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New listing of ZENERIS PROJEKTY S.A. on NewConnect

ZENERIS PROJEKTY S.A. was newly listed on the NewConnect market on 24 November 2021.

ZENERIS PROJEKTY S.A. is the 377^th company listed on NewConnect and the 28^th new listing on NewConnect in 2021.

Key information

*at the share issue price in the last public offering, i.e., PLN 13.10 per share.

Issuer’s history and business

The company started operations under the name Elektrownie Wodne Zeneris sp. z o.o. (Company incorporated on 20 February 2007). Subsequently, it changed its name to Zeneris Projekty sp. z o.o. (under Resolution No. 1 Rep. A No. 5050/2019 of 23 December 2019); on 10 November 2020, under Resolution No. 2 Rep. A No. 3502/2020, it changed its legal form to a joint stock company. The original shareholders of Elektrownie Wodne Zeneris Sp. z o.o. were the investment fund BBI Zeneris NFI S.A. and Eneco sp. z o.o. The company was established to implement hydroelectric power plant construction projects. Due to the change in environmental law in 2008 and the designation of many new Natura 2000 areas located in river valleys, the Company changed its business strategy and started designing small hydroelectric power plants on existing water dams.

The company has been in operation for 14 years. Originally, it was established to implement construction projects of large hydroelectric power plants (value of at least several million PLN per project). Until 2010, the Issuer was responsible for designing and construction (as a general contractor) of hydroelectric power plants. After 2010, in addition to design of hydroelectric power plants, the Company completed many projects in the area of other RES (Renewable Energy Sources). Due to the change in environmental law in 2008 and the designation of many new Natura 2000 areas located in river valleys, which significantly reduced the development potential for new large hydroelectric power plants, the Company expanded its business profile and began to design small hydroelectric power plants on existing water dams, design other hydrotechnical projects, and provide consulting services for RES investments.

Thus far, the Issuer has completed a total of about 300 projects for renewable energy sources, both hydrotechnical and photovoltaic. The contracts completed by the company include a hydrotechnical project in Kędzierzyn Koźle on the Oder River with a capacity of 1 MW. Zeneris Projekty was the first market player in Poland to develop a hybrid hydrotechnical and photovoltaic project. The project was built in 2017 in Siemiatycze and generates both hydro and solar energy.

Selected financial data of the Issuer (PLN):

Public offering of series B shares

The issue of series B shares was carried out by way of a public offering up to EUR 1,000,000. Dom Maklerski INC S.A. was the investment firm.

The issue was carried out without the obligation to draw up and approve a prospectus pursuant to Article 1(3) of Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017 on the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market and repealing Directive 2003/71/EC, and Article 37a of the Act on Public Offering and Conditions Governing the Introduction of Financial Instruments to Organised Trading and on Public Companies.

Subscription dates:

Start date: 20 April 2021

End date: 4 May 2021

Allotment date: 6 May 2021

Number of shares subscribed for and allotted: 229,010 shares

Issue price: PLN 13.10

Number of persons who subscribed for and took up shares: 101 natural persons and 4 legal persons

Issue value: PLN 3,000,031

Issuer’s shareholding structure:

The alternative trading system on NewConnect will list series A and B shares in a total number of 1,759,010 shares representing 97.30% of the shares issued by the Company.