Home PV Manufacturing Singulus Technologies Implements Capital Reduction As Approved By The Extraordinary General Meeting
Singulus Technologies Implements Capital Reduction As Approved By The Extraordinary General Meeting

Singulus Technologies Implements Capital Reduction As Approved By The Extraordinary General Meeting

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The resolution of the extraordinary general meeting of the SINGULUS TECHNOLOGIES Aktiengesellschaft as of February 16, 2016 with respect to the reduction of the nominal capital of SINGULUS TECHNOLOGIES by means of simplified redemption of 74 shares by the company as well as the resolution with respect to the simplified reduction of the nominal capital to cover losses and to offset write-offs, was recorded into the Commercial Register of the company at the Local Court Aschaffenburg on May 25, 2016.

SINGULUS TECHNOLOGIES will now perform the reduction of the nominal capital by means of effected redemption pursuant to Art. 237 Para. 3 No. 1 AktG of 74 shares offered by a shareholder free of charge and a simplified capital reduction pursuant to Art. 229 AktG. The nominal capital of the company, which had amounted to € 48,930,240.00 after the redemption of the shares, was reduced by € 48,624,426.00 to € 305,814.00 through the registration of the resolution of the extraordinary general meeting on February 16, 2016.

With effect from June 6, 2016 the quotation of the shares of SINGULUS TECHNOLOGIES will change with a ratio of 160 : 1 at the Frankfurt Stock Exchange. Pending stock market orders will be cancelled after June 3, 2016.Accordingly, depository banks will exchange the holdings in the shares of SINGULUS TECHNOLOGIES as of June 3, 2016 after the market’s close (7:00 pm). For every 160 shares with a nominal value of € 1.00 each (ISIN DE07238909) shareholders will receive one (1) converted share with a nominal value of € 1.00 (ISIN DE000A1681X5).

If shareholders have holdings in the stock which are not multiples of 160, shareholders will receive fractional shares (ISIN DE000A1681Y3). To attain full shareholder rights (settlement of fractional shares) respective buy or sell orders have to be submitted.In order to implement the required settlement of the fractional shares, shareholders of SINGULUS TECHNOLOGIES are kindly requested to submit to their respective depository banks as soon as possible, but not later than August 01, 2016, an order for the sale of the factional shares or the purchase of additional fractional shares to attain full shareholder rights.

The depository banks will then execute the customers’ request to settle the fractional shares (ISIN DE000A1681Y3). Remaining fractional shares, which cannot be balanced by the depository banks, will be combined with other fractional shares by the Clearstream Bank AG and will be turned to the account of the depository banks as full shares by ODDO SEYDLER BANK AG.The commercialization of the fractional shares will be performed at the bank’s discretion or pursuant to Art. 226 Para. 3 AktG. Possible reimbursements of fees on part of SINGULUS TECHNOLOGIES are not provided.

The quotation of the converted shares resulting from the capital reduction (ISIN DE000A1681X5, exchange symbol SNG) in the Prime Standard Technology at the Frankfurt Stock Exchange will commence on June 6, 2016.As approved in the bondholders meeting of 15 February 2016 and the Extraordinary General Meeting of 16 February 2016 the capital increase against contribution in bond and all related exposures takes place in the course of June and July.

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Anand Gupta Editor - EQ Int'l Media Network

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