Swedish Stirling AB: Q1, 2022 report

Swedish Stirling AB publishes its Q1, 2022 report today.

Swedish clean-tech company Swedish Stirling AB is publishing its interim report for the period 01-01-2022 – 31-03-2022 today. The report is available for download in its entirety on the company’s website. Significant events during the period include the following:

• Net sales for the quarter amounted to TSEK 36 (TSEK -). Total operating income and own work capitalised for the quarter was TSEK 10,788 (TSEK 18,730).

• Earnings per share, before dilution, for the quarter was SEK -0.22 (SEK -0.14).

• Swedish Stirling secured debt financing in South Africa after a positive credit committee decision from the South African bank, The Industrial Development Corporation of Africa (“IDC”), regarding a loan of MZAR 162 (MSEK 96) for the installation of the company’s first large-scale commercial project using the PWR BLOK, at the Lion smelter in South Africa.

• Swedish Stirling announced that the Company will evaluate the conditions to carry out a preference share issue of approximately SEK 130 million to finance the production of PWR BLOK for projects in South Africa and Europe. The Company’s Board of Directors decided to convene an Extraordinary General Meeting to be held to resolve to amend the articles of association to enable the issuance of the share class preference shares.

• At the Extraordinary General Meeting (the ”EGM”) on 21 March 2022 the EGM resolved to amend the Articles of Association in accordance with the Board’s proposal. The amendments include new limits for the company’s share capital and number of shares, and the introduction of a provision on share classes in the Articles of Association, whereby shares can be issued in two classes, ordinary shares and preference shares. Existing outstanding shares in the company shall be ordinary shares. The EGM also resolved, in accordance with the Board’s proposal, to authorize the Board of Directors to, on one or several occasions before the next Annual General Meeting on 21 April 2022, with or without deviation from the pre-emption right of shareholders, resolve upon a new issue of in total no more than 1,100,000 preference shares.