Capital Stage AG: Significant majority of CHORUS shareholders accept the exchange offer
More than 84 percent of CHORUS Clean Energy AG ("CHORUS") shareholders have accepted the voluntary public exchange offer by Capital Stage AG ("Capital Stage"). At the end of the regular acceptance period as per September 16, 2016, the acceptance ratio was 84.23 percent. On September 14, the pre-agreed minimum acceptance ratio of 50 percent plus one share has already been reached prematurely. As described in the offer document an additional two-week period (so called additional acceptance period) follows for CHORUS shareholders, who have not yet tendered their shares. CHORUS shares can be tendered between September 22, 2016 and October 5, 2016 until midnight (CET) under unchanged conditions. "We are very pleased by the exceptionally high support with regard to the combination of Capital Stage and CHORUS", says Prof. Dr. Klaus-Dieter Maubach, CEO of Capital Stage AG. "We kindly thank all shareholders, who have already place their trust in us and we hope to convince all remaining shareholders to accept our exchange offer." The combination of Capital Stage and CHORUS creates one of the leading independent operator of solar and wind parks with more than 1 gigawatt, providing more than half a million households per year with power. "The business combination improves the market positioning, increases the efficiency and paves the way for further growth", adds Prof. Dr. Maubach. Based on the acceptance ratio after the completion of the regular acceptance period, about 4.4 million shares of CHORUS Clean Energy AG were tradable. This corresponds to a free float of only 16 percent of the share capital of CHORUS. Thereby, liquidity and tradability of the shares may be affected. Currently, Capital Stage does not envisage any further measures to acquire all outstanding shares.