of Global EcoPower (Euronext Growth - FR001189198) was held in Meyreuil on Wednesday, May 29, 2019 under the chairmanship of Mr. Jean-Marie Santander, Chairman of the Board of Directors. The Executive Management team and all the Company's directors were present.
The shareholders, representing a quorum of 66.01%, approved almost all the resolutions, including the parent company and consolidated financial statements for the 2018 financial year, by a very large majority. In particular, they reappointed the current Chairman and Founder to his functions.
Mr. Jean-Marie Santander, President and CEO of Global EcoPower: « I am pleased that the meeting with the new shareholders, who were all present or represented, was held in such an atmosphere of serenity and encouragement for Global EcoPower's future achievements. This is promising for the Group's future results.
As a preliminary point, I explained the situation of the company, and in particular I indicated to all the shareholders present or represented, that the debt fund that we solicited for the financing of the project called Complexe Algo-Solaire de l'Hers, sent us a "term sheet" dated February 20, 2019 offering us financing of €26M. They therefore carried out the due diligence operations, and a commitment committee dated April 5, 2019 confirmed this term sheet under conditions precedent, as is customary in this type of operation.
To date, as the conditions precedent have not all been lifted, the final contract has not yet been signed with the debt fund, but a first release of €6.7 million is planned by June 17, 2019. I do not anticipate any particular difficulties for the signature and first release. In addition, and in order to meet the Group's commitments, a group of shareholders (mainly new shareholders) advanced a current account of €2.125 million. Finally, we have just subscribed to a €1.05 million loan from Crédit Coopératif for a 4-year period at a fixed rate of 1.80%. The first release was made on May 29, 2019 for €543k. The second release is scheduled for June.
My target is to build an industrial group by positioning the company on a strategy for the future, in particular with ecological complexes, with positive energy and total or partial self-consumption, which implement high value-added products and renewable energies. The new shareholders, attracted by this strategy, have great ambitions for our company and their arrival in GEP's capital shall give us the means to achieve this ambition. »
The results of the votes and the presentation of the Combined General Meeting of Shareholders are available on the company's website.
Reorganization of the Board of Directors
Mr Pierre Berthe, GEP's largest shareholder, wished to strengthen the Board of Directors and was co-opted as board member to replace Ms Danièle Samaille, who resigned. Mr Pierre Berthe, who developed the PROPLAST Group, is a successful entrepreneur. Located in Belgium, the Group has three production sites in France, one in Spain and one in the Netherlands. From a small company acquired about 20 years ago, the PROPLAST Group has become a major international player in the manufacture of plastic packaging.
During the General Meeting, the new shareholders proposed that the Board of Directors of Global EcoPower should now be composed, apart from the Chairman, of non-executive board members. This proposal was adopted and Mr Philippe Perret therefore submitted his resignation from his mandate as a board member to devote himself 100% to his mandate as Executive Vice President. The directors would like to thank Mr Philippe Perret for his involvement in the Board of Directors during more than ten years.
The Board of Directors is now composed of:
- Mr Jean-Marie SANTANDER, Chairman,
- Mr Philippe DESTENBERT, Vice-Chairman and Chairman of the Strategy Committee,
- Mr Christian MUNIER, Director and Chairman of the Investment Committee,
- Ms Brigitte NOBRE, Director,
- Ms Barbara BRÜL-Day, Director,
- Mr Pierre BERTHE, Director,
- Mr Richard FINDIKIAN, Director.
Global EcoPower, a company based in Meyreuil (13), researches, designs, develops, finances and builds ecological positive energy projects that implement high value-added products and renewable energies, in particular wind and photovoltaic energy
GEP is listed on the Euronext Growth Market in Paris (ISIN code: FR0011289198 - mnemo: ALGEP).
GEP is eligible for PEA-PME.