- Category: Company News
On the basis of provisional figures, Nordex AG shareholders have subscribed to an expected 10.2 million new shares arising from the cash capital increase in the subscription period that expired on 15 March. As a result, Nordex is able to offer the CMP and Goldman Sachs investor group sufficient new shares that have not been subscribed by the existing shareholders to successfully complete the recapitalisation. Accordingly the investors have a contractual obligation to take at least 30 million new shares, as the condition precedent for the acquisition of at least 52% of Nordex AG’s share capital has been fulfilled. As well as this, the responsible tax authorities have recognised the restructuring privilege for tax loss carry-forwards, a further precondition for recapitalisation. With the successful cash capital increase under the terms of which at least 30 million shares are to be issued at a price of € 1 each, a further prerequisite upon which continued bank financing was contingent will also be met. Thus, the banks will reduce their loan receivables by around € 28 million in return for the issue of around 12 million new shares – or implement an alternative plan with comparable economic results – and grant the company new cash and bonding facilities of € 50 to 60 million.
- Category: Company News
LM Glasfiber expects to reduce its production capacity at the Lunderskov factory in the immediate future. The factory is one of their three plants in Denmark. The capacity adjustment is prompted by the continued decline in the German market, which is LM Glasfiber’s most important market in Northern Europe. About 170 employees are expected to be affected by the capacity adjustment. LM Glasfiber will offer retraining programmes to employees affected by the lay-offs, helping them to move on to another job or education opportunity, as they may desire.
- Category: Company News
Robert Gleitz has been named General Manager of GE Energy’s wind segment, reporting to Mark Little, Vice President – Power Generation for GE Energy. A graduate of Institut National des Sciences Appliquees de Lyon (INSA) in France, Gleitz holds a diploma in science and energy engineering. He began his career at GE in 1999, following the company’s acquisition of Alstom. During his tenure, he has provided leadership within a variety of energy technologies. He has served as Director of GE Energy’s European projects group, as well as Commercial Director supporting sales and commercial operations for GE. More recently, Gleitz served as Managing Director of GE Energy Products Europe, based in Belfort, France.
- Category: Company News
At the annual general meeting, Nordex AG’s shareholders passed the resolutions approving the recapitalisation plans with a majority of over 99.8%. Initially, two shareholders each with 100 shares voted against all resolutions, but they withdrew their objections a week later. The recapitalisation model contains the following main elements: o a ten-to-one reduction in the company’s capital o a cash capital increase of at least 30 and up to 41.64 million new shares o a reduction in bank liabilities by around € 28 million through the issue of up to 12 million new shares or an alternative solution with a comparable economic effect o a renewal for a further four years in the existing credit facilities o an increase of up to € 60 million in the credit facilities.
- Category: Company News
Wind turbine manufacturer Windflow Technology has received a research grant of NZ$ 130,000 from Technology New Zealand through its Technology for Business Growth (TBG) scheme. The grant will provide half of the funding for the company to prove the suitability of its Windflow 500 turbine for use in small, isolated networks such as islands or remote communities. The research will involve the company in refining the torque-limiting feature of its gearbox to include a dynamic control system that will respond to both the varying demands of a small network and the available wind energy simultaneously. The research project will also demonstrate the ability of the Windflow synchronous design to ‘ride through’ a fault in the electrical grid. Fault-ride-through is important not only for isolated grid applications but also for national grid-connected wind farms as wind power becomes a significant source of generation. The issue of wind power’s fault-ride-through capability has become a major concern internationally in recent years.
- Category: Company News
The LM Glasfiber Group generated revenue of DKK 2,260 million in 2004, which is an increase of 32% relative to 2003. Earnings before interest, taxes, depreciation and amortisation and special items (EBITDA) amounted to DKK 520 million, up from DKK 343 million in 2003. Profit before tax amounted to DKK 24 million against a loss of DKK 300 million in 2003. Operating activities generated a cash inflow of DKK 295 million compared with DKK 111 million in 2003. The financial performance is slightly better than the guidance provided during the year. For 2005, the group forecast an increase in revenue of 0–5% to between DKK 2,260 and 2,375 million, and a pre-tax profit between DKK 100 and 110 million. The Supervisory Board of LM Glasfiber Holding A/S discussed the company’s audited financial statements for 2004 on 10 March 2005 and recommended that the financial statements be adopted at the Annual General Meeting to be held on 28 April 2005.
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