Meyer Burger – High Court of the Canton of Berne approves the resolutions of the bondholders’ meeting regarding the amendments of the conditions for the CHF 100 million convertible bonds
Meyer Burger Technology Ltd (SIX Swiss Exchange: MBTN) announced today that the High Court of the Canton of Berne approved the amendments of the conditions for the CHF 100 million convertible bonds (due in 2020) in its verdict dated 20 January 2017. The High Court of the Canton of Berne has therefore approved the resolutions of the bondholders’ meeting. This meeting had already approved the proposed amendments of the conditions for the convertible bonds, namely the removal of the investor put (which would have given the convertible bondholders the right to request an early redemption of the bonds in September 2018), the increase of the coupon and the reduction of the conversion price with 73.035% of the total outstanding nominal amount of the convertible bond on 25 November 2016. The verdict will become final after an unused 30-day appeal period. The effective date for the adjustment of the conditions of the convertible bonds will be communicated at a later stage.
With this positive verdict by the High Court of the Canton of Berne, a further important step in the completion of the comprehensive recapitalisation programme of Meyer Burger has been successfully implemented.