AGO AG issues convertible bonds
- Total nominal amount of up to EUR 2.0 million
- Subscription period from 25 October 2011 until 8 November 2011
- Major shareholder announces exercise of subscription rights
- Considerable burdens due to restructuring measures
AGO AG Energie + Anlagen (WKN: A0LR41, ISIN: DE000A0LR415), as specialist in the area of innovative and efficient energy supply facilities issues convertible bonds with conversion obligation.
The convertible bond (ISIN DE000A1MA2J5) is made available to the shareholders at a subscription ratio of 200:1 in the period of 25 October 2011 until 8 November 2011 - for every 200 shares of AGO AG, one convertible bond at the nominal value of EUR 100.00 can be issued. The convertible bonds at nominal value bear a fixed interest of 6.0% per year. The total nominal amount of up to EUR 2.0 million aims at strengthening the company's equity base and at the further growth of AGO AG, in particular the dynamically growing divisions of big combined heat and power plants from 1 MWel and the production of absorption chillers.
In 2011, AGO AG has sought to change its strategy and in the future will focus the areas combined heat and power plants based on natural gas as well as absorption chillers. The associated restructuring measures entail significant burdens and expenditures in the amount of probably more than EUR 1 million. AGO AG forecasts a balanced EBIT for the ongoing business year and expects a clearly positive growth from 2012 on due to the strategic reorganization.
"Management and Supervisory Board of AGO AG express strong confidence to completely place the issued convertible bonds," said Hans Ulrich Gruber, Spokesman of the Management Board of AGO AG Energie + Anlagen.
The major shareholder of AGO AG -Perseus SEVA, L.L.C.- has already announced exercise of its subscription rights from its participation of 59.25 percent of AGO AG and is willing to go along with the reorganization of AGO AG. Perseus thus underlines its long-term interest in the company once again. In addition, institutional investors and the Management of AGO AG have also indicated to make use of their subscription rights.
Any non-issued convertible bonds pursuant to the subscription offer can be acquired by institutional domestic and foreign investors in Europe within a private placement, whereas purchase price equals to subscription price.
The expected term of the convertible bonds begins on 11 November 2011 and ends on 11 November 2014. AGO AG will exchange the convertible bonds at the end of the term to non-par bearer shares at a conversion price of EUR 1.76. AGO AG is further entitled to convert the bonds early at a conversion price of EUR 1.76 to non-par bearer shares of the company under the condition that the share price of AGO AG at Xetra is above EUR 2.80 for a period of twenty consecutive trading days.
The convertible bonds will be listed on the Regulated Unofficial Market at the Frankfurt Stock exchange. This transaction is organized by quirin bank AG, Berlin as Sole Lead Manager.
The subscription offer is published today in the electronic version of the Federal Gazette.
AGO AG Energie + Anlagen
AGO AG Energie + Anlagen, with its registered office in Kulmbach, was founded in 1980 and is specialized in the area of innovative and efficient energy supply facilities for industrial customers. Main focus of AGO AG Energie + Anlagen is laid on the following three business divisions: project development and implementation, plant operation and service and consulting. The core competence of the company commits mainly to biomass cogeneration plants and power generation plants, to heating and cooling technology plant construction, trigeneration - a combination of power-heat-cooling - as well as to contracting. Site studies and development, consulting in energy efficiency, resource and fuel fossil consulting as well as emission trade management - these factors complete the business model. AGO symbolizes efficiency, security and technological competence of your energy supply facilities.