|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
Using new techniques of information modeling, indexing, and processing, new cloud-based systems can support cloud-based workloads previously not possible for high-throughput insurance, banking, and case-based applications. In his session at 18th Cloud Expo, John Newton, CTO, Founder and Chairman of Alfresco, described how to scale cloud-based content management repositories to store, manage, and retrieve billions of documents and related information with fast and linear scalability. He addres...
Sep. 27, 2016 03:15 PM EDT Reads: 2,811
SYS-CON Events announced today that Commvault, a global leader in enterprise data protection and information management, has been named “Bronze Sponsor” of SYS-CON's 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Commvault is a leading provider of data protection and information management solutions, helping companies worldwide activate their data to drive more value and business insight and to transform moder...
Sep. 27, 2016 03:15 PM EDT Reads: 2,748
SYS-CON Events announced today that eCube Systems, a leading provider of middleware modernization, integration, and management solutions, will exhibit at @DevOpsSummit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. eCube Systems offers a family of middleware evolution products and services that maximize return on technology investment by leveraging existing technical equity to meet evolving business needs. ...
Sep. 27, 2016 03:15 PM EDT Reads: 1,300
The many IoT deployments around the world are busy integrating smart devices and sensors into their enterprise IT infrastructures. Yet all of this technology – and there are an amazing number of choices – is of no use without the software to gather, communicate, and analyze the new data flows. Without software, there is no IT. In this power panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists will look at the protocols that communicate data and the emerging data analy...
Sep. 27, 2016 03:00 PM EDT Reads: 1,686
We’ve been doing it for years, decades for some. How many websites have you created accounts on? Your bank, your credit card companies, social media sites, hotels and travel sites, online shopping sites, and that’s just the start. We do it often without even thinking about it, quickly entering our personal information, our data, in a plethora of systems. Sometimes we’re not even aware of the information we are providing. It could be very personal information (think of the security questions you ...
Sep. 27, 2016 02:45 PM EDT Reads: 4,603
Digital innovation is the next big wave of business transformation based on digital technologies of which IoT and Big Data are key components, For example: Business boundary innovation is a challenge to excavate third-party business value using IoT and BigData, like Nest Business structure innovation may propose re-building business structure from scratch, as Uber does in the taxicab industry The social model innovation is also a big challenge to the new social architecture with the design fr...
Sep. 27, 2016 02:45 PM EDT Reads: 1,247
Fifty billion connected devices and still no winning protocols standards. HTTP, WebSockets, MQTT, and CoAP seem to be leading in the IoT protocol race at the moment but many more protocols are getting introduced on a regular basis. Each protocol has its pros and cons depending on the nature of the communications. Does there really need to be only one protocol to rule them all? Of course not. In his session at @ThingsExpo, Chris Matthieu, co-founder and CTO of Octoblu, walk you through how Oct...
Sep. 27, 2016 02:45 PM EDT Reads: 2,196
Complete Internet of Things (IoT) embedded device security is not just about the device but involves the entire product’s identity, data and control integrity, and services traversing the cloud. A device can no longer be looked at as an island; it is a part of a system. In fact, given the cross-domain interactions enabled by IoT it could be a part of many systems. Also, depending on where the device is deployed, for example, in the office building versus a factory floor or oil field, security ha...
Sep. 27, 2016 02:30 PM EDT Reads: 294
Is your aging software platform suffering from technical debt while the market changes and demands new solutions at a faster clip? It’s a bold move, but you might consider walking away from your core platform and starting fresh. ReadyTalk did exactly that. In his General Session at 19th Cloud Expo, Michael Chambliss, Head of Engineering at ReadyTalk, will discuss why and how ReadyTalk diverted from healthy revenue and over a decade of audio conferencing product development to start an innovati...
Sep. 27, 2016 02:15 PM EDT Reads: 1,977
All clouds are not equal. To succeed in a DevOps context, organizations should plan to develop/deploy apps across a choice of on-premise and public clouds simultaneously depending on the business needs. This is where the concept of the Lean Cloud comes in - resting on the idea that you often need to relocate your app modules over their life cycles for both innovation and operational efficiency in the cloud. In his session at @DevOpsSummit at19th Cloud Expo, Valentin (Val) Bercovici, CTO of So...
Sep. 27, 2016 02:00 PM EDT Reads: 1,438
SYS-CON Events announced today that Niagara Networks will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Niagara Networks offers the highest port-density systems, and the most complete Next-Generation Network Visibility systems including Network Packet Brokers, Bypass Switches, and Network TAPs.
Sep. 27, 2016 01:45 PM EDT Reads: 234
Data is an unusual currency; it is not restricted by the same transactional limitations as money or people. In fact, the more that you leverage your data across multiple business use cases, the more valuable it becomes to the organization. And the same can be said about the organization’s analytics. In his session at 19th Cloud Expo, Bill Schmarzo, CTO for the Big Data Practice at EMC, will introduce a methodology for capturing, enriching and sharing data (and analytics) across the organizati...
Sep. 27, 2016 01:30 PM EDT Reads: 1,712
There is little doubt that Big Data solutions will have an increasing role in the Enterprise IT mainstream over time. Big Data at Cloud Expo - to be held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA - has announced its Call for Papers is open. Cloud computing is being adopted in one form or another by 94% of enterprises today. Tens of billions of new devices are being connected to The Internet of Things. And Big Data is driving this bus. An exponential increase is...
Sep. 27, 2016 01:00 PM EDT Reads: 2,658
IoT is fundamentally transforming the auto industry, turning the vehicle into a hub for connected services, including safety, infotainment and usage-based insurance. Auto manufacturers – and businesses across all verticals – have built an entire ecosystem around the Connected Car, creating new customer touch points and revenue streams. In his session at @ThingsExpo, Macario Namie, Head of IoT Strategy at Cisco Jasper, will share real-world examples of how IoT transforms the car from a static p...
Sep. 27, 2016 01:00 PM EDT Reads: 1,595
SYS-CON Events announced today that Tintri Inc., a leading producer of VM-aware storage (VAS) for virtualization and cloud environments, will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Tintri VM-aware storage is the simplest for virtualized applications and cloud. Organizations including GE, Toyota, United Healthcare, NASA and 6 of the Fortune 15 have said “No to LUNs.” With Tintri they mana...
Sep. 27, 2016 01:00 PM EDT Reads: 2,812