Senvion announces launch of cash capital increase


DGAP-Media / 14.08.2018 / 17:45

NOT FOR DIRECT OR INDIRECT PUBLICATION, DISTRIBUTION OR RELEASE IN OR INTO THE UNITED STATES OF AMERICA, AUSTRALIA, CANADA AND JAPAN OR ANY JURISDICTION IN WHICH OFFERS OR SALES OF THE SECURITIES WOULD BE PROHIBITED BY APPLICABLE LAW.

Senvion announces launch of cash capital increase
Further equity to add flexibility and support significant growth in new markets by 2019

Hamburg: Senvion S.A. today announced the launch of an accelerated book-building to implement a capital increase for cash of approximately EUR 62.5 million, under exclusion of shareholders' preemptive rights. Senvion intends to use the net proceeds in particular to capture growth opportunities and to fund its expansion in new markets, such as India, with incremental capital that enhances Senvion ability to provide support for working capital and capital expenditures and seize opportunities for strategic co-development projects.

Manav Sharma, acting Chief Executive Officer and Chief Financial Officer at Senvion, said: "We have seen almost 400% order increase in new markets year-over-year and we expect 20-40% revenue growth in 2019. We are meeting or even exceeding our own market share targets in key regions. We see that we can capture even further potential in these markets by providing support in terms of enhanced production capacities, working capital flexibility and creating optionality via strategic co-investments. The commitment of Senvion's main shareholders minimizes the placement risk and furthermore reflects their strong belief in the sustainable growth of the company."

The new shares will be offered exclusively to institutional investors by way of an accelerated book-building. Joh. Berenberg, Gossler & Co. is acting as sole book-runner in connection with the
EUR 62.5 million committed placement of new shares yielding gross proceeds of EUR 25 million by way of a backstop obligation. Senvion's major shareholders, affiliates of funds managed by Centerbridge Partners, have agreed to purchase new shares in the Offering yielding gross proceeds of EUR 37.5 million at the placement price.

Senvion has significantly increased its activity in new markets like India, Australia, Spain and South America. For example, in 2018, the company already announced about 680 MW orders in India, with a potential to develop an even bigger order pipeline in next few quarters. It has always been a core belief of the company that production capacities should be aligned with the long-term market developments to stay ahead of the competition. Given the already overbooked capacity in India, an expansion is needed to reflect the ongoing growth oriented market development. This also applies to markets such as Australia, Chile and Argentina, where Senvion has been increasing its market share with an order intake of over 1.3 GW and sees great potential for future growth.

Steven Holliday, Chairman of the Supervisory Board, added: "I stand behind the management and their growth plans. This fully supported transaction from Berenberg and from Senvion's majority shareholder Centerbridge, reinforces our confidence that with financing for the existing growth opportunities, this company can create significant shareholder value in the long-term."

Disclaimer:

The information contained in this announcement is for information purposes only and does not purport to be full or complete. No reliance may be placed for any purpose on the information contained in this announcement or its accuracy or completeness. This announcement does not contain or constitute or form part of, and should not be construed as, an offer or invitation to sell, or the solicitation of an offer to buy or subscribe for, any securities.

The distribution of this announcement and the offer and sale of the securities referred to herein may be restricted by law in certain jurisdictions and persons reading this announcement should inform themselves about and observe any such restriction. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction.

This announcement is not for publication or distribution, directly or indirectly, in or into the United States, Australia, Canada or Japan or in any jurisdiction in which offers or sales of the securities referred to herein would be prohibited by applicable laws. The securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), or the laws of any state within the United States or under the applicable securities laws of Australia, Canada or Japan, and may not be offered or sold in the United States, unless registered under the Securities Act or offered and sold in a transaction exempt from, or not subject to, the registration requirements of the Securities Act. The securities referred to herein are being offered and sold only outside the United States in "offshore transactions" as defined in and in accordance with Regulation S under the Securities Act. Subject to certain exceptions, the securities referred to herein may not be offered or sold in Australia, Canada or Japan or to, or for the account or benefit of, any national, resident or citizen of Australia, Canada or Japan. There will be no public offer of the securities referred to herein in the United States, Australia, Canada or Japan.

MiFID II professionals/ECPs-only/No PRIIPs KID - Manufacturer target market (MIFID II product governance) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs key information document (KID) has been prepared as not available to retail in the European Economic Area (the "EEA").

The offer referred to herein when made in member states of the European Economic Area (the "EEA") which have implemented the Prospectus Directive (each, a "Relevant Member State"), is only addressed to and directed at persons who are "qualified investors" (as defined in the Prospectus Directive (the "Qualified Investors")). For these purposes, the expression "Prospectus Directive" means Directive 2003/71/EC (and amendments thereto, including the 2010 PD Amending Directive), and includes any relevant implementing measure in the relevant member state and the expression "2010 PD Amending Directive" means Directive 2010/73/EU.

In the United Kingdom, this announcement is directed only at, Qualified Investors (i) who have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "Order") or (ii) who fall within Article 49(2)(a) to (d) of the Order, and (iii) to whom it may otherwise lawfully be communicated (all such persons together being referred to as "Relevant Persons"). This announcement must not be acted on or relied on (i) in the United Kingdom, by persons who are not Relevant Persons, and (ii) in any member state of the EEA other than the United Kingdom, by persons who are not Qualified Investors.
About Senvion:
Senvion is a leading global manufacturer of onshore and offshore wind turbines. The company develops, produces and markets wind turbines for almost any location - with rated outputs of 2 MW to 6.33 MW and rotor diameters of 82 metres to 152 metres. Furthermore, the company offers its customers project specific solutions in the areas of turnkey, service and maintenance, transport and installation, as well as foundation planning and construction. The Senvion systems are mainly designed in the major TechCenters in Osterrönfeld and Bangalore and manufactured at its German and Portuguese plants in Bremerhaven, Vagos and Oliveira de Frades as well as in Żory-Warszowice, Poland and Baramati, India. With approximately 4,200 employees worldwide, the company makes use of the experience gained from the manufacture and installation of more than 7,500 wind turbines around the world. The company's operational subsidiary Senvion GmbH is based in Hamburg and represented by distribution partners, subsidiaries and participations in European markets such as France, Belgium, the Netherlands, the UK, Italy, Romania, Portugal, Sweden, and Poland as well as on a global level in the USA, China, Australia, Japan, India, Chile and Canada. Senvion S.A. is listed on the Prime Standard of the Frankfurt Stock Exchange.

 

Senvion Press contacts:
Immo von Fallois
phone: +49 40 5555 090 3770
mobile: +49 172 6298 408
email: immo.von.fallois@senvion.com
 
 

Katrin Rosendahl
phone: +49 40 5555 090 3040
mobile: +49 173 3687 185
email: katrin.rosendahl@senvion.com

Senvion Investor Relations contact:
Dhaval Vakil
phone: +44 20 3859 3664
mobile: +44 7788 390 185
email: dhaval.vakil@senvion.com



End of Media Release


Issuer: Senvion S.A.
Key word(s): Energy

14.08.2018 Dissemination of a Press Release, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de



show this

Senvion announces launch of cash capital increase (PDF)