DGAP-News: Q-Cells SE: Publication of the resolutions passed at the holders' meeting on 25 October 2011
(firmenpresse) - DGAP-News: Q-Cells SE / Key word(s): Bond
Q-Cells SE: Publication of the resolutions passed at the holders'
meeting on 25 October 2011
26.10.2011 / 14:56
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Q-Cells International Finance B.V.
Rotterdam, The Netherlands
EUR 492,500,000 1.375 % convertible bonds due 2012 ('Note')
ISIN: DE000A0LMY64 / WKN (German Securities Identification Number) A0LMY6 /
Common Code: 028696507
with the unconditional and irrevocable guarantee given by
Q-Cells SE ('Q-Cells SE' or 'Guarantor')
Bitterfeld-Wolfen, Germany
Publication of the resolutions passed at the holders' meeting on 25 October
2011
On 25 October 2011, the meeting of the holders of the partial bonds
(Teilschuldverschreibungen) forming part of the Note (the 'Holders')
adopted the following resolutions with the consent of the issuer.
I. Agenda item 2 of the invitation to the bondholders' meeting
Resolution on the Application of the German Law on Debt Securities to the
EUR 492,500,000 1.375 % Convertible Bonds due 2012, and the Inclusion of an
Authorisation pursuant to Secs. 5 et seqq. of the German Law on Debt
Securities in the Terms and Conditions of the EUR 492,500,000 1.375 %
Convertible Bonds due 2012
The holders' meeting adopted the following resolution:
a) The German Law on Debt Securities of 31 July 2009, as amended from time
to time, (the 'German Law on Debt Securities') shall apply to the EUR
492,500,000 1.375 % convertible bonds due 2012 (ISIN: DE000A0LMY64 / WKN
A0LMY6 / Common Code: 028696507) (the 'Note').
b) The Terms and Conditions of the Note shall be amended as follows:
aa) The following new§19 is inserted above '§19 (Final Clauses)' of the
Terms and Conditions of the EUR 492,500,000 1.375 % convertible bonds due
2012:
[German language:]
'§19 Anwendbarkeit des Schuldverschreibungsgesetzes 2009;Änderungen der
Emissionsbedingungen durch Mehrheitsbeschluss; Gemeinsamer Vertreter;
Mehrheitsbeschlüsse
(a) Das Gesetzüber Schuldverschreibungen aus Gesamtemissionen vom 31. Juli
2009 in seiner jeweils gültigen Fassung (das 'SchVG') ist auf die
Schuldverschreibungen anwendbar.
(b) Die Gläubiger können nach Maßgabe der§§5 ff. SchVG in seiner
jeweiligen gültigen Fassung durch Mehrheitsbeschluss in einer
Gläubigerversammlung oder im Wege einer Abstimmung ohne VersammlungÄnderungen der Emissionsbedingungen beschließen.
(c) Die Gläubiger können zur Wahrnehmung ihrer Rechte einen gemeinsamen
Vertreter für alle Gläubiger bestellen. Der gemeinsame Vertreter hat die
Aufgaben und Befugnisse, die ihm durch Gesetz eingeräumt sind. Er hat
ferner die Aufgaben und Befugnisse, die ihm von den Gläubigern durch
Mehrheitsbeschluss im Einzelfall eingeräumt werden. Die Gläubiger sind
befugt, dem gemeinsamen Vertreter im Rahmen des gesetzlich Zulässigen
sämtliche ihnen zustehenden Befugnisse im Hinblick auf die
Emissionsbedingungen und die Schuldverschreibungen, einschließlich
sämtlicher Befugnisse zuÄnderungen der Emissionsbedingungen, zur
Geltendmachung oder einem Verzicht auf Rechte der Gläubiger und zu den
Maßnahmen nach§5 Abs. (3) SchVG, zuübertragen. Kosten und Aufwendungen
(einschließlich einer angemessenen Vergütung) des gemeinsamen Vertreters
trägt die Emittentin.
(d) Die Gläubiger beschließen grundsätzlich mit der einfachen Mehrheit der
an der Abstimmung teilnehmenden Stimmrechte. Beschlüsse, durch welche der
wesentliche Inhalt der Emissionsbedingungen, insbesondere in den Fällen des§5 Absatz (3) Nummer 1 bis 9 SchVG, geändert wird, bedürfen zu ihrer
Wirksamkeit einer Mehrheit von mindestens 75% der an der Abstimmung
teilnehmenden Stimmrechte (eine 'qualifizierte Mehrheit'). Der Vorsitzende
der Gläubigerversammlung bzw. - im Falle einer Abstimmung ohne Versammlung
- der Abstimmungsleiter bestimmen Art und Form der Abgabe und Auszählung
der Stimmen.'
