ENCAVIS AG converts hybrid convertible bonds issued in 2017 and 2019


DGAP-News: ENCAVIS AG / Keyword (s): Obligation
04.10.2021 / 07:06
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ENCAVIS converts hybrid convertible bonds issued in 2017 and 2019

Hamburg, October 4, 2021 – The Hamburg wind and solar farm operator, listed on SDAX, Encavis AG (ISIN: DE0006095003, Prime Standard, timber symbol: ECV) converts perpetual subordinated bonds (ISIN DE000A19NPE8), issued through its subsidiary to 100% Encavis Finance BV, via conversion today as already announced in August.

Encavis creates the 12,606,481 shares required of the Conditional Capital 2017 and 2018 and the Authorized Capital 2021 to convert the Bonds still in circulation for a total principal amount of 89.3 million euros, initially issued on September 13, 2017 as well as the 5th September, 2019.

The 12.6 million new shares currently issued as a result of the early mandatory conversion of the bonds will not only increase the total number of outstanding shares to 160,469,179 shares (currently 147.9 million shares), but will increase also the proportion of the free float of Encavis shares tradable on the stock exchange for the same amount. The free float would thus drop from 72.8% currently to 74.9%. Rankings and index membership within the DAX family of Deutsche Börse AG are calculated on the basis of free float market capitalization.

The accounting effect of the conversion is a pure swap of liabilities within equity from equity attributable to hybrid capital investors to equity capital reserves. Equity, equity ratio and balance sheet total remain unchanged.

The medium-term objective of increasing EPS to 0.70 EUR in 2025e, in line with the >> Fast Forward 2025 growth strategy, already includes the conversion of bonds and is calculated on the number of shares increased accordingly. Likewise, analysts’ valuations and their price targets for Encavis stock are already based on the corresponding increase in the number of approximately 160.5 million shares.

Encavis AG (Prime Standard; ISIN: DE0006095003; ticker symbol: ECV) is a producer of electricity from renewable energies listed on the MDAX of Deutsche Börse AG. As one of the leading independent power producers (IPP), ENCAVIS acquires and operates solar and wind farms (onshore) in ten European countries. Sustainable power plants generate stable returns through guaranteed feed-in tariffs (FITs) or long-term power purchase agreements (PPAs). The total production capacity of the Encavis Group currently stands at more than 2.8 gigawatts (GW), which corresponds to a total saving of 1.26 million tonnes of CO.2 per year. Within the Encavis group, Encavis Asset Management AG offers fund services to institutional investors.

Encavis is a signatory of the United Nations Global Compact as well as of the UN PRI network. Encavis AG’s environmental, social and governance performance has been recognized by two of the world’s leading ESG rating agencies. MSCI ESG Ratings awarded the company’s ESG performance with “AA” and ISS ESG with their “Prime” label.

Further information is available at www.encavis.com

Encavis SA
Jörg Peters
Corporate Communication & RI Manager
Phone. : + 49 (0) 40 37 85 62 242
Email: [email protected]

Twitter: https://twitter.com/encavis

04.10.2021 Distribution of a Corporate News, transmitted by DGAP – a service of EQS Group AG.
The issuer is solely responsible for the content of this advertisement.

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