Commitments for CHF 54 million have already been received one month before the subscription period ends. Issue price of CHF 10.50 per share. Target 600 MW portfolio through acquisition and project completion achievable.
The Annual General Meeting on 16 April approved the implementation of a further capital increase. A total of 6.2 million registered shares will be offered for subscription. The subscription period runs until 29 May 2020 at the latest. Commitments of CHF 54 million have already been submitted to the company within the first days of the subscription period, CHF 40 million of which are firm commitments. These commitments come from both new investors and existing shareholders.
The equity raised through the capital increase will be used to repay existing bridge financing, but above all to further expand the diversified portfolio through targeted investments in renewable energy power plants. The existing transaction pipeline with wind, solar and water plant projects is well equipped. Some projects are nearing completion, so that the goal of a total portfolio of 600 MW by the end of 2020 is achievable. The next target is 750 MW by 2023.
Only recently, aventron has successfully completed the acquisition of AGERE AG. The company owns and operates a solar portfolio in the canton of Ticino (southern part of Switzerland) with a total capacity of around 10 MW. This portfolio consists of existing plants with fixed feed-in tariffs. Furthermore, aventron is currently in advanced negotiations for two wind farm transactions with a total capacity of 20 MW in Norway and France.
In the course of the current capital increase the existing share capital of CHF 43,728,575.00 will be increased by up to 6,200,000 new registered shares with a nominal value of one Swiss franc each. The new registered shares will be fully entitled to dividends for the 2020 financial year. The capital increase will increase equity by up to CHF 65.1 million. The issue prospectus and subscription forms can be requested from aventron (email@example.com).
Sales and EBIT for the first quarter 2020 are above budget. Thus, aventron generated net proceeds of CHF 28.9 million and an EBIT of CHF 11.3 million. Especially the wind turbines and small hydro power plants were able to produce well in the months January to March all over Europe due to the prevailing weather conditions.