Conergy AG

euro adhoc: Conergy AG
Capital measures
Conergy: Capital increase, Liquidity strengthened, Change in Board of Management, Examination of balance sheet valuations

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Company Information

07.11.2007

Conergy: Capital increase, Liquidity strengthened, Change in Board of Management, Examination of balance sheet valuations

Hamburg, 7th November 2007 - Conergy, Europe's largest solar power company has strengthened its financial strength through an inflow of funds of EUR 100 million.

The company´s founder and chief executive Hans-Martin Rüter will leave the company after the publication of the results for the first nine months (12th November 2007) on 15th November. Until a successor has been appointed, the Chairman of the Supervisory Board, Dieter Ammer, will become interim Chief Executive Officer.

A short-term shortfall in liquidity has developed following Conergy´s strong growth. This tight short-term liquidity situation has now been eliminated on a sustainable basis through an inflow of funds of EUR 100 million. This includes an additional credit line of EUR 30 million with a term expiring at the end of February 2008. The remaining EUR 70 million will come from a capital increase decided by the Board of Management and the Supervisory Board. In detail, the company's Management Board and Supervisory Board decided on 6th of November to issue new equity in the amount of EUR 70 million. Under exclusion of shareholders' subscription rights, this capital increase was subscribed by members of the Management Board and the Supervisory Board and family members ("existing shareholders") and by Leemaster Ltd., which is controlled by Dr. Otto Happel.

In the course of the capital increase, the company has issued 2,088,929 new shares at a price of EUR 33.51 (equal to the average share price over the last five trading days). Leemaster has initially acquired a share of 4.25 percent and has also been granted options by the existing shareholders to acquire additional shares up to a stake of 25.1 percent. The option exercise price is considerably less than the current share price.

The outlook for the current year is subject to a critical examination of the balance sheet valuation principles of Conergy AG as well as to the results from various working groups, which are currently analyzing the Conergy´s business areas. In this context, the German Financial Reporting Enforcement Panel (FREP) has informed Conergy that it will examine the accounts for 2006 and for the first six months of 2007.

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ots Originaltext: Conergy AG
Im Internet recherchierbar: http://www.presseportal.ch

Further inquiry note:
Thorsten Vespermann
Tel.: +49 (0)40 27142-1631
Email: t.vespermann@conergy.de

Branche: Energy
ISIN:      DE0006040025
WKN:        604002
Index:    TecDAX, Technologie All Share, CDAX, HDAX, Prime All Share,
              Midcap Market Index
Börsen:  Börse Frankfurt / official dealing/prime standard
              Börse Berlin / free trade
              Börse Hamburg / free trade
              Börse Düsseldorf / free trade
              Börse Hannover / free trade



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