DGAP-News: iQ Power AG: Details about the Convertible Bond
(firmenpresse) - iQ Power AG / Key word(s): Corporate Action
15.09.2010 07:46
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iQ Power AG: Details about the Convertible Bond
- Offering size of EUR 6.45 million (divided into three tranches of up to
EUR 2.15 million each)
- First tranche subscription period: 20 September to 4 October 2010
- Conversion price of EUR 0.108 per share; denominations of EUR 500
- Funds to be used for investments to increase earnings
Zug/Switzerland, 15 September 2010 - iQ Power AG (ISIN: CH0020609688,
WKN: A0DQVL, Symbol: IQPB), the developer and marketer of eco-friendly and
technologically advanced starter batteries for motor vehicles, has
published the detailed features and terms of the convertible bond issue
that was announced on 13 August.
The board of directors of iQ Power AG has set forth the terms and
conditions for the convertible bond based on its resolutions of 12 August,
27 August and 10 September 2010. The offering size will total a maximum of
EUR 6.45 million and be divided into three tranches of up to EUR 2.15
million each. The convertible bonds will be available in denominations of
EUR 500 or multiples thereof, and will be issued at face value. The
conversion price will be EUR 0.108 per share. Accordingly, one convertible
bond of EUR 500 can be converted into 4,629 registered shares of the
company with a nominal value of CHF 0.03 each.
Existing shareholders will be offered this convertible bond with advance
subscription rights. Based on a bond denomination of EUR 500 and
383,609,653 shares recorded, the first tranche (in the amount of EUR 2.15
million) will comprise 4,300 convertible bonds (EUR 2,150,000 divided by
EUR 500). This means that for each 89,212 registered shares of the company
(383,609,653 shares divided by 4,300 convertible bonds), shareholders can
subscribe one convertible bond in a denomination of EUR 500 at a price of
EUR 500.
The subscription period for the first tranche will extend from 20 September
to 4 October 2010. The number of registered shares held by a shareholder as
at the official close of trading on 17 September 2010 will be authoritative
for determining the number of advance subscription rights to which that
shareholder is entitled. No exchange trading of advance subscription rights
will take place. The board of directors is authorized to offer any
unsubscribed convertible bonds from this offer of advance subscription
rights to other interested investors at the same terms as part of a private
placement during the advance subscription period.
Those bondholders, who by 15 December 2010 converted all of the bonds that
they subscribed from the convertible bond's first tranche into registered
shares of the company, can use the downloadable form on www.iqpower.com
from 3 January 2011 until 17 January 2011 to subscribe bonds from the
convertible bond's second tranche (of a maximum of EUR 2.15 million),
whereby and in any case they will only have an entitlement to as many
convertible bonds as they subscribed in the first tranche.
Those bondholders, who by 15 December 2011 converted all of the bonds that
they subscribed from the convertible bond's second tranche into registered
shares of the company, can use the downloadable form on www.iqpower.com
from 3 January 2012 until 17 January 2012 to subscribe bonds from the
convertible bond's third tranche (of a maximum of EUR 2.15 million),
whereby and inany case they will only have an entitlement to as many
convertible bonds as they subscribed in the second tranche.
All convertible bonds can be converted up to and including 31 October 2013
with an effective date being the last bank workday in Switzerland of each
first calendar month of a quarter, and additionally with effect as at 15
December 2010 and 15 December 2011. The interest on the convertible bond is
3% per year and will be calculated as at the end of the year and paid by no
later than 15 January of the following year. At the end of the term of the
convertible bond (31 December 2013), the interest will be calculated as at
that time, and all bonds that were not converted will be repaid. Interest
payments and the repayments of bonds that were not converted will be
rendered by not later than 10 January 2014. There will be no early
redemption of the convertible bonds by the company.
The new funds that the company will receive by issuing this convertible
bond will be used primarily for investments designed to enhance earnings.
This is why the company is examining potential investments in the area of
lead recycling. Besides reducing costs, an involvement in lead recycling
could help to better offset fluctuations in the price of lead, which
represents the main share of the cost of producing batteries. Furthermore,
an investment in systems for battery formatting, which is one of the last
steps in the battery manufacturing process chain, would boost the daily
rate of production and in turn increase iQ Power AG's overall capacity.
Additional information about the convertible bond can be found in the issue
prospectus dated 15 September that is available for downloading on the
company's website www.iqpower.com.
The Board of Directors
About iQ POWER
iQ Power AG is a developer and supplier of innovative starter batteries for
motor vehicles. The products are technologically advanced, deliver greater
efficiency, and are environmentally sound and lighter in weight. The
company's many achievements include the development of the world's first
software-controlled smart car battery. Industrial batteries and system
solutions for electrical energy management in vehicles help round out its
operational portfolio.
The company's operational element is iQ Power GmbH in Chemnitz (Germany),
which is a wholly owned subsidiary of iQ Power AG. Headquartered in Zug
(Switzerland), iQ Power AG is a publicly listed stock corporation whose
shares are traded on the regulated market (General Standard segment) of the
Frankfurt Stock Exchange, over the counter on the securities exchanges in
Berlin, Düsseldorf, Munich and Stuttgart, as well as on Xetra (ISIN:
CH0020609688, WKN: A0DQVL, IQPB).
Contact:
Company Contact:
iQ Power AG
Metallstrasse 9
6304 Zug
Schweiz
Tel.: +41(0) 41 768 03 63
Fax: +41(0) 41 768 03 68
info(at)iqpower.com
www.iqpower.com
Investor Relations Contact:
GFEI Aktiengesellschaft
Hamburger Allee 26-28
D-60486 Frankfurt am Main
Tel.: +49 (0)69 - 74 30 37 00
Fax: +49 (0)69 - 74 30 37 22
iQPower(at)gfei.de
www.gfei.de
15.09.2010 07:46 Dissemination of a Corporate News, transmitted by DGAP -
a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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Language: English
Company: iQ Power AG
Metallstrasse 9
6304 Zug
Schweiz
Phone: +41 41 7680360
Fax: +41 41 768 03 68
E-mail: investor-relations(at)iqpower.com
Internet: www.iqpower.com
ISIN: CH0020609688
WKN: A0DQVL
Listed: Regulierter Markt in Frankfurt; Freiverkehr in München,
Düsseldorf, Berlin, Stuttgart
End of Announcement DGAP News-Service
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Datum: 15.09.2010 - 07:46 Uhr
Sprache: Deutsch
News-ID 32190
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Kategorie:
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