Photon Energy closes EUR 24m cap hike

Jul 2, 2013 - Dutch solar project developer Photon Energy NV has completed a EUR 24 million (USD 31.3m) capital hike, increasing its consolidated equity to EUR 34.7 million, the company said today.

The company offered 27 million new shares as part of the transaction, which were all subscribed by Solar Age Investments BV (SAI), a company controlled by Photon Energy’s key shareholders Michal Gartner and Georg Hotar. Solar Age now turns into Photon Energy's majority shareholder with a 56.53% stake. Michal Gartner and Georg Hotar own a combined 89.78% equity stake in the Dutch company through SAI and investment vehicles Solar Future Cooperatief UA and Solar Power to the People Cooperatief UA.

The shares, with a par value of EUR 0.01 apiece, were sold at an issuer price of EUR 0.89 each. SAI made the investment by offsetting its corresponding receivable against Photon Energy, marking the completion of the group's restructuring that started in 2010.

The capital hike will also pave the way for Photon Energy's planned initial public offering (IPO). The company, which debuted on the NewConnect market of the Warsaw Stock Exchange in early June, plans to go public in the first quarter of 2014 should market conditions allow.

(EUR 1.0 = USD 1.302)

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