Conergy
AG has announced its plans for an increase of approximately €450
million in the company’s equity base. The financing will be prepared by
Credit Suisse and Dresdner Kleinwort, with major investors expected to
contribute at least €125 million. The company will discuss the capital
increase with shareholders at its AGM in Hamburg on August 28th, 2008.
The capital increase will be used mainly to pay back bridge financing of €240 million, and also to finance planned instalments for the repayment of a syndicated loan. The remainder of the capital increase will be invested in the company’s restructuring and business growth.
Conergy has also released the news that it has confirmed that current interim CEO Dieter Ammer has been appointed CEO for the next two years, effective from August 1st, 2008. As a result, Mr. Ammer will step down from the Supervisory Board, and the company proposes that he be replaced by Mr. John Jetter, who has more than 30 years of industry and investment banking experience. Mr. Jetter is former CEO of JPMorgan AG.
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By Síle Mc Mahon