ABO Wind Specifies Further Details on Announced Capital Increase
ABO Wind AG has specified details regarding the capital increase. The Supervisory Board of ABO Wind AG approved the resolution of the Managing Board to increase the company’s share capital by up to a nominal amount of 550,000 euros by issuing up to 550,000 new shares. Metzler Bank Frankfurt is accompanying the issue and will offer the shares for purchase to selected institutional investors in a private placement without a prospectus. The final placement price will be determined in a so-called bookbuilding process within a range of 29.50 to 31 euros. In the event of a full placement, the gross issue proceeds will exceed 16 million euros.
“This means that our equity is expected to grow to around 140 million euros by the end of the year,” says Management Director Dr. Karsten Schlageter.
ABO Wind attaches great importance to a strong financial basis and an equity ratio of at least 40 percent. In the future, the steadily growing company would like to increasingly build large turnkey wind and solar farms as a general contractor, some of which have a capacity of more than one hundred megawatts. ABO Wind has grown its portfolio of projects under development in 16 countries worldwide to more than twelve gigawatts. In the past three years, the company has sold several large projects during development, for example in Spain and Finland.
Dr. Schlageter: “These were good business deals for us. But our aim is to cover the entire value chain in as many projects as possible and in all our markets, and to regularly construct and commission large turnkey wind and solar farms ourselves”.
With the planned capital increase, the free float of the ABO Wind share will grow to up to 38 percent. This should further stimulate trading in the ABO Wind share. On April 1, 2020, the share was included in Frankfurt Xetra trading, which has already significantly improved tradability, especially for institutional investors. The families of the two company founders, Dr. Jochen Ahn and Matthias Bockholt, have declared that they intend to permanently hold the majority of shares. In the event of a full placement, their stake will be reduced to 52 percent as a result of the current capital increase. Another approximately ten percent is held by Mainova AG from Frankfurt.