[English language:]
'§19 Applicability of the German Law on Debt Securities 2009; Amendment
of the Terms and Conditions by Majority Resolution; Joint Representative;
Majority Resolutions
(a) The German Law on Debt Securities of 31 July 2009, as amended from time
to time, (the 'German Law on Debt Securities') shall apply to the Bonds.
(b) The Holders may, in a Holders' Meeting or by way of a vote without a
meeting, subject to Secs. 5 et seqq. of the German Law on Debt Securities,
as amended from time to time, adopt majority resolutions to amend the Terms
and Conditions.
(c) The Holders may appoint a joint representative for all Holders to
exercise their rights. The joint representative shall have the duties and
powers provided under applicable law. He shall further have the duties and
powers assigned to him in the individual case by the Holders by majority
resolution. The Holders shall - to the extent permitted by law - be
entitled to delegate to the joint representative all powers to which the
Holders are entitled as regards the Terms and Conditions and the Bonds,
including all powers to amend the Terms and Conditions, to exercise or
waive rights of the Holders and to take measures in accordance with Sec. 5
(3) of the German Law on Debt Securities. Costs and expenses (including a
reasonable remuneration) of the joint representative are borne by the
Issuer.
(d) The Holders generally adopt resolutions by simple majority of the
voting rights participating in the vote. Resolutions amending the
substantial contents of the Terms and Conditions, in particular those
relating to matters referred to in Sec. 5 (3) nos. 1 to 9 of the German Law
on Debt Securities, require a majority of at least 75% of the voting rights
participating in the vote ('qualified majority') to be effective. The
chairman of the Holders' Meeting or - in case of a vote without a meeting -
the person overseeing such vote, shall determine the form and manner in
which the votes are cast and counted.'
bb) '§19 Schlussbestimmungen' resp. '§19 Final Clauses' of the Terms and
Conditions of the EUR 492,500,000 1.375 % convertible bonds due 2012 is
redesignated as '§20 Schlussbestimmungen' resp. '§20 Final Clauses'.
II. Agenda item 3 of the invitation to the holders' meeting
Resolution on the Application of the German Law on Debt Securities and
Inclusion of an Authorisation in accordance with Secs. 5 et seqq. of the
German Law on Debt Securities in the Terms and Conditions of the EUR
492,500,000 1.375 % Convertible Bonds due 2012 as regards the Guarantee of
28 February 2007 provided by Q-Cells SE; Amendments to the Guarantee
The holders' meeting adopted the following resolution:
a) The German Law on Debt Securities of 31 July 2009, as amended from time
to time, (the 'German Law on Debt Securities') shall apply mutatis mutandis
to the guarantee agreement entered into on 28 February 2007 for the benefit
of the Holders between Q-Cells SE, Bitterfeld-Wolfen, Germany, (Guarantor)
and Citibank N.A., London, in its capacity as principal paying agent.
b) The following new paragraph (g) is included in§20 (Final Clauses),
amended version, of the Terms and Conditions of the EUR 492,500,000 1.375 %
convertible bonds due 2012:
[German language:]
'(g)§19 dieser Emissionsbedingungen gilt entsprechend für eine Zustimmung
der Gläubiger zu einerÄnderung der Garantie.'
[English language:]
'(g)§19 of the Terms and Conditions shall apply mutatis mutandis to the
Holders' consent to an amendment of the Guarantee.'
c) In Clause 2 (Guarantee) of the Guarantee paragraph (f) is redesignated
as paragraph (g) and the following new paragraph (f) is inserted:
[German language:]
'(f) Die Garantinübernimmt die unbedingte und unwiderrufliche Garantie für
die Verpflichtung der Emittentin zurÜbernahme der Kosten und Aufwendungen
(einschließlich der Vergütung) eines nach den Emissionsbedingungen
bestellten gemeinsamen Vertreters der Gläubiger der Schuldverschreibungen.
