S.A.G. Solarstrom AG announces offer to extend the conversion period of the convertible bond
Freiburg, April 1, 2010. The Executive Board and Supervisory Board of S.A.G. Solarstrom AG (German security identification number: 702 100, ISIN: DE0007021008) have decided to extend the conversion period available to holders of the 6.85% convertible bond issued in 2007. The term, which was due to end on July 29, 2010, has been extended by two years to July 29, 2012.
The convertible bond was issued on July 30, 2007 with a total nominal value of €10 million (ISIN: DE000A0TGEV3). The term of the convertible bond, with annual conversion periods occurring after every S.A.G. Solarstrom AG Annual General Meeting, ends on July 29, 2010.
The Executive Board and Supervisory Board of S.A.G. Solarstrom AG have decided to extend the term available to holders of the convertible bond to the end of trading on July 29, 2012. If holders elect to extend the conversion period, an interest rate of 6.25 % will be applied from July 30, 2010 (the interest rate was 6.85% up until July 29, 2010). All other conditions pertaining to the convertible bond remain unaffected.
Holders of the convertible bond now have the option of two additional regular conversion periods within which the bond can be converted into S.A.G. Solarstrom AG shares. Today’s announcement means that holders can redeem the convertible bond on the original maturity date, make use of this year’s conversion period to completely convert the bond or, optionally, extend the term of the convertible bond.
As of March 30, 2010, S.A.G. Solarstrom AG held 807,643 own shares following two share buyback programs. According to the authorization granted at the shareholders’ meeting on July 13, 2009, shares thus acquired may be used for any legal purpose, particularly to exercise conversion or option rights. In August 2009, 7,735 shares from the share buyback program were used to cover the conversion privileges. S.A.G. Solarstrom AG will continue to make use of this facility, depending on the current share price, to minimize dilution when converting the bond.
Detailed information on the convertible bond is available on the S.A.G. Solarstrom AG website under Investor Relations / Convertible Bond. Forms for the 2010 conversion period and the conversion extension will be available on the website by April 16, 2010 at the latest.
About S.A.G. Solarstrom AG
S.A.G. Solarstrom AG (German security identification number: 702 100, ISIN: DE0007021008) of Freiburg, Germany, are a manufacturer-independent provider of high-quality photovoltaic plants configured to customers’ individual needs. The group constructs efficient plants of all sizes both in Germany and abroad. S.A.G. Solarstrom AG also produce solar energy at their own plants.
S.A.G. Solarstrom AG’s service portfolio covers the entire life cycle of photovoltaic plants, including energy- and weather-data management, yield reports, and remote maintenance, as well as insurance and financing. The group thus offers a comprehensive value chain in photovoltaics, from yield reports, planning, construction, operations, and monitoring to optimization, repowering, and deconstruction.
Founded in 1998, S.A.G. Solarstrom AG are considered pioneers in the solar industry. Around 160 specialists work at the four locations in Germany and subsidiaries in Italy, Spain, Austria, and Switzerland.
S.A.G. Solarstrom AG are listed on the open market, Entry Standard of the Frankfurt Stock Exchange as well as according to the rules and standards M:access of the Munich Stock Exchange.
Further information: www.solarstromag.com
S.A.G. Solarstrom AG
Sasbacher Straße 5
79111 Freiburg
Public Relations / Investor Relations
Jutta Lorberg
Phone: +49-(0)761-4770-311
E-mail: pr@solarstromag.com / ir@solarstromag.com