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English
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oda_NoncurrentFinancialAssetSaleAbstract|
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oda_UpdateAnnouncementFlag|
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Evet (Yes)
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oda_CorrectionAnnouncementFlag|
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Hayır (No)
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oda_DateOfThePreviousNotificationAboutTheSameSubject|
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14/07/2022
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oda_DelayedAnnouncementFlag|
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Hayır (No)
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oda_AnnouncementContentSection|
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oda_BoardDecisionDateForSale|
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21/12/2021
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oda_WereMajorityOfIndependentBoardMembersApprovedTheBoardDecisionForSale|
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Yes
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oda_TitleOfNoncurrentFinancialAssetSold|
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Turcas Kuyucak Jeotermal Elektrik Üretim A.Ş. (TKJ)
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oda_FieldOfActivityNoncurrentFinancialAssetSold|
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Power Generation
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oda_CapitalOfNoncurrentFinancialAssetSold|
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58,100,000 TL
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oda_DateOnWhichRheTransactionWasWillBeCompleted|
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14/02/2022
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oda_SalesConditions|
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Diğer (Other)
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oda_NominalValueOfSharesSold|
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58,100,000 TL
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oda_SalesPricePerShare|
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0.42 USD per Share (Excluding conditional payments)
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oda_TotalSalesValue|
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Based on an Enterprise Valuation of 63,838,687 USD; (i) Net Debt of 39,455,168 USD (TKJ's net debt as of 31.12.2020) will be acceeded by the Buyer. (ii) 20,544,832 USD of the Share Sales Proceeds amounting to 24,383,519 USD have been collected on the date of the share transfer and the additional payment amounting to 3,000,000 USD has been collected at 13.07.2022. The remaining 838,687 USD is supposed to be paid latest within the 6 months following the share transfer date and the relevant amount has been collected at 29.07.2022. In addition to the Share Sale Proceeds given above in item (ii), further payments, total of which are expected to be around 4,500,000 USD, might be paid to the Seller in case and at the date of the achievement of certain conditions with regards to the realization of a potential capacity extension (new power plant) investment by the Buyer within the same concession zone. Within the scope of the bonus mechanism regarding this subject in the Share Purchase Agreement, Turcas Petrol A.Ş. earned an additional payment of 2,000,000 USD and the mentioned amount has been collected.
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oda_RatioOfSharesSoldToCapitalOfNoncurrentFinancialAsset|
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100%
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oda_TotalRatioOfSharesOwnedInCapitalOfNoncurrentFinancialAssetAfterSalesTransaction|
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0%
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oda_TotalVotingRightRatioOwnedInNoncurrentFinancialAssetAfterSalesTransaction|
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0%
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oda_RatioOfNoncurrentFinancialAssetSoldToTotalAssetsInLatestDisclosedFinancialStatementsOfCompany|
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21.45%
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oda_RatioOfTransactionValueToSalesInLatestAnnualFinancialStatementsOfCompany|
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267.18% (Excluding conditional payments)
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oda_EffectsOnCompanyOperations|
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The share sale is not expected to have a negative effect on the Company's operations while it is expected to have a positive effect on the Company's balance sheet.
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oda_ProfitLossArisedAfterTransaction|
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257,746,112 TL
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oda_HowWillSalesProfitBeUsedIfExists|
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Sales proceeds will be utilized to decrease the consolidated and solo financial indebtedness of the Company.
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oda_BoardDecisionDateForUseOfSalesProfitIfExists|
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-
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oda_TitleNameSurnameOfCounterPartyBought|
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Albioma SA
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oda_IsCounterPartyARelatedPartyAccordingToCMBRegulations|
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Hayır (No)
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oda_RelationWithCounterPartyIfAny|http://www.xbrl.org/2003/role/verboseLabel
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No
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oda_AgreementSigningDateIfExists|
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21/12/2021
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oda_ValueDeterminationMethodOfNoncurrentFinancialAsset|
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None
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oda_DidValuationReportBePrepared|
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Düzenlenmedi (Not Prepared)
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oda_ReasonForNotPreparingValuationReportIfItWasNotPrepared|
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No regulatory requirement exists since it is not a related party transaction.
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oda_DateAndNumberOfValuationReport|
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-
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oda_TitleOfValuationCompanyPreparedReport|
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-
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oda_ValueDeterminedInValuationReportIfExists|
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-
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oda_ReasonsIfTransactionWasntWillNotBePerformedInAccordanceWithValuationReport|
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-
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oda_ExplanationSection|
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oda_ExplanationTextBlock|
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As previously announced in our Company's Public Disclosure dated 21/12/202, a Share Purchase Agreement ("SPA") dated December 21, 2021 had been signed between Albioma SA ("Buyer"), a French energy company, and Turcas Petrol A.Ş. with regards to the sale of %100 of our shares in Turcas Kuyucak Jeotermal Elektrik Üretim A.Ş. ("Turcas Kuyucak") and the above mentioned share transfer had been completed as of 14/02/2022.
In accordance with the relevant announcements, it had also been mentioned that further payments, in addition to the share sale proceeds and total of which are expected to be around 4,500,000 USD, might be paid in the following years to Turcas Petrol in case and at the date of the achievement of certain conditions with regards to the realization of a potential capacity extension (new power plant) investment by the Buyer within the same concession zone. Within the scope of the bonus mechanism regarding this subject in the Share Purchase Agreement, Turcas Petrol A.Ş. earned a payment amounting to 2,000,000 USD and the mentioned amount has been collected.
Further detailed information regarding the transaction is provided in the table attached to the Public Disclosure.
Best regards,
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We proclaim that our above disclosure is in conformity with the principles set down in “Material Events Communiqué” of Capital Markets Board, and it fully reflects all information coming to our knowledge on the subject matter thereof, and it is in conformity with our books, records and documents, and all reasonable efforts have been shown by our Company in order to obtain all information fully and accurately about the subject matter thereof, and we’re personally liable for the disclosures.