Ebusco announces its intention to raise up to EUR 36 million of new equity through a rights issue as part of its turnaround plan, as mentioned in the H1 2024 results. The announcement is made a few days after the Nordic transport operator Connect Bus cancelled an order for 47 Ebusco 3.0 buses. Ebusco reported over the first half of 2024 an operational loss of €64.7 million euros.
Ebusco convenes an extraordinary general meeting of shareholders (EGM), to be held on Thursday 24 October 2024 to seek approval of the rights issue and a corresponding share consolidation, as well as for the appointment of Christian Schreyer as a member of the Management Board. Besides raising up to EUR 36 million through a rights offering, the company also will propose to consolidate 5 shares to 1. This means that 5 (five) ordinary shares will be consolidated into 1 (one) ordinary share. The purpose of the proposed share consolidation is to increase the market value per ordinary share and to facilitate the rights issue. The rights issue is expected to take place in Q4 2024. At the EGM, Ebusco will further request approval of the appointment of Mr Christian Schreyer as member of the Management Board with the title Chief Executive Officer, as Ebusco
made known earlier. Together with co-CEO Michiel Peters founder Peter Bijvelds stepped down as co-CEO on 2 September. Due to this EGM, Ebusco will schedule the Q3 2024 update to take place on Thursday 24 October. The cancellation of the order for 47 Ebusco 3.0 buses by Connect Bus (Scandinavia) is obviously a setback for the Dutch manufacturer. The buses, of which 29 solo buses and 18 articulated buses, were supposed to be delivered at the end of 2023. Perhaps a positive thing is that the director at Länstrafiken Kronoberg, the public transport authority for which Connect Bus is acting as operator, has said in the Swedish Bussmagasinet.se, that it will not charge Connect Bus for the delayed bus deliveries but also stated 'that Connect Bus will have to handle all the additional costs linked to the delayed bus deliveries'.