Hello, Luz today approved by majority in an extraordinary shareholders’ meeting to increase capital by 11,368,106.96 euros. This operation, already announced on September 30, will allow the company to support its strategy of acquisition of electricity marketers in Spain.
The operation is structured through subordinated financing necessarily convertible into shares of Holaluz for the amount of 11,368,106.96 euros with maturity December 31, 2021 and a conversion price of 13.81 euros per share. Lenders are MDR Investments (‘family office’ of the Moratiel Llarena family) and Mediavideo (‘family office’ of the Romy family), each holding a stake of less than 5% of the capital of Holaluz. The interest rate is 1.00% per annum.
The conversion price of the shares represents a premium of 8.31% compared to the closing price of Holaluz shares in the session the day before the announcement. The loans will be converted into Holaluz ordinary shares, of the same class and with the same rights as those currently in circulation, representing 4% of the share capital before the operation (3.85% of the share capital after the transaction) with date no later than December 31, 2021, subject to approval by the general meeting of shareholders of the corresponding capital increase for offsetting credits. The founding partners of Holaluz, Axon Capital y Geroa Pensions EPSV de Empleo, have agreed to vote in favor of said extension at the meeting.
Business model
Holaluz, which has been listed on BME Growth since November 2019, has promoted a “solid and sustainable” business model since its inception that has allowed it to have a healthy income statement, cash and balance sheet, recalls the company. For this reason, the company has managed to place itself in a position of competitive advantage that allows you to face the current situation of rising prices as a opportunity to acquire potential marketers in Spain. Without being the objective, this would allow to accelerate its growth until reaching one million clients and 50,000 photovoltaic installations managed at the end of 2023.
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In the last semester of the year (closing June 30, 2021), the company has managed to increase its consolidated sales by 51.9% compared to the first semester of the previous fiscal year – registering a total of 186.8 million euros compared to the previous 122.9 million euros – and double its gross margin compared to the last 6-month period audited.
The bell ‘Rooftop Revolution’ has managed to consolidate, reaching 6,295 facilities managed as of September 30, 2021. Likewise, Holaluz currently has 378,202 clients – growing by more than 27,000 net clients – and has a representation portfolio of more than 1,630 megawatts (MW).
Reference-www.elperiodico.com