Abs. (b) und (d) gelten entsprechend für die in diesem Absatzübernommene
Garantie. '
[English language:]
'(f) The Guarantor unconditionally and irrevocably guarantees all
obligations of the Issuer to bear the costs and expenses (including
remuneration) of a joint representative of the Holders of the Bonds
appointed pursuant to the Terms and Conditions. Paragraphs (b) and (d)
apply mutatis mutandis to the guarantee granted in this section.'
d) In Clause 5 (Miscellaneous Provisions) of the Guarantee the following
new paragraphs (f) and (g) are inserted:
[German language:]
'(f)Änderungen der Emissionsbedingungen gemäߧ19 der
Emissionsbedingungen lassen die Verpflichtungen der Garantin unter dieser
Garantie unberührt.
(g)Änderungen dieser Garantie durch Mehrheitsbeschluss der Gläubiger sind
nach Maßgabe des§19 der Emissionsbedingungen zulässig.'
[English language:]
'(f) Amendments to the Terms and Conditions pursuant to§19 of the Terms
and Conditions do not affect the obligations of the Guarantor under this
guarantee.
(g) Amendments of this guarantee by way of majority resolution of the
Holders are permissible subject to§19 of the Terms and Conditions.'
III. Agenda item 4 of the invitation to the holders' meeting
Appointment of a Joint Representative; Delegation of Duties and Powers to
the Joint Representative
The holders' meeting adopted the following resolution:
a) Dr. Carlos Mack, born on 18 March 1960, attorney at law (Rechtsanwalt),
Munich, shall be appointed as joint representative of all Holders of the
EUR 492,500,000 1.375% convertible bonds due 2012 (ISIN:
DE000A0LMY64/German Securities Identification Number (WKN) A0LMY6/ Common
Code 028696507). The appointment shall be valid until 31 December 2012
(inclusive of such date). In case Mr. Mack ceases to be joint
representative prior to the end of the term by way of resignation or for
other reasons (except for dismissal by a majority resolution of the
Holders), Mr. Mack shall be replaced for the remainder of the term with
immediate effect by Dr. Tom Oliver Schorling, born on 15 August 1967,
attorney at law (Rechtsanwalt), Frankfurt am Main.
b) The joint representative shall have the duties and powers provided under
applicable law.
c) In addition to the duties and powers pursuant to lit. b) above, the
joint representative shall have the following powers:
aa) to consent to one or more amendments of the Terms and Conditions of the
EUR 492,500,000 1.375% convertible bonds due 2012 to the effect that
'Maturity Date' (as defined in§1 of the Terms and Conditions) is
postponed to a date no later than 31 December 2012;
bb) to defer due claims under the EUR 492,500,000 1.375% convertible bonds
due 2012 once or repeatedly, however not beyond 31 December 2012;
cc) to consent to one or several amendments of the guarantee agreement
entered into on 28 February 2007 between Q-Cells SE and Citibank N.A. for
the benefit of the Holders of the EUR 492,500,000 1.375% convertible bonds
due 2012 with the effect that any claims under the guarantee for failure to
pay or failure to effect proper payment despite such payment being due can,
upon an amendment of the Terms and Conditions pursuant to lit. aa), not be
exercised prior to the Maturity Date, as amended in accordance with lit.
aa) above;
dd) to defer due claims under the guarantee once or repeatedly until 31
December 2012 at the latest;
ee) to assert for the account of the Holders any claims arising under the
EUR 492,500,000 1.375% convertible bonds due 2012 against the Issuer,
whether in court or out of court, until 31 December 2012; to such extent
the Holders are excluded from the assertion of claims;
ff) to assert for the account of the Holders any claims arising under the
guarantee agreement entered into on 28 February 2007 between Q-Cells SE and
Citibank N.A. for the benefit of the Holders of the EUR 492,500,000 1.375%
convertible bonds due 2012 against Q-Cells SE, whether in court or out of
court until 31. December 2012; to such extent the Holders are excluded from
the assertion of claims;
gg) to exercise the rights of termination of the Holders of the EUR
492,500,000 1.375% convertible bonds due 2012 pursuant to§12 of the Terms
and Conditions; to such extent the Holders are excluded from the exercise
of termination rights.
d)(1) The joint representative shall only be entitled to exercise the
powers set forth in lit. c) above, if either
(i) the Holders, by adoption of one or more majority resolution(s) with
simple majority (§5 Sec. 4 Sentence 1 of the German Law on Debt
Securities), have consented to the individual measure or
(ii) the Holders, by adoption of one or more majority resolution(s) after
25 October 2011 have, with the consent of the Issuer, consented to
amendments of the Terms and Conditions.
(2) The conditions set forth in the above subsections (1)(i) and (ii) are
deemed to be satisfied irrespective of whether such resolution(s) can be
avoided (angefochten) or otherwise challenged before courts or of the
enforceability of such resolution(s) pursuant to Secs. 5 et seqq. of the
German Law on Debt Securities.
