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14.06.2005 – 18:09


euro adhoc: Plambeck Neue Energien AG
Restructuring & Recapitalisations
Plambeck Neue Energien AG proposes capital reduction 3:2 and repricing of convertible bond to strengthen balance sheet

Disclosure announcement transmitted by euro adhoc.
  The issuer is responsible for the content of this announcement.
Cuxhaven, 14 June 2005 ? To strengthen the capital base, to
compensate losses of the last year and to improve the balance sheet
the Supervisory Board and the Management Board of Plambeck Neue
Energien AG today consented to the general meeting of shareholders a
reduction of the subscribed capital of the Company at a ratio of 3:2.
The Management will also propose that the convertible bond be
The subscribed capital will be reduced by the simplified capital
reduction from EUR 30,368,317 to EUR 20,245,744. This will lead to a
change in the number of issued shares. The shareholders will now
receive two shares where previously they would have received three
shares. The total income 10,122,872 EUR resulting from the capital
reduction will be used as follows: clearing of depreciations und
losses of 8,122,872 Euro and transfer to capital reserves to the
amount of 2,000,000 EUR. In accordance with the corporate planning,
the lowering of the capital would result in no further losses
appearing in the balance sheet as of 2006.
The conversion price of the convertible bond will be reduced within a
one-off conversion period. It would increase to EUR 3.75 following
the capital reduction. The new one-off price of 2.50 EUR will give
bond holders the opportunity to exchange the bond for shares in a
20-day period at this more favourable price. The opportunity to
benefit from this special conversion will be opened as soon as
possible after the general meeting of shareholders.
The Management Board is expecting this one-off special conversion to
result in an improved EBT in 2006 from lower interest payments up to
1.4 Mio. Euro in the event of a full conversion. The dilution arising
from the conversion (8.07%) would be compensated by the improved
result stemming from the lower interest payments.
Regardless of the option to undertake a one-off special conversion,
the term of the bond will remain unchanged up to 2009. The repayment
at the end of the term and the annual interest payments are recorded
independently of this repricing of the convertible bond in the
Company's financial planning.
This year?s annual shareholders meeting is due to be held in Cuxhaven
on 26 July 2005.
end of announcement                    euro adhoc 14.06.2005 17:30:38 

Further inquiry note:

Rainer Heinsohn
Tel.: +49(0)4721-718-453
Plambeck IR
Tel.: +49(0)4721-718-455

Branche: Alternative energy
ISIN: DE0006910326
WKN: 691032
Index: Prime Standard
Börsen: Frankfurter Wertpapierbörse / regulated dealing
Berliner Wertpapierbörse / free trade
Hamburger Wertpapierbörse / free trade
Baden-Württembergische Wertpapierbörse / free trade
Börse Düsseldorf / free trade
Niedersächsische Börse zu Hannover / free trade
Bayerische Börse / free trade
Bremer Wertpapierbörse (BWB) / free trade

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