Solco completes GO takeover, signs $30m facility

03/03/2015 - 11:21

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Solco has completed its transition from solar panel wholesaling to financing and technology with the wrap-up of its $9.2 million acquisition of GO Group.

Solco completes GO takeover, signs $30m facility

Solco has completed its transition from solar panel wholesaling to financing and technology with the wrap-up of its $9.2 million acquisition of GO Group.

The east coast company said in a statement that it had entered into agreements for two financing facilities worth a combined $30 million.

A $25 million facility has been provided to Solco by Flexi Enterprise, to fund GO Group’s solar power plant agreements that are provided to commercial customers, while a $5 million facility has been provided by ANZ Banking Group to fund ongoing working capital requirements.

As part of the merger, Solco director David Richardson has retired from his role, while GO Group managing director Adam Pearse has been appointed managing director of Solco, bringing with him GO Group’s Brian Thomas as chairman and Lui Pangiarella as a director.

Solco plans to lodge a prospectus once it has met all conditions set by the ASX to be reinstated to quotation.

The company said the prospectus would give those who are issued shares an opportunity to be repaid subscription amounts paid under the prospectus.

“Sufficient funds have been set aside to meet any requests for repayment,” Solco said in a statement.

“Urban Group Energy Holdings, Wytown and Diana House, who together have subscribed for 120 million shares or $2.4 million under the shortfall offer, have, as a sign of their support for the company, elected to affirm the issue of shortfall shares to them and will not be repaid their subscription amounts.

“Urban Group has also confirmed its commitment to underwrite the shortfall offer for $3 million,” Solco said.

Solco announced its all-scrip takeover of GO Group in August last year.

GO Group comprises GO Energy, GO Energy Services, GO Energy Installations, GO Quote, CO2 Global Exports, CO2 Markets and Solar Trade.

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