|By Business Wire||
|May 19, 2014 12:16 PM EDT||
Global Bioenergies (Paris:ALGBE) announces that it has entered into a 3 million euros Standby Equity Distribution Agreement (SEDA) with Yorkville Advisors, a US-based investor, over a period of 3 years.
Global Bioenergies published on April 15th, 2014 its annual results and announced that as of March 31st, 2014, the available gross cash position amounted to 21 million euros. These funds will mainly finance the industrialization of the isobutene process along with the development of the butadiene and propylene programs, as well as the launch of new research programs.
In this agreement, Yorkville Advisors, based in New Jersey, USA, and acting on behalf of YA Global Master SPV Ltd, is committed to subscribe, upon request and at the sole discretion of Global Bioenergies, to successive and limited capital increases over a period of three years.
These capital increases will be set up on delegation of the Shareholders’ Meeting of December 6th, 2012 by exercising stock warrants with a limit of 300,000 euros per draw down request and an overall limit of three million euros, corresponding to 2.6% of the market capitalization as of April 30th, 2014. So as to ensure ample flexibility, a maximum of 135,008 shares could be issued, corresponding to 4.9% of the share capital as of April 30th 2014. The shares will be issued at a 5% discount to the lowest daily volume weighted average price calculated over a period of five consecutive trading days directly preceding Global Bioenergies’ request.
Liliane Bronstein, Chief Financial Officer of Global Bioenergies, declares: “Global Bioenergies enjoys good financial visibility and has no intention to call upon the market this year. However, the liquidity of our stock, despite having progressed well in recent months, is still insufficient, having established itself at only 130,000 euros exchanged daily since the beginning of the year. Yorkville Advisors does not intend to remain a long-term shareholder of Global Bioenergies and will quickly dispose of the shares on the market, which will contribute to increasing the liquidity.”
The maximum impact for the use of the whole equity line on a shareholder holding 1% of the capital before this agreement was signed is detailed below:
Before the agreement
After using the whole equity line to a maximum
Non diluted basis1
Global Bioenergies has no obligation to request Yorkville Advisors to exercise the warrants and will only use this facility when the market conditions are optimal, in the best interest of both the company and the shareholders. The funds raised will be distributed to the different programs according to the framework established after the capital increase of July 2013.
Saad Gilani, Managing Director of Yorkville Advisors, comments: “We are pleased to add Global Bioenergies to our European portfolio and work together with its management team to continue building a strong company with excellent growth prospects in the future.”
Marc Delcourt, CEO of Global Bioenergies, concludes: “One of Global Bioenergies’ distinctive strengths is the extreme stability of its key shareholders; this strong attachment to the company is also observed among free float shareholders. The flip side of this positive factor is that a resulting small proportion of our capital is tradable on the market, which could be an obstacle to the performance of the share, especially outside France where 18%3 of the free float has already settled down. Recently, some international investment funds have expressed their concern about the accessibility of the shares during the numerous meetings that we have held, in the USA and in Europe. This Standby Equity Distribution Agreement is a concrete answer to it.”
About GLOBAL BIOENERGIES
Global Bioenergies is one of the few companies worldwide, and the only one in Europe, that is developing a process to convert renewable resources into hydrocarbons through fermentation. The Company initially focused its efforts on the production of isobutene, one of the most important petrochemical building blocks that can be converted into fuels, plastics, organic glass and elastomers. Global Bioenergies continues to improve the yield of its process and is actively entering the industrial pilot testing phase. The company recently replicated this success to propylene and butadiene and is also looking to continue with other members of the gaseous olefins family, key molecules at the heart of petrochemical industry.
Global Bioenergies is listed on Alternext, Euronext Paris (FR0011052257 – ALGBE)
Should you like to be kept informed, subscribe to our news feed on
Follow us on Twitter: @GlobalBioenergi
This document does not constitute an offer for sale of the shares of Global Bioenergies in the United States. Shares of Global Bioenergies may not be offered or sold in the United States absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended. Global Bioenergies does not intend to register the offering referred to herein in the United States.
1 Based on the 2,755,256 shares comprising the capital of
Global Bioenergies as of April 30th, 2014
2 After issuing 127,995shares from the exercise of the totality of the diluting instruments (warrants and free shares) distributed at the time of this press release
3 As of February 2014
There will be new vendors providing applications, middleware, and connected devices to support the thriving IoT ecosystem. This essentially means that electronic device manufacturers will also be in the software business. Many will be new to building embedded software or robust software. This creates an increased importance on software quality, particularly within the Industrial Internet of Things where business-critical applications are becoming dependent on products controlled by software. Qua...
Feb. 14, 2016 05:30 PM EST
With the proliferation of both SQL and NoSQL databases, organizations can now target specific fit-for-purpose database tools for their different application needs regarding scalability, ease of use, ACID support, etc. Platform as a Service offerings make this even easier now, enabling developers to roll out their own database infrastructure in minutes with minimal management overhead. However, this same amount of flexibility also comes with the challenges of picking the right tool, on the right ...
