Nordex SE announces €212 million rights offering.
A capital increase for Nordex SE
On July 10, 2022, the Board of Directors of Nordex decided on an increase of the authorized capital. It has been approved by the company’s supervisory board. This is done by offering subscription rights against cash contributions.
A total of 35,923,089 new ordinary bearer shares of the company, without par value, will be issued. With a value of 5.90 euros per share, this will form gross proceeds of approximately 212 million euros. Consequently, the share capital of the company will be increased from 176,023,138 euros to 211,946,227 euros. This represents approximately 20.4% of the current share capital. The new shares will be entitled to a full dividend as from January 1, 2022.
All Nordex shareholders have the right to acquire against cash contributions. This right is limited to 10 new shares at the subscription price for every 49 existing shares held. Acciona S.A., the company’s main shareholder, has undertaken to exercise its subscription rights for its current 39.66% stake. Finally, the shares for which the subscription rights have not been exercised in the subscription offer, are fully subscribed by a syndicate of banks.
Strengthening the position of Nordex SE
With this rights offering, the company aims to strengthen its capital structure. This is achieved by increasing its capital ratio in the current volatile wind industry.
Nordex believes that the increase in its cash position will allow it to protect itself against the risks affecting the wind industry. It also allows him to improve his positioning with his customers. The Company intends to use the proceeds from the rights offering when its operations require liquidity.
The company still needs to obtain approval of the notice from the German Federal Financial Supervisory Authority (BaFin). She must then wait for the publication of this approved on the website of the company. The subscription period will begin on Wednesday, July 13 and end on Tuesday, July 26, 2022.