PNE AG Cuxhaven, 11th September 2014 - The wind farm project developer, PNE WIND AG, is expanding its business model and financing this by issuing up to 22,800,000 new shares and up to 7,750,000 new convertible bonds. PNE WIND AG plans to use the revenue from the capital measures amounting to up to EUR 80.3 million to finance its equity share in realising onshore wind farm projects above all in Germany.
The background to this is that PNE WIND AG intends - as a strategic expansion of its former business model - to accumulate a larger number of commissioned projects with a total nominal output of about 150 MW initially within a new subsidiary company. The intention is then to sell all or most of the shares in this subsidiary company to investors, if possible by the end of 2016.
Martin Billhardt, Chairman of the Board of Directors (CEO) of PNE WIND AG explains: "By taking this step we aim to increase the competitive position of the Group by reaching a new investor group which is interested only in operational portfolios and not in individual projects. In the UK and the US, we see that investors are actively supporting companies (named Yieldcos) which are capable of paying steady dividends from operational renewable energy assets. With our planned initial 150 MW portfolio, we aim to initiate such an independent yieldco which would acquire projects from the PNE WIND group and deliver stable dividends to its investors, Due to its increased project development activity, PNE WIND AG has reached the necessary size to participate successfully in this business model. With these capital measures we are now laying the foundation for exploiting these additional market opportunities".
During the first half year of 2014 the PNE WIND Group had commenced with the construction of wind farms in Germany with a combined nominal output of about 128 MW. The purchasers are all very experienced infrastructure investors who place a high value on the quality of the projects.
The purchase price for each new share is EUR 2.40 and the initial conversion price for each new individual convertible bond is EUR 3.30. Shareholders and holders of individual 6.5 % 2010 convertible bonds shall receive subscription rights for both capital measures. For both capital measures, the subscription period shall begin on 15th September 2014 and continue until 29th September 2014 (including both dates). In addition, trading in subscription rights will be possible on the stock exchange between 15th September 2014 and 25th September 2014. Unsold new shares and individual convertible bonds will be offered for sale via a subscription portal on PNE WIND AGs internet page.
The transaction will be supported by the Close Brothers Seydler Bank AG in its function as sole Global Coordinator and sole Bookrunner. Blättchen Financial Advisory GmbH is supporting PNE WIND AG during the transaction as consultant.
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