DGAP-Adhoc: S.A.G. Solarstrom AG: Shunfeng Group takes over operative business and assets of S.A.G. Solarstrom AG


S.A.G. Solarstrom AG  / Key word(s): Acquisition

30.08.2014 18:04

Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted
by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

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Shunfeng Group takes over operative business and assets of S.A.G.
Solarstrom AG

Freiburg i. Br., August 30, 2014. S.A.G. Solarstrom AG (under insolvency
proceedings) (German security identification number: 702 100, ISIN:
DE0007021008) today concluded a contract for the acquisition of operative
business operations, including all assets of the S.A.G. Solarstrom Group,
with SF Suntech Deutschland GmbH, a subsidiary of Shunfeng Photovoltaic
International Ltd. (SF-PV). The purchase price is EUR65 million. The
contract is possibly subject to the approval of the shareholders of SF-PV.
If contains the usual price adjustment mechanisms and is subject to the
release of securities as well as to merger clearance checks.

As part of a transferred reorganization scheme, the operative business of
the S.A.G. Solarstrom Group, together with all its business areas, will be
continued by the investor. All jobs will remain secured and additional jobs
are expected to be generated under the planned growth strategy.

In December 2013, S.A.G. Solarstrom AG filed for insolvency due to delayed
cash inflow in the amount of over EUR20 million. At the time when
insolvency was filed, the company was not over-indebted in accounting
terms. However, according to the current status, it must be assumed that
the company's equity on the commercial balance sheet will be negative, so
that S.A.G. Solarstrom AG's shareholders will not receive any return flows
on their invested capital. After the transaction has been concluded, it is
expected that the limited company will be withdrawn from the stock exchange
and liquidated during the further course of the insolvency proceedings.

According to the assessment of the insolvency administrator Dr. Jörg
Nerlich, S.A.G. Solarstrom AG's creditors, including the creditors of the
two bonds listed in the Entry Standard for corporate bonds, can expect a
successful conclusion of the investor process with an above-average
insolvency quota of almost 50%. However, depending on the actual result,
the insolvency quota might also be considerably below or above this value.
  
Contact:
S.A.G. Solarstrom AG
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 (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 160 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 

30.08.2014 The DGAP 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 (General Standard);
              Freiverkehr in Berlin, Düsseldorf, Hamburg, München
              (m:access), Stuttgart
 
End of Announcement                             DGAP News-Service
 
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