S.A.G. Solarstrom AG has successfully concluded the sale of the operative business and the related assets agreed on August 30, 2014 to the SF Clean Energy Group (SV-PV).
The remaining stock market listed company will receive the sales price of EUR 65 million in the near future. The payment of the sales price remains subject to the usual price adjustment mechanisms.
As the sale is now legally binding, S.A.G. Solarstrom AG i.I. has decided to apply for delisting of the company shares to the regulated market (General Standard) at the Frankfurt Stock Exchange. In light of the ongoing insolvency proceedings, this should reduce the administrative effort and costs associated with the share listing. In light of the ongoing insolvency proceedings, this should reduce the administrative effort and costs associated with the share listing.
The delisting is expected to become effective six months after the decision of the Frankfurt Stock Exchange regarding the application and its publication. The company's share listing in the open trading segment m:access of the Munich Stock Exchange is to be terminated shortly. The remaining stock corporation is therefore to be liquidated during the development of the insolvency proceedings.
Creditors of the corporation can expect an insolvency quota of almost 50% according to the current status. However, depending on the actual result, the insolvency quota might also be considerably below or above this value. Shareholders will not receive return flows from the winding down of the company. Following the successful conclusion of the transferring reorganization, the operative business of the S.A.G. Solarstrom Group will be continued with all business areas.
In future, the new company group will trade under the name of S.A.G. Solar GmbH & Co. KG. All of the jobs will be maintained. The SF Clean Energy Group has offered the management of S.A.G. Solarstrom AG i.I. to continue to manage the new S.A.G. Solar Group. Oliver Günther, board member responsible for sales to date, has decided to decline the offer and will leave the company.
