EQS-Ad-hoc: SoWiTec group GmbH / Key word(s): Bond SOWITEC group calls for a voting without meeting on, among other things, a prolongation of the bond 2018/2023 by three years Despite a positive first half of 2023 with consolidated sales of EUR 12.8 million (previous year: EUR 8.6 million) and a consolidated result for the period of EUR 7.9 million (previous year: EUR -0.2 million), SOWITEC’s liquidity situation is currently extremely tight in view of the bond 2018/2023 with EUR 7.634 million outstanding. The reason for this is, on the one hand, existing uncertainties about the timely payment of purchase price portions for projects in Germany and Mexico totaling EUR 2.6 million, which SOWITEC had planned to receive at an earlier point in time. On the other hand, due to the currently unusually low electricity price level in Brazil, there were delays in project realizations and project negotiations, which led to unforeseeable postponements of sales revenues of approximately EUR 12 million since September 2023. In addition, incoming payments of around EUR 3.5 million have been postponed in Colombia since October 2023, as grid expansion there was delayed by around twelve months due to the grid operators, meaning that contractually secured projects could not be implemented as planned. From today’s perspective, the Company is therefore not in a position to repay the bond 2018/2023 on the maturity date. During the voting period, which is scheduled to run from 11 November 2023 at 0:00 hours to 13 November 2023 at 24:00 hours, the holders of the bond 2018/2023 have the opportunity to cast their votes in writing. A quorum of 50% of the outstanding bonds is required for effective approval of the Company’s proposed resolutions. The complete invitation to vote is expected to be available on 27 October 2023 in the German Federal Gazette (Bundesanzeiger) and on the Company’s website at www.sowitec.com/de/investor. SOWITEC group GmbH End of Inside Information
25-Oct-2023 CET/CEST The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. |
Language: | English |
Company: | SoWiTec group GmbH |
Löherstraße 24 | |
72820 Sonnenbühl | |
Germany | |
Phone: | +49 (0) 7128 3808-0 |
Fax: | +49 (0) 7128 3808-38 |
E-mail: | info@sowitec.com |
Internet: | www.sowitec.com |
ISIN: | DE000A2NBZ21, DE000A30V6L2 |
WKN: | A2NBZ2 , A30V6L |
Listed: | Regulated Unofficial Market in Berlin, Dusseldorf, Frankfurt, Hamburg, Munich, Stuttgart, Tradegate Exchange |
EQS News ID: | 1756525 |
End of Announcement | EQS News Service |
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1756525 25-Oct-2023 CET/CEST