Siemens Gamesa Share Options17 Oct 2022 09:16
Morning all. In May 2021 when IES announced the JV with SG, SG had the share option as detailed below:
Invinity and Gamesa Electric have also entered into an Option Agreement granting Gamesa Electric or its nominee within the SGRE group an option for 9.99 per cent. of Invinity's issued share capital as at the date of this announcement (the "Option", the "Option Shares") at £1.75 per share, the same as Invinity's most recent placing in December 2020. If the option were to be exercised, Gamesa Electric or its nominee would have the right to appoint a director to Invinity's board subject to Gamesa Electric or its nominee maintaining a minimum 5% shareholding in Invinity. The ability to exercise the Option is subject to Company shareholders' approval. Further updates will be provided to shareholders in due course.
I don’t think there’s been any update since so wondered if anyone can shine more light on this relationship since the last RNS stated next gen products that were being jointly developed between IES & SG were being well received by potential clients.
Have SG been buying on the open market at anytime as clearly wouldn’t make sense for them to be taking their options to buy IES shares at £1.75 when the SP has been/is where it is at the moment?
Will be a strong endorsement if SG have been buying but at the same time and with prices being where they are, they must be a front runner to make a move to takeover IES if next gen product development between the two going well so perhaps they’ll just keep working in harmony until SG feel the time is right to buyout IES?