Glencore, Merafe and the af Jochnick family - cornerstone investors in climate compensating preference share

Swedish Stirling intends to issue a carbon-offsetting preference share that will be unique in its class, in that it combines an attractive annual return with the fact that each preference share also reduces a certain amount of CO2 annually. This is made possible by the Company intending to retain emission rights generated from the Swedish Stirling facility at the Lion smelter for the first 5 years of the project or until it disposes of the facility and enables investors to participate to the global climate change mitigation efforts by financing the necessary energy transition.

Swedish Stirling intends to issue a carbon-offsetting preference share that will be unique in its class, in that it combines an attractive annual return with the fact that each preference share also reduces a certain amount of CO₂ annually. This is made possible by the Company intending to retain emission rights generated from the Swedish Stirling facility at the Lion smelter for the first 5 years of the project or until it disposes of the facility and enables investors to participate to the global climate change mitigation efforts by financing the necessary energy transition.

"It is a strength to have Glencore, Merafe and the Jochnick family ready as cornerstone investors for a future issue of carbon-offsetting preference shares. Glencore's decision to invest in financing the production of PWR BLOKs for the Lion Project is clear evidence that cooperation between the companies is growing ever stronger. Our relationship with Glencore is currently one of our biggest assets," explains Dennis Andersson, CEO of Swedish Stirling.

On April 28, 2021, Swedish Stirling signed an energy conversion services agreement with Glencore Operations South Africa Proprietary Limited, on behalf of the Glencore Merafe JV, pertaining to the installation and operation of PWR BLOKs totaling 10 MW in capacity at the Glencore Merafe JV's Lion ferrochrome smelter, in South Africa. The agreement includes an option for Glencore to acquire facilities from Swedish Stirling.

If Swedish Stirling's Board of Directors, in consultation with the Company's financial advisors, ABG Sundal Collier and Bryan, Garnier & Co, should decide to issue new preference shares as authorized by the Annual General Meeting of April 21, 2022, such a decision and the full terms and conditions of any such new issue of preference shares will be communicated during the third quarter of this year at the earliest. The prospectus for the new share issue will be published separately.

For further information please contact:

Sven Ljungberg, CCO, Swedish Stirling AB, +46 (0)31 385 88 30 [email protected]. 

 

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https://news.cision.com/swedish-stirling/r/glencore--merafe-and-the-af-jochnick-family---cornerstone-investors-in-climate-compensating-preferen,c3611129

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