(3) The foregoing provisions apply to the powers set forth in lit. c) aa)
to dd) subject to the condition that any postponing of the 'Maturity Date'
beyond 30 April 2012 and/or any deferral of due claims beyond 30 April 2012
shall only be permissible, if a resolution pursuant to the above subsection
(1)(ii) has been resolved on 30 April 2012 at the latest. The joint
representative shall be vested with the powers set forth in lit. c) ee) to
gg) after 30 April 2012 only if a resolution pursuant to the above
subsection (1)(ii) has been resolved prior to such date. Otherwise, the
powers conferred pursuant to lit. c) ee) to gg) shall vest again with the
Holders.
e) Any liability of the joint representative shall be limited to cases of
wilful misconduct and gross negligence. Liability for gross negligence
shall be limited to an amount of EUR 5,000,000 in the aggregate.
f) The appointment of the joint representative and the authorisation of the
joint representative to fulfil the duties and exercise the powers set forth
in this resolution shall (except for powers assigned to the joint
representative pursuant to lit. c) ee) to gg) subject to the limitations in
lit. d(3)) neither affect the Holders' rights to resolve on any measures
permissible under the German Law on Debt Securities nor the right of each
individual Holder to enter into any transaction in relation to its partial
bonds including its rights and claims arising thereunder.
g) The resolutions under lit. a) to f) may not be implemented until after
the resolutions proposed under agenda items 2 and 3 have become effective
and have been implemented pursuant to the provisions of the German Law on
Debt Securities.
IV. Results of the votes
The resolutions proposed under agenda items 2, 3 and 4 of the Invitation to
the Holders' Meeting have been adopted each with the required majority of
at least 75% of the voting rights participating in the vote.
In the adoption of the resolution concerning the resolution proposal
relating to agenda item 2, EUR 165,900,000.00 of the value of the total
amount of the outstanding partial bonds of EUR 201,700,000.00 was
represented. This corresponds to 1.659 voting rights and 82.25 % of the
total amount of the outstanding partial bonds. In the vote relating to
agenda item2 valid votes for 1.656 partial bonds were cast. The resolution
proposal was approved by 1.616 of the votes participating in the vote
representing a nominal amount of EUR 161,600,000.00. This corresponds to
97.5845 % of the participating voting rights
In the adoption of the resolution concerning the resolution proposal
relating to agenda item 3, EUR 165,900,000.00 of the value of the total
amount of the outstanding partial bonds of EUR 201,700,000.00 was
represented. This corresponds to 1.659 voting rights and 82.25 % of the
total amount of the outstanding partial bonds. In the vote relating to
agenda item 3 valid votes for 1.651 partial bonds were cast. The resolution
proposal was approved by 1.611 of the votes participating in the vote
representing a nominal amount of EUR 161,100,000.00. This corresponds to
97.5772 % of the participating voting rights.
In the adoption of the resolution concerning the resolution proposal
relating to agenda item 4, EUR 165,900,000.00 of the value of the total
amount of the outstanding partial bonds of EUR 201,700,000.00 was
represented. This corresponds to 1.659 voting rights and 82.25 % of the
total amount of the outstanding partial bonds. In the vote relating to
agenda item 4 valid votes for 1.659 partial bonds were cast. The resolution
proposal was approved by 1.569 of the votes participating in the vote
representing a nominal amount of EUR 156,900,000.00. This corresponds to
94.575 % of the participating voting rights.
Rotterdam, 26 October 2011
Q-Cells International Finance B.V.
The Management
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26.10.2011 Dissemination of a Corporate News, transmitted by DGAP - a
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Language: English
Company: Q-Cells SE
Sonnenallee 17-21, OT Thalheim
06766 Bitterfeld-Wolfen
Germany
Phone: +49 (0)3494 - 6699-0
Fax: +49 (0)3494 - 6699-199
E-mail: q-cells(at)q-cells.com
Internet: www.q-cells.com
ISIN: DE0005558662, Wandelanleihe 2012: DE000A0LMY64,
Wandelanleihe 2014: DE000A1AGZ06, Wandelanleihe 2015:
DE000A1E8HF6
WKN: 555866
Listed: Regulierter Markt in Frankfurt (Prime Standard);
Freiverkehr in Berlin, Düsseldorf, Hamburg, München,
Stuttgart
End of News DGAP News-Service
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