Enedo Plc Stock Exchange Release November 26, 2021 at 14:00 EET
Enedo Plc signs a minimum of EUR 1 million bridge loan with Inission Ab to resolve cash shortage
In the Q3 business review on October 27, 2021, Enedo Plc commented on the turnaround program and that Enedo Plc needs to strengthen the liquidity in order to financially manage the transition period and implement the turnaround program, since it has shown to be more challenging than anticipated, both in time and financially. Enedo Plc also commented that the company is under discussions with various financial institutions on the loan arrangement. The turnaround program is estimated to cost around EUR 4 million until end of the first quarter next year.
Enedo Plc has signed today a short-term bridge loan with Inission Ab, since Enedo Plc has been under cash constraint and been in need for strengthening the liquidity and the financial position, and to finalize the turnaround program to turn into a profitable company.
The minimum amount of the bridge loan is EUR 1 million and it can be increased up to EUR 2 million upon separate agreement by the parties. The negotiations on the longer plan loan arrangement are proceeding and the management expects to sign the agreement by the end of the financial year. The bridge loan becomes due and repayable upon demand after the company has drawn down the first instalment under the longer plan loan arrangement under negotiation, however on 31 December 2021 at the latest.
President and CEO
For further information please contact Mr. Mikael Fryklund, CEO, tel. +358 40 500 6864.
Nasdaq Helsinki Ltd
Enedo is a European designer and producer of high-quality electronic power supplies and systems for critical equipment even in the most demanding environments. Enedo´s mission is to make electricity better – more reliable, more secure, more energy efficient – and just right to fit its purpose. Enedo´s three main product categories are Led Drivers, Power supplies and Power Systems. In 2020 the group´s revenue was EUR 38,5 million. Enedo has 354 employees, and its main functions are located in Finland, Italy, Tunisia and USA. The group´s head office is in Finland and parent company Enedo Oyj is listed on Nasdaq Helsinki Oy.