At the bondholders’ meeting of Meyer Burger Technology Ltd (SIX Swiss Exchange: MBTN), held in Zurich on 25 November 2016, the bondholders have approved the proposed amendments of the terms of the convertible bond with the legally required quorum of a majority of two-thirds of the total outstanding nominal amount of the convertible bond. The resolutions still need to be approved by the High Court of the Canton of Berne. With the positive resolutions at the bondholders’ meeting, the first condition in implementing the recapitalisation programme has been reached and this represents an important step for the successful recapitalisation of the company. Meyer Burger had announced a comprehensive recapitalisation programme on 8 November 2016 and had published further details to it on 11 November 2016.
At the bondholders’ meeting, a total of CHF 73.035 million of nominal bond value was represented, corresponding to 73.035% of the total outstanding nominal amount of the CHF 100 million convertible bond (due in 2020).
Under agenda item 3.a, the bondholders’ meeting approved the proposed amendment of terms of the convertible bond with 73.035% of the total outstanding nominal amount of the convertible bond:
Under agenda item 3.b, the bondholders’ meeting approved Schellenberg Wittmer AG as the new bondholders’ representative with 100% of the nominal amount of the bonds represented at the bondholders’ meeting.
The planned amendments of the terms of the convertible bond in connection with agenda item 3.a are conditional upon the following:
In order for the amendments of the convertible bonds under agenda item 3.a to become effective, the resolutions of the bondholders’ meeting also have to be approved by the High Court of the Canton of Berne. The approval becomes final when either no appeal to the Federal Court has been filed within the legally prescribed period of 30 days after the publication of the approval by the High Court of the Canton of Berne or an appeal has been rejected.
The Board of Directors and the Management of Meyer Burger thank the bondholders for their approval and support in the implementation of the recapitalisation programme.
Expected further timetable of the recapitalisation programme
02 December 2016
10.00 am CET: Start of Extraordinary Shareholders‘ Meeting of Meyer Burger Technology Ltd.
Following the Shareholders‘ Meeting: Press release regarding the resolutions of the Extraordinary Shareholders‘ Meeting.
05 December 2016
Publication of Offering Memorandum.
06 December 2016
After close of trading on SIX Swiss Exchange: Record date for determination of existing shareholders for the entitlement of subscription rights.
Shareholders who acquire shares after the record date will acquire shares without entitlement to subscription rights.
07 December 2016
Start of trading in subscription rights and start of the rights exercise period.
13 December 2016
End of rights trading period.
15 December 2016
12.00 noon CET: End of rights exercise period.
After close of trading on SIX Swiss Exchange: Press release regarding the number of exercised subscription rights.
16 December 2016
First day of trading in the new shares.
19 December 2016
Settlement and delivery of the new shares against payment of the offer price.