News
General meetings of shareholders
The general meeting of shareholders deliberates on the subjects of the agenda and is convened by the Board of Directors.
An ordinary general meeting is held annually during the first half-year, no later than June 30th. Every shareholder has the right to take part in the general meeting and has one vote per share (1 share = 1 vote).
The bondholders can take part in the general meeting of shareholders in an advisory capacity.
A general meeting of the shareholders of ORES sc is convened to be held on November 28th 2024; the notification is available here.
Documentation relating to the items on the agenda for this meeting can be obtained free of charge at the Company's registered office.
General meeting of bondholders
The general meeting of bondholders deliberates on the subjects of the agenda and may or shall be convened by the Board of Directors.
Each bondholder has the right to take part in the general meeting and vote on the basis of their bondholding (1 bond = 1 vote).
General meeting of bondholders of 11 December 2020
Bonds at 4.00% issued on 2nd October 2012 and maturing on 2nd October 2021 – proposal for changes to the terms and conditions, accompanied by a partial buyback offer
Opérateur de Réseaux d’Energies SC (“ORES”) is seeking the consent of the holders of bonds at 4.00%, issued on 2nd October 2012 and maturing on 2nd October 2021 (the “Bonds”), to agree to proposed changes in the terms and conditions for the Bonds. In conjunction with this request for the consent of the holders of these Bonds, ORES is also offering to buy back part of them for cash.
News for investors
04/04/2024
Since October 2023, the Walloon distribution network operators (DSOs) and the CWaPE have been discussing the proposals for authorised electricity and gas revenues for the years 2025-2029 submitted by the DSOs to the regulator. On 28 March 2024, the regulator approved ORES Assets' authorised revenue proposals and published them on its website the following day. This completes the first of two stages in setting distribution tariffs for the next regulatory period. This phase is particularly important as it defines the budget available to the DSO for the next five years. These resources will enable it to carry out its day-to-day tasks and to support and implement its industrial plan, as set out in the strategic plan "Investing together in energy transition for all".
In December 2023, the Walloon Government approved an initial decree relating to the granting of subsidies es to ORES Assets. At the end of March 2024, the Walloon Government approved two decrees relating to the granting of subsidies to DSOs. The aim of these subsidies is to modernise the distribution networks on a massive scale in order to accelerate the energy transition by enabling the networks to absorb the greater generation of renewable energy in the future and to cope with the electrification of uses (such as electric mobility, for example). A budget envelope of € 70 million from the Walloon Recovery Plan (2024) will be granted to ORES Assets. € 76 million of European funding from the REPOWER EU programme will be divided proportionately between ORES Assets and RESA. This makes a total of € 146 million available to be invested in the networks of ORES Assets over the coming years. These funds will be used to support and implement ORES’ industrial plan as set out in its strategic plan “Investing together in energy transition for all”.
11/12/2020
The announcement of the results of the ORES sc general meeting of bondholders held on 11 December 2020 is available here
25/11/2020
Announcement of ORES sc of 25 November 2020 relating to the fixing of the spread
10/11/2020
Press release of Opérateur de Réseaux d’Energies SC (“ORES”) about the seeking the consent of the holders of bonds at 4.00%, issued on 2nd October 2012 and maturing on 2nd October 2021 (the “Bonds”), to agree to proposed changes in the terms and conditions for the Bonds. In conjunction with this request for the consent of the holders of these Bonds, ORES is also offering to buy back part of them for cash.
18/03/2020
ORES is fully committed to fighting the spread of COVID-19. In order to guarantee the continuity of supply of electricity and natural gas, exceptional measures have been taken to protect our customers and staff and to maintain our public service activities. These include in particular reorganizing all services to reinforce the "social distancing" recommended by the federal government by avoiding putting healthy people in contact with infected people. All staff members have been given concrete guideline and instructions on how to carry out their tasks safely and how to avoid the further spread of the virus as much as possible.
As to the possible financial impact, ORES would like to draw attention to the fact that electricity and gas supply activities are governed by a regulatory framework.
04/01/2019
As announced on its website on 29 October 2018, ORES scrl bought back some of the bonds issued in October 2012 due to mature on 2 October 2021 (ISIN code BE6242530952). According to article 7.6.5 ot the terms and conditions for these bonds ORES shall cancel the bonds thus purchased back. Following this cancellation the total book value of this bond issue shall be reduced by EUR 59,400,000 to EUR 290,600,000.
29/10/2018
ORES scrl considers buying back some of the bonds issued in October 2012 due to mature on 2 October 2021 (ISIN code BE6242530952). If so, this transaction would take place as of 29 October 2018 and end on 31 December 2018 at the latest and be limited to 1,000 bonds of the 3,500 issued bonds.
16/03/2018
Fernand Grifnée, ORES CEO, and Stéphane Moreau, RESA CEO, announced on March 16th 2018 that their management are analyzing the potential synergies between the two companies. Any possible merger decision would be taken on a future date, by the respective shareholders of the concerned entities
07/03/2018
ORES has submitted a request for a new financing to the European Investment Bank (EIB). The purpose of the loan is to finance the renewal and modernization of the networks of the period 2018-2022. The ORES and EIB’s press release about the financing is available here.