EANS-Adhoc: PNE WIND AG negotiates convertible bond and plans increase in capital

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Company Information


Cuxhaven, June 18, 2009 - The Board of Directors and the Supervisory Board of the wind-farm developer PNE WIND AG (ISIN: DE000A0JBPG2) today resolved the issue of a convertible bond of a nominal amount of up to 37.5 mill. Euro and an increase of capital from approved capital to the amount of up to 10% of the current original capital. With the increase in capital, the original capital of the company will rise to up to 45,402,462 Euro. If the convertible bond is completely placed and the capital is increased completely, the flow of funds to the company will amount to about 45.3 mill. Euro.

The convertible bonds will be issued at a price of 100% and provide for a conversion price of 2.50 Euro per share acquired in future by exercising of the right of conversion. The subscription price for a new share from the increase in capital amounts to 1.90 Euro.

The existing shareholders will be granted a subscription right for both issues. The subscription period is planned for the period from June 24, 2009 until July 08, 2009. Trading in subscription rights is not planned. Convertible bonds not purchased by the shareholders and also new shares not subscribed are to be offered to selected investors by way of a private placement.

The objective of the two capital measures is to finance the further growth of the internationally active PNE WIND AG. With the flow of funds, the company wishes to create additional leeway in order to further the corporate strategy of the development and financing of wind-farm projects in Germany and abroad on land (onshore) and at high sea (offshore). The company is being accompanied in these capital measures by the Close Brothers Seydler Bank AG.

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Martin Billhardt, Chairman of the Board of Directors of the company, explains the backgrounds to the procedure: "We wish to grow even further! With the help of the planned capital measures, we are creating the financial basis for a further acceleration of the expansion course which PNE WIND AG has already started. Precisely in the current environment, market changes can open at short notice." The Board of Directors particularly emphasises the promising market position of the company. "We fulfil all the preconditions in order to profit from the future rise in importance of wind energy in a lasting way. Our project pipeline is well filled and, with an equity quota of 36%, we have very robust financing. In addition, PNE WIND AG is already acting on a series of international future markets, for example the USA. We wish to improve this strong position even further in future, for which the planned capital measures are an important step."

In the company's opinion, the framework conditions for wind energy are still favourable, with the result that implementation of the capital measures at the present time makes early setting of the points for a continued positive development of the company possible. Current branch studies expect world-wide new installations with an output of 82 GW per year and a turnover potential of around 82.5 billion € per year for 2020. Accordingly, the long-term growth pushers of the wind branch, such as the finite nature of fossil resources or the effects of the climate change, remain intact despite the current economic situation.

The granting of a subscription right also means that the shareholders' rights are considered. "Our shareholders are given the opportunity of participating in the further success of the company," is the comment on the terms given by the Chairman of the Board of Directors, Martin Billhardt. In addition, new investor groups are to be developed in the course of a private placement with the convertible bond and shares not issued to existing shareholders.

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ots Originaltext: PNE Wind AG
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Further inquiry note:
Presse- und Öffentlichkeitsarbeit
Rainer Heinsohn
Tel:  +49(0) 47 21 - 7 18 - 4 53
Fax: +49(0) 47 21 - 7 18 - 3 73

Investor Relations
cometis AG
Ulrich Wiehle / Dirk Stauer
Tel: +49(0)611 - 205855-11
Fax: +49(0)611 - 205855-66

Branche: Alternative energy
ISIN:      DE000A0JBPG2
WKN:        A0JBPG
Index:    CDAX, Prime All Share, Technologie All Share
Börsen:  Hamburg / Open Market
              Stuttgart / Open Market
              Hannover / Open Market
              München / Open Market
              Frankfurt / regulated dealing/prime standard
              Berlin / free trade
              Düsseldorf / free trade

Weitere Meldungen: PNE WIND AG

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