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Nordex Expects Takeover Offer By Acciona On Capital Increase Completion

Nordex (NRDXF.PK) said that Acciona's shareholding in Nordex will exceed 30% of the company's share capital, due to completion of capital increase. So, Acciona will be obliged to announce and effect a mandatory public takeover offer to all Nordex shareholders.

Alternatively, Acciona could announce and implement a pre-emptive voluntary takeover offer shortly. The management board and supervisory board will review the corresponding offer document once it has been published by Acciona and publish a reasoned statement in due course, Nordex said in a statement.

Nordex resolved to implement a capital increase against cash contribution in the amount of 10% of the existing share capital under exclusion of subscription rights and partial utilization of the authorized capital.

In total, 9.70 million new no-par value bearer shares carrying dividend entitlements from 1 January 2019 will be issued to the anchor shareholder Acciona S.A. by way of a private placement under exclusion of subscription rights at an issue price of 10.21 euros per share.

The private placement will yield gross proceeds in the amount of 99 million euros. After completion of the capital increase, the share capital of the Company will amount to 106.68 million euros divided into 106.68 million euros no-par value bearer shares.

Nordex said that the proceeds from the capital increase serve to strengthen its capital structure as part of the growth path for the year 2020 and beyond.

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