Corporate News

Early mandatory conversion of hybrid convertible bonds issued in 2017 and 2019


Hamburg, August 28, 2021 - The MDAX listed Hamburg based solar and wind park operator Encavis AG (ISIN: DE0006095003, Prime Standard, stock exchange symbol: ECV, the "Company") has, through its wholly owned subsidiary Encavis Finance B.V., issued on September 13, 2017 as well as on September 5, 2019 perpetual subordinated bonds (ISIN DE000A19NPE8, the "Bonds") with time limited conversion rights into ordinary bearer shares of the Company in an aggregate principal amount of EUR 150.3 million.

The Management Board of the Company and the Managing Directors of Encavis Finance B.V. have decided today, with the consent of the Supervisory Board of the Company to exercise its contractual right to early mandatory conversion of the Bonds.

Encavis expected already a conversion of a major part of the Hybrid Convertible Bond after the next interest payment, dated on September 13, 2021. The early mandatory conversion in one transaction instead of multiple individual conversions simplifies and increases efficiency of the conversion process significantly. Effect on the balance sheet is just an exchange within the equity from equity attributable to hybrid capital investors to capital reserves in equity.

The mandatory conversion of still outstanding Bonds in an aggregate principal amount of EUR 149.5 million shall take place at the conversion price of EUR 7,0836 last announced on May 31, 2021. Each bond will be converted into the number of shares of the Company calculated by dividing the nominal amount of the bonds to be converted by the conversion price. The Company intends to create the required shares from the Conditional Capital 2017 and 2018 and from the Authorised Capital 2021.

The early mandatory conversion will take place on October 4, 2021.

About ENCAVIS:
Encavis AG (Prime Standard; ISIN: DE0006095003; ticker symbol: ECV) is a producer of electricity from renewable energies listed on the MDAX of Deutsche Börse AG. As one of the leading independent power producers (IPP), ENCAVIS acquires and operates solar parks and (onshore) wind farms in ten European countries. The plants for sustainable energy production generate stable yields through guaranteed feed-in tariffs (FIT) or long-term power purchase agreements (PPA). The Encavis Group's total generation capacity currently adds up to more than 2.8 gigawatts (GW), which corresponds to a total saving of 1.26 million tonnes of CO₂ per year. Within the Encavis Group, Encavis Asset Management AG offers fund services to institutional investors.

Encavis is a signatory of the UN Global Compact as well as of the UN PRI network. Encavis AG's environmental, social and governance performance has been awarded by two of the world's leading ESG rating agencies. MSCI ESG Ratings awarded the corporate ESG performance with "AA" and ISS ESG with their "Prime" label.

Additional information can be found on www.encavis.com

Contact:
Encavis AG
Jörg Peters
Head of Corporate Communications & IR
Tel.: + 49 (0)40 37 85 62 242
E-Mail: [email protected]