(Alliance News) - Coro Energy PLC on Friday said that it has restructured its arrangements with partners in the Philippines to up its dividend entitlements, as it prepares to further develop projects in the region.
Coro Energy is a Leeds, England-based energy company, with a natural gas and clean energy portfolio comprised of assets in South East Asia and Italy.
It holds two development stage renewables projects in the Philippines: a 100 megawatt solar project, and a 100 megawatt wind project.
The assets are 6 and 15 months away respectively from achieving 'ready to build status'.
In anticipation of reaching this landmark, Coro Energy has restructured its arrangements with partners in the Philippines to increase its dividend entitlement.
The company currently holds an 80% entitlement to future dividends from the projects, but has increased this to 88% under a restructuring agreement.
In return for the increased share of dividends, Coro has agreed to issue each of the two Philippines partners with 20.0 million ordinary shares in the company, at a price of 0.3 pence per share. This amounts to a value of GBP60,000 each - a 43% premium to the closing mid-market price on Tuesday.
Half of the new shares will be subject to lock-in restrictions until power production and revenue on the first project. The remaining 50% are subject to the same restrictions until production and revenue on the second project.
Coro Energy also said it was currently preparing to resubmit a wind service energy contract, and should complete this process shortly.
Company shares were trading 4.4% lower at 0.22 pence each in London on Friday morning.
By Holly Beveridge; Alliance News reporter
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Coro Energy (CORO)