S.A.G. Solarstrom AG / Key word(s): Insolvency
28.01.2014 22:17
Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted
by DGAP - a company of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
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Application made for the appointment of an administrator in relation to
S.A.G. Solar UK Ltd.
Freiburg i. Br., January 28, 2014. A major creditor of S.A.G. Solar UK
Ltd., a wholly owned subsidiary of S.A.G. Solarstrom AG (WKN: 702 100,
ISIN: DE0007021008), Freiburg i. Br., requested the High Court of Justice,
Chancery Division, Companies Court on January 21, 2014 to make an
administration order in relation to S.A.G. Solar UK Ltd. The company
received the application on January 28, 2014. A hearing to appoint an
administrator is scheduled for January 29, 2014. Once an administrator is
appointed, insolvency proceedings can be initiated according to English
law.
For S.A.G. Solarstrom AG, this could mean the loss of receivables, the loss
of future potential earnings and a risk that claims will be made on
guarantees that have been granted.
Delayed accreditation by the responsible authority Ofgem led to the
situation that to date, it has not been possible to close the sale of a
completed project and thus liquidity inflow could not be realized.
Contact:
S.A.G. Solarstrom AG
Sasbacher StraÃe 5
79111 Freiburg
Germany
www.solarstromag.com
Public Relations / Investor Relations
Jutta Lorberg
phone: +49-(0)761-4770-311
e-mail: pr@solarstromag.com / ir@solarstromag.com
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Information and Explaination of the Issuer to this News:
About S.A.G. Solarstrom AG
S.A.G. Solarstrom AG (German security identification number: 702 100, ISIN:
DE0007021008) of Freiburg i.Br., Germany, is a manufacturer-independent
provider of photovoltaic plants configured to customers' individual needs.
The Group constructs plants of all sizes both in Germany and abroad. S.A.G.
Solarstrom AG also produces solar energy at its own plants.
S.A.G. Solarstrom AG's service portfolio covers the entire life cycle of
photovoltaic plants, including forecast and energy services, yield reports,
and remote service and maintenance, as well as insurance and financing. The
Group thus offers a comprehensive value chain in photovoltaics, from yield
reports, planning, construction, operations, and monitoring to
optimization, repowering, and deconstruction.
S.A.G. Solarstrom AG was founded in 1998. Around 190 specialists work at
the four locations in Germany and the foreign subsidiaries.
S.A.G. Solarstrom AG is listed in the Prime Standard of the Frankfurt Stock
Exchange as well as according to the rules and standards M:access of the
Munich Stock Exchange.
Further information: www.solarstromag.com
28.01.2014 DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
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Language: English
Company: S.A.G. Solarstrom AG
Sasbacher Str. 5
79111 Freiburg
Germany
Phone: + 49 761 4770 0
Fax: + 49 761 4770 555
E-mail: mail@solarstromag.com
Internet: www.solarstromag.com
ISIN: DE0007021008, DE000A1E84A4, DE000A1K0K53,
WKN: 702100, A1E84A, A1K0K5
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in Berlin, Düsseldorf, Hamburg, München (m:access), Stuttgart
End of Announcement DGAP News-Service
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DGAP-Adhoc: S.A.G. Solarstrom AG: Application made for the appointment of an administrator in relation to S.A.G. Solar UK Ltd.
| Source: EQS Group AG