Vow ASA: Amendments of covenants and efforts to strengthen the balance sheet

29 Aug 2024 07:05 CEST

Oslo, 29 August 2024: Reference is made to the report for the first half-year of
2024 being published today. It follows from said report that Vow ASA (the
"Company") requires amended covenants in its existing NOK 575 million debt
facility with DNB Bank ASA in order to avoid a covenant breach in Q3 or Q4
2024. The Company has agreed amended debt facilities with improved covenant
headroom subject to (i) agreement on final documents, and (ii) strengthening of
the Company's balance sheet by raising new equity amounting to a minimum of NOK
125 million.

The Company is currently operating on the basis of an ambition to raise up to
NOK 150 million in new equity to improve the Company's liquidity position in
order to execute on the current orderbook as well as on new growth initiatives
and strengthen the balance sheet by way of debt prepayments in order to
facilitate an amended debt facility agreement with improved covenant headroom.

Based on discussions with the lender, it is expected that an amended loan
agreement has the amended covenants as further described in the report for the
first-half year of 2024.
As part of the amended bank facility, the Company is scheduled to repay NOK
42.5 million for the remaining of 2024.

The Company has undertaken preliminary soundings in the market and continues to
explore the possibility of carrying out a raise of new equity to satisfy the
required strengthening of the Company's balance sheet. The Company is also
considering other ways to strengthen its financial position.

The Company has engaged DNB Markets, a part of DNB Bank ASA, and Pareto
Securities AS to assist with the efforts to strengthen the Company's balance
sheet.

For further information about the financials of the Company, reference is made
to the half-year report of 2024.


For more information, please contact:

Henrik Badin, CEO, Vow ASA
Tel: +47 90 78 98 25
Email: henrik.badin@vowasa.com

Tina Tønnessen, CFO, Vow ASA
Tel: +47 406 39 556
Email: tina.tonnessen@vowasa.com


About Vow ASA

Vow and its subsidiaries Scanship, C.H. Evensen and Etia are passionate about
preventing pollution. The company's world leading solutions convert biomass and
waste into valuable resources and generate clean energy for a wide range of
industries.

Advanced technologies and solutions from Vow enable industry decarbonisation and
material recycling. Biomass, sewage sludge, plastic waste and end-of-life tyres
can be converted into clean energy, low carbon fuels and renewable carbon that
replace natural gas, petroleum products and fossil carbon. The solutions are
scalable, standardised, patented, and thoroughly documented, and the company's
capability to deliver is well proven.

The company is a cruise market leader in wastewater purification and
valorisation of waste. It also has strong niche positions in food safety and
robotics, and in heat-intensive industries with a strong decarbonising agenda.
Located in Oslo, the parent company Vow ASA is listed on the Oslo Stock Exchange
(ticker VOW).

This information is considered to be inside information pursuant to the EU
Market Abuse Regulation and is subject to the disclosure requirements pursuant
to Section 5-12 the Norwegian Securities Trading Act. This stock exchange
announcement was published on instructions by Tina Tønnessen, CFO, at the date
and time as set out above.

This information is subject to the disclosure requirements pursuant to Section
5-12 the Norwegian Securities Trading Act

More information:
Access the news on Oslo Bors NewsWeb site