Leclanché SA

EQS-Adhoc: Leclanché SA: Leclanché postpones Annual General Meeting


EQS Group-Ad-hoc: Leclanché SA / Key word(s): AGM/EGM/AGM/EGM
Leclanché SA: Leclanché postpones Annual General Meeting

08-Jun-2017 / 07:27 CET/CEST
Release of an ad hoc announcement pursuant to Art. 53 KR
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Leclanché postpones Annual General Meeting

Reviewing funding requirements following large order book generation and
convertible debt repayment

YVERDON LES BAINS, Switzerland, 7th June 2017:Leclanché SA (SIX: LECN), one of
the world's leading energy storage solution companies, announced today that its
board of directors is postponing the Company's Annual General Meeting (AGM)
scheduled for 14th June to a date in July to be confirmed.

After two very successful years implementing its growth plan, Leclanché has
delivered a revenue increase of 250 per cent above 2014's figures, significantly
reduced its steady-state EBITDA loss, and generated an order book of more than
90 MWh in stationary projects. The bulk of this order book comes from two very
large projects: 41 MWh for the Independent Electricity System Operator (IESO) in
Ontario, Canada, the core of the 53 MWh project, which is one of the world's
largest stationary storage systems; and 33 MWh for a utility storage system in
Germany.

Additionally, the company is in advance negotiations for contracts with electric
vehicles (EV) customers and automotive systems integrators. These include a
large volume contract in India for which test units are being shipped shortly
and a joint development agreement with a world leading manufacturer of electric
drives and traction motors for buses, tramways, locomotives, suburban train
units, metros and mine cars.

In order to deliver such a large order book, Leclanché requires a significant
increase in capital. In addition, the company has a convertible debt which is
due for repayment by 30th June 2017.

Leclanché's board of directors, together with its major shareholders, has
undertaken a comprehensive review of the Company's funding needs in the near and
long term and is reviewing options which include a rights issue, private
placement with institutional shareholders and a dual-listing on a North American
exchange. Exploratory discussions for listing in North America, the fastest
growing energy storage market in the world, indicate significant investor
appetite for Leclanché with its comprehensive product range and projects in both
the stationary storage and EV markets.

As a result of the funding review, and some management time diverted due to the
unfortunate fire accident on 22nd May, caused by a battery system not
manufactured by Leclanché, the Company took the decision to postpone the AGM
scheduled on 14th June. A new date for the AGM and related agenda will be
circulated shortly.


* * * * *

About Leclanché

Leclanché is one of the world's leading fully vertically integrated energy
storage solution providers. It delivers a wide range of energy storage solutions
for homes, small offices, large industries, electricity grids, as well as
hybridization for mass transport systems such as bus fleets and ferries.
Established in 1909, Leclanché has been a trusted provider of battery energy
storage solutions for over 100 years. Founded in the tradition of Georges
Leclanché, the inventor of the dry cell battery, Leclanché today has a rich
portfolio of Battery Energy Storage Systems (BESS) that include bespoke battery
systems from industry leading lithium-ion solutions.

Leclanché is listed on the Swiss stock exchange, and is the only listed
pure-play energy storage company in the world.

SIX Swiss Exchange: ticker symbol LECN | ISIN CH 011 030 311 9

Disclaimer
This press release contains certain forward-looking statements relating to
Leclanché's business, which can be identified by terminology such as
"strategic", "proposes", "to introduce", "will", "planned", "expected",
"commitment", "expects", "set", "preparing", "plans", "estimates", "aims",
"would", "potential", "awaiting", "estimated", "proposal", or similar
expressions, or by expressed or implied discussions regarding the ramp up of
Leclanché's production capacity, potential applications for existing products,
or regarding potential future revenues from any such products, or potential
future sales or earnings of Leclanché or any of its business units.

You should not place undue reliance on these statements. Such forward-looking
statements reflect the current views of Leclanché regarding future events, and
involve known and unknown risks, uncertainties and other factors that may cause
actual results to be materially different from any future results, performance
or achievements expressed or implied by such statements. There can be no
guarantee that Leclanché's products will achieve any particular revenue levels.
Nor can there be any guarantee that Leclanché, or any of the business units,
will achieve any particular financial results.

* * * * *

Europe/global:
Desirée Maghoo
T: +44 (0) 7775522740
E-mail:dmaghoo@questorconsulting.com

Simon Barker
T:+44 (0)7866 314331
E-mail:sbarker@questorconsulting.com

US and Canada:
Rick Anderson
T: +1 (718) 986-1596

Henry Feintuch
T: +1 (212) 808-4901
E-mail:leclanche@feintuchpr.com

Shareholder, Analyst and Investor contacts:
E-mail:investors@leclanche.com

Investor Contacts
Anil Srivastava / Hubert Angleys
Tel.: +41 (0) 24 424 65 00
E-Mail:invest.leclanche@leclanche.com


# # #

 

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End of ad hoc announcement------------------------------------------------------

Language: English

Company:  Leclanché SA

          Av. des Sports 42

          1400 Yverdon-les-Bains

          Switzerland

Phone:    +41 (24) 424 65-00

Fax:      +41 (24) 424 65-20

E-mail:investors@leclanche.com

Internet: www.leclanche.com

ISIN:     CH0110303119, CH0016271550

Valor:    A1CUUB, 812950

Listed:   SIX Swiss Exchange



 

End of Announcement EQS Group News Service

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581451  08-Jun-2017 CET/CEST
 



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