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13.10.2010 00:00

Q-Cells SE announces results of capital increase

  • Capital increase completed successfully as first step of comprehensive financing package
  • Gross proceeds amount to approximately € 127 million
  • 99.1% of subscription rights exercised
  • Proceeds to be utilised primarily for repurchasing existing 2007/2012 convertible bond

Bitterfeld-Wolfen, 13 October 2010 – Q-Cells SE successfully completed the rights issue that it had announced on 27 September 2010. 99.1% of subscription rights for the offered shares, including those sold during the pre-placement period, were exercised. All unsubscribed shares are being sold on the market today, Wednesday. As all offered shares are set to be subscribed as part of the placement, the company’s share capital will rise by a total of € 58,765,955 to € 176,343,130. The new shares are expected to be included in the existing quotation of Q-Cells shares on the Frankfurt Stock Exchange on 14 October 2010. Delivery and settlement will most likely also occur on Thursday, 14 October 2010.

The rights issue will generate gross proceeds of around € 127 million for the company. The Company’s major shareholder Good Energies (Solar Investments) S.à r.l., Luxembourg, has participated substantially in the rights issue and holds after registration of the capital increase with the commercial register now 26.9% of voting rights or 40.3% of share capital.

The capital increase is part of a comprehensive financing package, which also includes the issue of a new convertible bond maturing in 2015 with subscription rights for holders of common and preferred shares of the company and an offer to repurchase the existing 2007/2012 convertible bond. Net proceeds from the rights issue and the issuance of the new convertible bond are to be utilised primarily for this repurchase.

Any funds remaining after completing the financing measures and executing the repurchase will be used to strengthen the capital structure and liquidity of the company, to finance further growth and to implement the initiated strategic repositioning.

Dr. Nedim Cen, CEO of Q-Cells SE, highlights the significance of the capital increase in the further development of the company: “This capital increase represents another important step in repositioning the company and has significantly increased our financial flexibility. The high take up of subscription rights demonstrates the trust shareholders are placing in us during the process of repositioning the company.”

The final terms and conditions of the convertible bond are expected to be determined in a bookbuilding process on 14/15 October 2010. The repurchase offer is currently ongoing and is expected to end on 21 October 2010 (closing on 28 October 2010).

Citi, Goldman Sachs and UniCredit Bank AG were the joint bookrunners for the capital increase. The same banks have been mandated to issue the new convertible bond and manage the repurchase offer.