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Orascom AGM approves all resolutions

Yesterday, the 12th Annual General Meeting of Orascom Development Holding AG was held in Altdorf, Switzerland. Due to the extraordinary situation in connection with the Covid-19-pandemic personal participation of shareholders was excluded. The independent proxy represented 32,125,266 registered shares and 79.14% of the issued share capital, respectively, at the meeting.

All proposals of the Board of Directors were approved. All members of the Board of Directors and the Nomination and Compensation Committee stood for re-election and were elected for another one-year term of office. Deloitte AG, Zurich, was confirmed as auditors for the 2020 financial year and Dr. Hansheiri Inderkum was re-elected for another term until the end of the Annual General Meeting 2021. The shareholders also approved the proposed maximum amounts for the compensation of the members of the Board of Directors and the Executive Management and the re-introduction of authorized capital.

In addition, the company announced that the subsidiary Eco-Bos Development has secured £18 million to kick-start its 1,500 home project in Cornwall. Shawbrook Bank is financing the construction of its first phase of more than 1,500 energy efficient homes in the sustainable West Carclaze Garden Village community project near St Austell.

Shawbrook has provided a peak debt funding facility of £18 million for the first stage of the Garden Village project, involving the construction of 296 homes. In total, the overall project could see Shawbrook finance the construction of 1,500 eco-friendly properties. Residential sales for the project will commence in June 2020 and commercial sales will take place in February 2021. This phase is planned to be delivered during Q3 2024 with expected total sales of ca. £82 million (ca. CHF 99 million). The project, as previously announced, will be cash flow positive in 2020 and profitable in 2022. Estimated cumulative losses before turning into profits, are within the range of ca. £2.0mn - £3.0mn (ca. CHF 2.4 million - CHF 3.6 million) until 2022.

Additionally, Eco-Bos has signed a construction contract with Moor Manage Ltd. as the main contractor of this project. Morcom Construction Ltd., the groundworks contractor, started on-site in February with „official“ groundbreaking in March 2020. Phase 1 is anticipated to be completed in Q3 2024 and will comprise 296 homes adjoining two lakes, a 210-place primary school, community facilities and 4 miles of trails. This first phase uses 196,604 m² out of the total land bank under option of over 6.5 million m².