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 strengthens Photon Energy’s balancesheet and lays the foundation for a planned public offering andlisting on the main market of the Warsaw Stock Exchange.
Solar Age InvestmentsBV (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.
