DGAP-Adhoc: S.A.G. Solarstrom AG receives EUR3.5 million from release of blocked funds

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| Source: EQS Group AG
S.A.G. Solarstrom AG  / Key word(s): Agreement

25.04.2014 17:45

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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S.A.G. Solarstrom AG receives EUR3.5 million from release of blocked funds

  - Pledging of fixed-term deposits in favor of the convertible bond
    legally insecure

  - Agreement circumvents lengthy legal dispute

  - As CEO, Dr. Karl Kuhlmann continues to provide significant support for
    the restructuring and investor process despite transferring the S.A.G.
    Solarstrom AG shares he has held up to now

Freiburg i. Br., April 25, 2014. S.A.G. Solarstrom AG, German security
identification number: 702 100, ISIN: DE0007021008 (presently in insolvency
proceedings), and represented by the insolvency administrator Dr. Jörg
Nerlich from the legal office of Görg in Cologne, today concluded a
settlement agreement with the company BBV Beteiligung, Beratung und
Verwaltung GmbH, Bochum, whose sole shareholder is the CEO of S.A.G.
Solarstrom AG, Dr. Karl Kuhlmann, as well as a participating bank regarding
pledged credit in connection with the 2007/2014 convertible bond, with the
consent of the preliminary board of creditors. As a result of this
agreement, liquid funds in the amount of EUR3.5 million will be released
and made available to the company.

The convertible bond was collateralized when it was issued in 2007
according to the bond conditions, in the then full amount of the repayment
claim of EUR10 million, by pledging paid capital. The amount currently
pledged for outstanding convertible bonds is EUR7,415,500. BBV Beteiligung,
Beratung und Verwaltung GmbH holds partial debentures of this convertible
bond in the total nominal amount of EUR7,363,500 and had ceded its
repayment claims from the convertible bond in this regard as a security to
the financing bank.

Under the settlement agreement, the parties involved assessed legal
uncertainties with regard to the enforceability of BBV Beteiligung,
Beratung und Verwaltung GmbH's repayment claim from the convertible bond,
against a consensual solution that provides liquidity to the company
immediately. The clarification of a right to separation that exists under
the insolvency, with regard to the pledged credit, could have led to a
longer legal dispute, during which all funds would still remain blocked.

Under the agreement, BBV Beteiligung, Beratung und Verwaltung GmbH and the
participating bank forgo EUR3.5 million of the repayment claim, after
giving notice on the partial debentures held. The remaining EUR3,863,500
will be paid to the financing bank. The company can now use these liquid
funds resulting from the release of EUR3.5 million pledged fixed-term
deposits.

The other creditors involved in the convertible bond are not included in
this settlement agreement.

In addition, the company BBV Beteiligung, Beratung und Verwaltung GmbH and
the financing bank today concluded a separate agreement, under which BBV
Beteiligung, Beratung und Verwaltung GmbH has transferred its S.A.G. shares
to the bank. This agreement has been concluded in view of the fact that the
bank had announced making payable the financing of the share package in
light of S.A.G. Solarstrom AG's insolvency. Irrespective of this, Dr. Karl
Kuhlmann will continue to provide significant support for the restructuring
and investor process as the CEO of S.A.G. Solarstrom AG. He, together with
the other Executive Board members, will also continue to work together very
closely and in trusting cooperation with the insolvency administrator and
the preliminary board of creditors.



Contact:
S.A.G. Solarstrom AG (presently in insolvency proceedings)
Sasbacher Straße 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 (presently in insolvency proceedings)(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 170 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 

25.04.2014 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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