·CEO Ammer:“The new equity capital will significantly reduce our financing costs and provide us with a robust capital structure for our further development.”
·The entire gross proceeds from the capital increase are going to the company – Dresdner Bank is taking up 155m of the shares which were not subscribed by shareholders
Hamburg, 3December 2008 – The Hamburg solar specialist Conergy AG has completed its capital increase.The company is to receive gross issue proceeds of EUR 399.3m.This means that, one year after beginning its restructuring, Conergy is gaining a capital structure which provides a solid foundation for the further development of the Conergy group.
“I am very pleased that we were able to carry out a capital increase of this size in these turbulent times. It gives us a robust capital structure for our planned growth and confirms that we are on the right track”, says Dieter Ammer, CEO of Conergy AG. “Now we can once again concentrate fully on our core business – selling state-of-the-art solar solutions.”The company will use the proceeds from the issue to reduce financial liabilities, including bridge financing from spring 2008, to push ahead with its restructuring programme and to support its future growth.
A total of 363m new shares were issued at a subscription price of EUR 1.10 per share.The new share capital stands at EUR 398,088,928.The subscription period began on 18 November and ended on 2 December 2008. 49.5% of the new shares were subscribed by the market, equivalent to approximately 179.6m new shares. Dresdner Bank has taken up approximately 155m new shares of the remaining unsubscribed shares and the shares to which subscription rights did not apply. Dresdner Bank intends to sell these shares, albeit without a defined time frame and possibly as part of a M&A transaction. The remaining shares, which were not subscribed, have been taken up by other investors, in particular Leemaster and Athos, at the issue price.
About Conergy
Since its founding in 1998, Hamburg-based Conergy AG has sold more than a gigawatt in renewable energy, making it one of the biggest European suppliers of solar energy and other renewable energies, and a world leader in solar system integration. Of the one gigawatt in renewable energies, Conergy has installed more than 400 megawatts in its major projects, Of the total one gigawatt, 200 megawatts falls to its wind energy park projects and 800 to its globally marketed solar modules. According to the German Solar Industry Association (BSW) this is just under a fifth of the entire installed photovoltaic output in Germany. Calculative one in ten modules worldwide was produced, sold or installed by Conergy.
Listed on the Frankfurt Stock Exchange since 2005, the group pursues a global growth strategy, The company now produces, installs and designs solar power systems and wind turbines in around 20 countries. The Conergy Group is represented with its own branches on five continents.
Press Office queries:
Alexander Leinhos
Head of Public Relations
Conergy AG
Anckelmannsplatz 1
D 20537 Hamburg
Tel. +49 40 27142 1631
Mob. +49 171 5 535 927
Fax +49 40 27142 1639
a.leinhos@conergy.de
www.conergy.de
In case you wish to no more receive any information about Conergy please contact us under presse@conergy.de.
DISCLAIMER
This communication is neither a prospectus nor does it constitute an offer to sell or the solicitation of an offer to purchase the shares or other securities of Conergy AG and it does not substitute the prospectus. Subject to the approval by the German Financial Supervisory Authority, which is expected today, a securities prospectus will be published prior to the offer period and made available free of charge by Conergy AG and the coordinators. The shares will be offered exclusively on the basis of the prospectus required to be approved by the German Financial Supervisory Authority.
This communication is not an offer of securities for sale in the United States of America. Securities may not be offered or sold in the United States of America absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended (the “Securities Act”).Any public offering of securities to be made in the United States of America will be made by means of a prospectus that may be obtained from Conergy AG and that will contain detailed information about the company and management, as well as financial statements. Conergy AG does not intend to register any part of the offering in the United States.
The information contained in this communication is not for publication or distribution in or into the United States of America, Canada, Australia or Japan and does not constitute an offer of securities for sale in the United States of America, Canada, Australia or Japan. |