This includes the items related to the positive Final Investment Decision on the construction of the world’s first FDCA Flagship Plant taken in December 2021. FDCA (furandicarboxylic acid) is the main building block of the 100% plant-based, recyclable plastic PEF (polyethylene furanoate), which also has functional advantages over plastics made from petroleum. Approval was also granted for the authorisation to the Management Board to issue 2.84 million warrants to a consortium of banks as part of a €90 million Debt Financing Package, as well the authorisation to the Management Board to issue €45 million in ordinary shares.
The green light from the shareholders allows Avantium to begin execution of all relevant documentation to complete the transaction (“Financial Close”), which is expected in the first quarter of 2022. Construction of the FDCA Flagship Plant is planned to start after Financial Close and to be completed by the end of 2023. Avantium expects that the FDCA Flagship Plant will be operational in 2024, enabling the commercial launch of PEF from 2024 onwards.
Edwin Moses, Chairman of the Supervisory Board, comments: “We would like to thank the Avantium shareholders for supporting these resolutions today. With the green light to construct the FDCA Flagship Plant, Avantium moves to an exciting new chapter of commercialising the plant-based, fully recyclable plastic material PEF. We strongly believe that this scalable manufacturing capability will create value and provide important products which will benefit our stakeholders and have a very positive effect on the environment in which we live.”
Voting results
The EGM took place on Tuesday 25 January 2022 and was held fully virtually in accordance with the COVID-19 measures. 57% of the total number of shares outstanding, on the record date of the meeting, were represented in the voting process.
The agenda items proposed for adoption in the Meeting were voted on as follows:
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Mr Nils Björkman to be appointed as member of the Supervisory Board.
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The EGM authorised the Management Board to issue Warrants and to exclude pre-emptive rights.
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The EGM authorised the Management Board to issue €45 million in ordinary shares in connection with a public offering (preferable), rights issue, and/or private placements and to exclude preemptive rights.
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The EGM adopted the amended Articles of Association to increase the authorised share capital of Avantium to allow for the issuances of ordinary shares.
