DGAP-Adhoc: Conergy AG: New ownership structure after capital increase: changes in Conergy Supervisory Board

Conergy AG  / Key word(s): Corporate Action

14.07.2011 16:33

Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted
by DGAP - a company of EquityStory AG.
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New ownership structure after capital increase: changes in Conergy
Supervisory Board

Hamburg, 14 July 2011 - All incumbent members of the Supervisory Board of
Conergy AG will resign from their positions with effect upon the conclusion
of the Annual General Meeting of Conergy AG to be held on 26 August 2011.
This decision is based on the future changed ownership structure of the
company, which becomes apparent after the conclusion of the subscription
period for the cash capital increase . The future members of the
Supervisory Board will be elected at the Annual General Meeting in August.

As announced yesterday, within the context of the subscription period for
the cash capital increase concluded on 12 July 2011, existing shareholders
subscribed a total of 13,226,962 new shares at a subscription price of EUR
1.05. Conergy will use the net proceeds from the cash capital increase in
the amount of EUR 13,226,962 to reduce loans in accordance with the
resolutions passed at the extraordinary General Meeting held on 25 February
2011.

In a second step some of the company's creditors will now subscribe shares
against contribution of loan claims in the context of a capital increase
through contribution in kind. Such loan claims will be exchanged with a
discount of 40% on the nominal amount against the issuance of 96,807,229
new shares. Through both measures Conergy can realise a total debt relief
of around EUR 188 million. By way of this so-called 'debt to equity swap,'
the respective contributing creditors gain share capital of Conergy AG in
the aggregate amount of approximately 60%.

Conergy will be implementing the last, technical steps of the refinancing
package in the next few days before the Annual General Meeting: the
Management Board and the Supervisory Board of Conergy AG have approved the
execution of the capital increase in cash and in kind today. The
registration with the commercial register is expected to be made on 21 July
2011.

The delivery of the new shares from the capital increase in cash and in
kind is therefore expected on 25 July 2011. At this point, the new shares
are expected to be included in the existing quotation in the regulated
market on the Frankfurt Stock Exchange.


Contact:
Christoph Marx
Head of Investor Relations 
Conergy AG
Anckelmannsplatz 1
20537 Hamburg
Germany
T +49 40 271 42 - 1634
F +49 40 271 42 - 1639 




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Language:     English
Company:      Conergy AG
              Anckelmannsplatz 1
              20537 Hamburg
              Germany
Phone:        +49 (0)40 27 142-1000
Fax:          +49 (0)40 27 142-1100
E-mail:       info@conergy.de
Internet:     www.conergy.de
ISIN:         DE000A1KRCK4
WKN:          A1KRCK
Listed:       Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
              in Berlin, Düsseldorf, Hamburg, Hannover, München, Stuttgart
 
End of Announcement                             DGAP News-Service
 
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