The new measures are said to compromise the "key features" of the photovoltaic companys restructuring program, announced on February 20. They were approved by both the management and supervisory boards.
First off, members of the extraordinary shareholders meeting, scheduled for May 22, will be asked to approve a simplified capital reduction of 25:1, which will see the number of shares merged from 20,351,433 to 814,057.
Next, a capital increase is planned through the contribution of the 7% debenture 2011/2016 with a total nominal amount of 50 million. It is proposed that the 50 million bond can then be exchanged for a right to acquire 5,500,000 ordinary shares to be newly issued, at an exchange ratio of 1:110 with no further consideration.
A subordinated loan totaling 9.5 million is also to be paid into Centrosolar as a contribution in kind. As such, 760,000 new shares will be subscribed from a further capital increase.
A final capital increase is planned under which up to 5 million new ordinary shares will be issued. The subscription price will be determined at a later date by the management board.
The first creditors meeting is set to be held on May 2. If less than 50% of the nominal bond capital is represented, a second meeting will be held, where at least 25% of the bond capital must be present or represented.
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