BREAKING NEWS – 02.02.2024

In the press release dated November 27th, 2024, ESPE SpA – a company continuously and structurally active in the renewable energy sector as an EPC contractor specializing in the supply of photovoltaic systems and the developer of proprietary “ESPE” technology for small wind turbines and biomass cogenerators – announced the completion of the acquisition of the entire share capital of Permatech Srl. Permatech is a company specializing in assistance services for obtaining the permits required for medium- and large-scale photovoltaic systems. Through this acquisition, ESPE expands its offering with integrated services, from design to turnkey installation, and strengthens its expertise in permitting processes for large-scale photovoltaic systems. This strategic move optimizes development timelines, enhances operational efficiency, and improves its ability to meet customer needs, consolidating its position in the renewable energy market. In accordance with the Company’s announcement, the total value of the transaction amounts to €1.50 million and will be paid as follows: € 0.21 million already paid in cash as a deposit;  €0.03 million paid in cash at the date of the press release; € 0.30 million to be paid in cash through installment payments by June 2025; € 0.10 million as a potential deferred price, subject to the collection of a receivable. the remaining portion of the price was subscribed by Permatech’s funder, Matteo Vecchiato, through a reserved capital increase approved by the Board of Directors via partial exercise of the delegation granted by the extraordinary shareholders’ meeting on January 26th, 2024. The transaction has a value of €0.87 million, corresponding to the acquisition of 291,275 newly issued ordinary shares at a unit price of €3.00, of which €0.20 represents capital and €2.80 represents the share premium. The subscription price of the new shares was set with a discount of approximately 1.0% compared to the weighted average price of the Company’s shares over the last six months, which amounted to €3.03. Following the completion of the transaction, ESPE’s share capital will amount to € 2.43 million, divided into 12,140,775 shares without a nominal value, of which 9,140,775 are ordinary shares with identical characteristics to those currently in circulation, and 3,000,000 are multiple-vote shares held by Espe Tecnologie Srl. With the finalization of the agreement, Matteo Vecchiato will assume the roles of Chairman and CEO of Permatech and become a medium-to-long-term strategic industrial partner of ESPE, acquiring a 3.19% stake in ordinary shares and 1.61% of voting rights. The new shares allocated to him will be subject to a two-year lock-up period from the subscription date. Enrico Meneghetti and Simone Mariga, on the other hand, will serve as Executive Directors. In conclusion, the transaction represents a significant opportunity to maximize synergies between Permatech’s expertise and ESPE’s strategic vision. This will enable a more effective approach to the challenges of a sector that has undergone continuous evolution in recent years, while strengthening the ability to deliver integrated, innovative, and competitive solutions aligned with market and customer needs. While awaiting the evaluation of future developments and the synergies arising from the transaction, and considering that the integration could positively contribute to ESPE’s operational efficiency and offering, we confirm our recommendation: target price €4.40, rating BUY, and risk Medium.

Leggi il pdf