Photon Energy NV, the Amsterdam-based global solar energycompany, announces the closing
of a EUR 24 million capital increaseby Solar Age Investments BV, a company controlled by PhotonEnergy’s key
shareholders. This step substantially strengthensPhoton Energy’s balance sheet and lays the foundation for a
plannedpublic offering and listing on the main market of the Warsaw StockExchange.
Solar
Age Investments BV (SAI), which post transaction holds a56.5% controlling interest in the Company,
subscribed for27,000,000 newly-issued shares (par value EUR 0.01 each) at anissue price of EUR 0.89 (PLN
3.85) per share, for a totalinvestment of EUR 24.03 million. The subscription price representsa 177% premium
over the Friday, 28 June 2013 closing price of EUR0.32 (PLN 1.39) on New Connect, the exchange regulated
market ofthe Warsaw Stock Exchange. SAI realised its investment byoffsetting its corresponding receivable
against Photon EnergyNV.
“With this transaction the Photon Energy Group has
completedits restructuring process commenced in 2010 into the umbrella ofPhoton Energy NV. At the same time
we substantially strengthenedour balance sheet”, explained Georg Hotar, CEO
ofPhoton Energy NV. “We now have the platform to inviteexisting shareholders and
new investors to back our strategy tobecome one of the leading globally active integrated downstreamsolar
energy companies”, Hotar added.
This capital increase raises the total number
of common sharesoutstanding to 50,000,000. With a total holding of 28,263,074shares, SAI became the
Company’s majority shareholder with a 56.53%stake. Through Solar Future Coöperatief UA, Solar Power to
thePeople Coöperatief UA and SAI, the company founders Michael Gartnerand Georg Hotar control 44,890,386
shares, representing a combined89.78% equity stake in Photon Energy NV. Correspondingly, theCompany’s free
float post-transaction is 10.22%.
“In the spirit of our minority shareholder
friendlyapproach, as manifested by our recent share swap, we believe thatas controlling shareholders we have
structured this capitalincrease to create value for our minority shareholders”, addedMichael
Gartner, Director of Photon Energy NV.
On a pro-forma basis applied to
Photon Energy’s balance sheet asper 31 March 2013, this capital increase raised the Company’sconsolidated
equity from EUR 10.638 million (PLN 46.054 million) toEUR 34.668 million (PLN 150.085 million) and its
equity ratio from9.6% to 31.2%. Book value per share (BVPS) grew by nearly 49% fromEUR 0.468 (PLN 2.03) to
EUR 0.696 (PLN 3.01).
Plans for IPO and listing on the main market of
theWarsaw Stock Exchange
The management board of Photon Energy NV is
evaluating variousoptions for equity and debt financing, including but not limitedto, a further capital
increase by private placement, a public offerof shares in combination with a listing on the main market of
theWarsaw Stock Exchange and a bond issue. If market conditions allowfor it, the company is aiming at a
public offering and main marketlisting by 2014 Q1.
“Being listed on a stock
exchange is in Photon Energy’sDNA”, says CEO Georg Hotar. “After
allturbulences in our original Czech home market and the PV industryglobally, we are genuinely excited to
finally embark on our journeytowards a listing on the regulated market of the Warsaw StockExchange”,
Hotar explained.
“Over the next ten years - the Solar Decade –
photovoltaicenergy will fundamentally change the world for the better with itsimpact comparable only to the
global growth of mobilecommunications and the internet. We have shown that we are able toadapt and survive
even the most severe shocks to our business. Wehave the passion, the business model and the strategy to
turnPhoton Energy into a key driving force of the Solar Decade andbeyond, resulting in attractive returns
for our current and futureinvestors”, concluded Georg Hotar, CEO of PhotonEnergy NV.
