Energy Solar Tech board stays neutral on Greening share-swap takeover bid

• Greening Group Global launched a share-for-share bid for all Energy Solar Tech shares, offering 0.95 new Greening shares per target share.
• Acceptance period runs July 7-21; the deal needs acceptances covering at least 50% of the target’s share capital, subject to waiver.
• Energy Solar Tech’s board took a neutral stance, citing mixed factors and the share-based consideration’s exposure to Greening’s share price.
• Independent valuations implied €65.5-82.3 million for Energy Solar Tech and €162.5-172.8 million for Greening, supporting a 31% stake for target holders.
• Greening disclosed a going-concern uncertainty, €118.9 million gross debt, plans for a €30 million capital raise, refinancing, and asset sales.

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