EANS-Adhoc: PNE WIND AG sells offshore wind farm project, "Gode Wind II" to the Danish investor, Brancor Capital Partners
-------------------------------------------------------------------------------- ad-hoc disclosure pursuant to section 15 of the WpHG transmitted by euro adhoc with the aim of a Europe-wide distribution. The issuer is solely responsible for the content of this announcement. -------------------------------------------------------------------------------- Contracts 29.12.2011 Cuxhaven, 29th December 2011 - The wind farm project developer, PNE WIND AG (ISIN: DE000A0JBPG2) is selling its shares in PNE Gode Wind II GmbH, in which the offshore wind farm project "Gode Wind II" is being developed, to HYSSING Vermögensverwaltungsgesellschaft mbH, which is held by the Danish Brancor Capital Partners APS. The agreed purchase price for all shares of PNE Gode Wind II GmbH is based on a valuation of about EUR 317,000 per MW including the already invested development costs. The transfer of 50.1 percent of the shares will take place on 29th December 2011 as condition precedent to a first significant payment on 29th February 2012 and a further instalment becoming due on 25th March 2012. This is to equip Brancor Capital Partners APS with the necessary time to pay the agreed purchase price. The remaining 49.9 percent of the shares is to be transferred on receipt of the second purchase price rate. With financial close the third payment is agreed. As the last payment, the last smaller instalment is to be paid on commissioning of the tenth wind turbine. The 50.1 percent share transfer will have a positive effect on PNE WIND AGs corporate EBIT in the year 2011 if the purchase prices are paid as planned. In addition, there will be a revaluation of the initially remaining 49.9 percent of the shares within the company due to the IFRS accounting within the corporation, which will have an additional positive effect on the 2011 corporate EBIT. Against this background PNE Wind AG expects to realise a major part of its corporate forecast for the financial years 2011 to 2013 of cumulated EUR 60 to 72 million in 2011 already. The wind farm is planned to be located in the North Sea, about 38 kilometres offshore of the island of Norderney and has already been approved by the Bundesamt für Seeschifffahrt und Hydrographie (BSH) (German Federal Maritime and Hydrographic Agency). The intention is to construct 84 offshore wind energy plants with a nominal output totalling 252 MW in "Gode Wind II". Further inquiry note: PNE WIND AG Presse und Öffentlichkeitsarbeit Rainer Heinsohn Tel: +49(0) 47 21 - 7 18 - 4 53 Fax: +49(0) 47 21 - 7 18 - 3 73 E-mail: info@pnewind.com Investor Relations cometis AG Ulrich Wiehle / Janis Fischer Tel: +49(0)611 - 205855-64 Fax: +49(0)611 - 205855-66 E-mail: fischer@cometis.de end of announcement euro adhoc -------------------------------------------------------------------------------- issuer: PNE WIND AG Peter-Henlein-Str. 2-4 D-27472 Cuxhaven phone: +49(0)4721 718 06 FAX: +49(0)4721 718 373 WWW: http://www.pnewind.com sector: Alternative energy ISIN: DE000A0JBPG2, DE000A0B9VG7 DE000A0Z1MR2 DE000A1EMCW3 indexes: CDAX, Prime All Share, Technology All Share stockmarkets: regulated dealing/prime standard: Frankfurt, free trade: Berlin, Hamburg, Stuttgart, Düsseldorf, Hannover, München language: English
Original content of: PNE WIND AG, transmitted by news aktuell