3W Power S.A. / AEG Power Solutions
3W Power S.A. / AEG Power Solutions: 3W Power/AEG Power Solutions takes major positive step forward at EGM. Measures greatly improve financial position of AEG PS through debt reduction and delisting
DGAP-News: 3W Power S.A. / AEG Power Solutions / Key word(s): AGM/EGM/Delisting 9 May 2018, Luxembourg / Zwanenburg, Netherlands. 3W Power S.A. (ISIN LU1072910919, 3W9K), the holding company of AEG Power Solutions Group, held its second extraordinary general meeting of the shareholders of 3W Power S.A. (the “EGM”) and approved a significant debt reduction and delisting of the company’s shares from the Frankfurt Stock Exchange. The move provides the company with a solid balance sheet and stable financial base. This accompanies a thorough and comprehensive operational restructuring and positions the company for future profitable growth and development. With its greatly improved financial situation, the company is suited to remain a stable and sustainable partner for its customers and suppliers and is delivering on its commitments with full confidence.
Prior to the EGM, the bondholders had already approved the measures in the extraordinary bondholder meeting on January 25, 2018. The key measures are: – A debt reduction from EUR 86mn to EUR 15mn by waiving the existing bonds against granting of subscription rights to the cash increase and repaying the EUR 5mn bridge loan facility, – A delisting of the company from the Frankfurt Stock Exchange, – The improvement of terms on the remaining EUR 15mn debt (reduction of interest rate plus introduction of ‘pay as you can concept’ and term extended until January 2021), and – The issuance of new shares and cash increase of share capital by EUR 8mn. The delisting from the stock exchange enables the company to save costs and to focus on growing the business. The company’s shareholders will be existing investors and long-term partners who have supported the company throughout the challenging times in recent years. Improved working capital conditions is also expected, and will give the company more flexibility in driving its business and growth opportunities. The company invested a considerable amount of effort in recent years to improve its operations and gives renewed confidence in the path forward. Jeffrey Casper, CEO of AEG Power Solutions, explains “The company achieved a leaner and flatter organization, reduced fixed costs and introduced several new product innovations to address customer needs. Stable economic conditions in most regions of the world and a recovery in the oil & gas market is an important support. Looking to the future, new markets such as Energy storage present dynamic and interesting opportunities for AEG PS.” — End of Announcement—
This communication does not constitute an offer or the solicitation of an offer to buy, sell or exchange sany securities of 3W Power. This communication contains forward-looking statements which include, inter alia, statements expressing our expectations, intentions, projections, estimates, and assumptions. These forward-looking statements are based on the reasonable evaluation and opinion of the management but are subject to risks and uncertainties which are beyond the control of 3W Power and, as a general rule, difficult to predict. The management and the company cannot and do not, under any circumstances, guarantee future results or performance of 3W Power and the actual results of 3W Power may materially differ from the information expressed or implied in the forward-looking statements. As a result, investors are cautioned against relying on the forward-looking statements contained herein as a basis for their investment decisions regarding 3W Power. 3W Power undertakes no obligation to update or revise any forward-looking statement contained herein. For further enquiries please contact:
09.05.2018 Dissemination of a Corporate News, transmitted by DGAP – a service of EQS Group AG. |
Language: | English |
Company: | 3W Power S.A. / AEG Power Solutions |
19, rue Eugène Ruppert | |
L-2453 Luxemburg | |
Luxemburg | |
Phone: | +31 20 4077 800 |
Fax: | +31 20 4077 801 |
Internet: | www.aegps.com |
ISIN: | LU1072910919 |
WKN: | A114Z9 |
Listed: | Regulated Market in Frankfurt (General Standard); Regulated Unofficial Market in Berlin, Munich, Tradegate Exchange |
End of News | DGAP News Service |