Subscription ratio required for Nordex AG recapitalization achieved

On the basis of provisional figures, Nordex AG shareholders have subscribed to an expected 10.2 million new shares arising from the cash capital increase in the subscription period expiring today. As a result, Nordex is able to offer the CMP and Goldman Sachs investor group sufficient new shares, which have not been subscribed by the existing shareholders to successfully complete the recapitalization. Accordingly the investors have a contractual obligation to take at least 30 million new shares as the condition precedent for the acquisition of at least 52% of Nordex AG’s share capital has been fulfilled. As well as this, the responsible tax authorities have recognized the restructuring privilege for tax loss carry-forwards, a further precondition for recapitalization.

With the successful cash capital increase under the terms of which at least 30 million shares are to be issued at a price of EUR 1 each, a further prerequisite upon which continued bank financing was contingent will also be met. Thus, the banks will reduce their loan receivables by around EUR 28 million in return for the issue of around 12 million new shares – or implement an alternative plan with comparable economic results – and grant the Company new cash and bonding facilities of EUR 50 to 60 million.

The final exercise amount for the shares subscribed will be known on tomorrow’s Wednesday when the last figures are reported. The Company does not expect any material change in these figures and assumes that the recapitalization plans can now be successfully implemented.