The Extraordinary General Meeting on 10 July 2020 approved an ordinary capital increase with planned gross proceeds of CHF 165 million with 81.4 percent. A condition for the implementation of the capital increase is that gross proceeds of at least CHF 150 million are raised. The subscription period for the new shares begins today, 14 July 2020 and will end on 22 July 2020 at 12:00 noon CEST. Trading of the subscription rights on SIX Swiss Exchange will also start today and will end on 20 July 2020. The listing and first trading day of the new registered shares on SIX Swiss Exchange are expected to become effective on 29 July 2020.
From machine supplier to a technologically leading manufacturer of solar cells and modules
As announced on 19 June 2020 (see press release), the proceeds from the ordinary capital increase shall be used to finance the establishment of production capacities for technologically leading solar cells and solar modules in Germany. With the transformation of the business model from a machine supplier to a manufacturer of solar cells and modules, the company plans to significantly expand its value chain in order to become sustainably profitable. Meyer Burger aims to benefit in the long term from the technological and cost leadership of its proprietary and patent-protected heterojunction/smartwire technology (SWCT). The business with standard equipment and the service business will continue unchanged.
Exemptions and easing provisions from disclosure obligations
In connection with the planned capital increase, the Disclosure Office of SIX Exchange Regulation has granted certain exemptions and easing from the reporting obligation pursuant to Art. 120 FinfraG. At the request of the Company and the Joint Bookrunners, the Disclosure Office has issued the following recommendation (Empfehlung) on 9 July 2020: Investors whose participation reaches or exceeds the thresholds of Art. 120 para. 1 FinfraG (based on the voting rights of the Company entered in the Commercial Register prior to the registration of the capital increase) by concluding PIPE and backstop commitments, acquiring subscription rights or subscribing for shares in connection with the capital increase, do not have to file disclosure notifications until the capital increase is registered in the Commercial Register. The corresponding sale positions of the Company with regard to PIPE and Backstop commitments also do not have to be disclosed until the capital increase is registered in the Commercial Register. The exceptions are limited until 31 August 2020.
Planned timing of the capital increase and rights issue
14 July 2020
Publication of issue and listing prospectus
Start of subscription rights trading on SIX Swiss Exchange
Start of subscription period
20 July 2020
End of subscription rights trading on SIX Swiss Exchange
22 July 2020, 12:00 CEST
End of subscription period
28 July 2020
29 July 2020
First trading day of the new registered shares
Delivery of the new registered shares against payment of the subscription price
Head of Corporate Communications
Tel: +41 (0)33 221 28 34
Dynamics Group AG
Andreas Durisch, Senior Partner
Tel +41 43 268 27 47 | Mob +41 79 358 87 32