SolarWorld AG Resolves Capital Increase of up to 10% from Authorised Capital
New Shares Placed with Institutional Investors
As part of the group's ongoing expansion of its solar business, the SolarWorld AG (ISIN: DE0005108401) executive board has resolved a capital increase from the company's authorised capital, by 575,000 no-par shares (ex new/without purchase rights), with the approval of the supervisory board. As per the executive board ruling dated Feb 16, 2005 and with the approval of the supervisory board, all of the new shares were placed with institutional investors at a price of 75.00 euro per share, based on the average share price over the past 12 trading days. The capital increase against cash deposit is based on Section 4 Par. 1 of the company's articles, which gives the executive board the right to increase the capital stock (ex new/without purchase rights) by up to 10 per cent, with supervisory board approval.
The placement of the new shares will generate EUR 43 million in cash and cash equivalents (liquid assets) for SolarWorld AG, which it will use to financially support its growth strategy throughout the solar value chain. In particular, the new capital will serve to strengthen its business with solar silicon, the feedstock of the solar industry. The new share issue increases SolarWorld AG's capital stock to 6.35 million shares.