Energy firm submits new application for ERC merger
In a report to the Stock Exchange of Thailand yesterday, Glow Energy Plc (GLOW) acknowledged that in a press conference held by the Office of the Energy Regulatory Commission, it was announced it had resolved to approve, in principle, the proposed merger of Global Power Synergy Plc (GSPC) and GLOW.
The company would like to clarify that GLOW submitted a new application alongside GPSC for a merger with the ERC on December 18, 2018 and is currently awaiting the official resolution of the ERC. According to such press conference by the Office of the ERC, GLOW must sell Glow SPP1 Co Ltd (Glow SPP1) before or at the same time as the merger of GLOW and GPSC.
In this regard, the company has been informed by its major shareholder, ENGIE, that it had entered into an agreement with GPSC for an amendment to the share purchase agreement dated 20 June 2018 for the sale and purchase by GPSC of the 69.11 per cent of the total issued shares of GLOW (the “Sale Shares”), held by ENGIE in order to conform with the resolution of the ERC to be officially granted to GLOW.
The amendment agreement provides that the sale of Glow SPP1 be specified as an additional condition precedent for the Share Purchase Agreement, ie GPSC shall purchase the Sale Shares and make a tender offer for all of the remaining GLOW shares upon the completion of the sale of Glow SPP1.
We also understand that ENGIE and GPSC are working together to reflect all other changes in the contractual documentation and any adjustment of GPSC’s tender price of Glow’s shares will be disclosed by GPSC to investors. In light of this development, GLOW is in the process of considering the sale of Glow SPP1 and will further inform the SET and investors of any progress thereof.
