Conergy AG has completed its capital increase and is to receive gross issue proceeds of €399.3 million. After one year since the company began its restructuring, it has gained capital structure, which in turn provide a stable foundation for future development.
“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.”
Conergy will take the proceeds to reduce financial liabilities, including bridge financing from spring 2008 and push ahead with the restructuring programme to sustain its future growth. 363m new shares were issued at subscription price €1.10 per share between the subscription period of 18 November to 2 December 2008.
Dresdner Bank took around 155m new shares of the remaining unsubscribed shares and to those to which subscription rights did not apply. The bank intends to sell the shares, but has not given a time frame. The remaining shares have been taken up by investors.