Feb. 14, 2016 05:00 PM EST Reads: 217
Recognizing the need to identify and validate information security professionals’ competency in securing cloud services, the two leading membership organizations focused on cloud and information security, the Cloud Security Alliance (CSA) and (ISC)^2, joined together to develop an international cloud security credential that reflects the most current and comprehensive best practices for securing and optimizing cloud computing environments.
Feb. 14, 2016 04:15 PM EST
SYS-CON Events announced today that (ISC)²® (“ISC-squared”) will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Two leading non-profits focused on cloud and information security, (ISC)² and Cloud Security Alliance (CSA), developed the Certified Cloud Security Professional (CCSP) certification to address the increased demand for cloud security expertise due to rapid growth in cloud. Recently named “The Next...
Feb. 14, 2016 04:00 PM EST
With an estimated 50 billion devices connected to the Internet by 2020, several industries will begin to expand their capabilities for retaining end point data at the edge to better utilize the range of data types and sheer volume of M2M data generated by the Internet of Things. In his session at @ThingsExpo, Don DeLoach, CEO and President of Infobright, will discuss the infrastructures businesses will need to implement to handle this explosion of data by providing specific use cases for filte...
Feb. 14, 2016 03:00 PM EST Reads: 273
SYS-CON Events announced today that Avere Systems, a leading provider of enterprise storage for the hybrid cloud, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Avere delivers a more modern architectural approach to storage that doesn’t require the overprovisioning of storage capacity to achieve performance, overspending on expensive storage media for inactive data or the overbuilding of data centers ...
Feb. 14, 2016 02:30 PM EST Reads: 163
SYS-CON Events announced today that Pythian, a global IT services company specializing in helping companies adopt disruptive technologies to optimize revenue-generating systems, has been named “Bronze Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2015 at the Javits Center in New York, New York. Founded in 1997, Pythian is a global IT services company that helps companies compete by adopting disruptive technologies such as cloud, Big Data, advanced analytics, and DevO...
Feb. 14, 2016 02:30 PM EST Reads: 303
Join us at Cloud Expo | @ThingsExpo 2016 – June 7-9 at the Javits Center in New York City and November 1-3 at the Santa Clara Convention Center in Santa Clara, CA – and deliver your unique message in a way that is striking and unforgettable by taking advantage of SYS-CON's unmatched high-impact, result-driven event / media packages.
Feb. 14, 2016 01:00 PM EST Reads: 127
SYS-CON Events announced today that Interoute, owner-operator of one of Europe's largest networks and a global cloud services platform, has been named “Bronze Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2015 at the Javits Center in New York, New York. Interoute is the owner-operator of one of Europe's largest networks and a global cloud services platform which encompasses 12 data centers, 14 virtual data centers and 31 colocation centers, with connections to 195 ad...
Feb. 14, 2016 01:00 PM EST Reads: 464
DevOps is not just last year’s buzzword. Companies with DevOps practices are 2.5x more likely to exceed profitability, market share, and productivity goals. But how do you enable high performance? What can you do right now to start? Find out from DevOps experts including Gene Kim, co-author of "The Phoenix Project," and the Dynatrace Center of Excellence.
Feb. 14, 2016 12:15 PM EST
SYS-CON Events announced today that Alert Logic, Inc., the leading provider of Security-as-a-Service solutions for the cloud, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Alert Logic, Inc., provides Security-as-a-Service for on-premises, cloud, and hybrid infrastructures, delivering deep security insight and continuous protection for customers at a lower cost than traditional security solutions. Ful...
Feb. 14, 2016 12:15 PM EST Reads: 482
In most cases, it is convenient to have some human interaction with a web (micro-)service, no matter how small it is. A traditional approach would be to create an HTTP interface, where user requests will be dispatched and HTML/CSS pages must be served. This approach is indeed very traditional for a web site, but not really convenient for a web service, which is not intended to be good looking, 24x7 up and running and UX-optimized. Instead, talking to a web service in a chat-bot mode would be muc...
Feb. 14, 2016 12:00 PM EST Reads: 328
SYS-CON Events announced today that Men & Mice, the leading global provider of DNS, DHCP and IP address management overlay solutions, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. The Men & Mice Suite overlay solution is already known for its powerful application in heterogeneous operating environments, enabling enterprises to scale without fuss. Building on a solid range of diverse platform support,...
Feb. 14, 2016 12:00 PM EST Reads: 295
The cloud competition for database hosts is fierce. How do you evaluate a cloud provider for your database platform? In his session at 18th Cloud Expo, Chris Presley, a Solutions Architect at Pythian, will give users a checklist of considerations when choosing a provider. Chris Presley is a Solutions Architect at Pythian. He loves order – making him a premier Microsoft SQL Server expert. Not only has he programmed and administered SQL Server, but he has also shared his expertise and passion w...
Feb. 14, 2016 12:00 PM EST
SYS-CON Events announced today that iDevices®, the preeminent brand in the connected home industry, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. iDevices, the preeminent brand in the connected home industry, has a growing line of HomeKit-enabled products available at the largest retailers worldwide. Through the “Designed with iDevices” co-development program and its custom-built IoT Cloud Infrastruc...
Feb. 14, 2016 12:00 PM EST Reads: 170