Capital/Financing Update • Nov 4, 2013
Capital/Financing Update
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Corporate | 4 November 2013 14:15
UET United Electronic Technology AG: UET United Electronic Technology AG takes further step in restructuring process
UET United Electronic Technology AG / Key word(s): Miscellaneous/Miscellaneous
04.11.2013 / 14:15
– Bearer debenture in the nominal amount of 5.4mn EUR acquired and restructured by new investor
– Current bearer debenture payables reduced by 4.3mn EUR
Eschborn, November 4 th 2013
UET United Electronic Technology AG (ISIN: DE000A0LBKW6), Eschborn, announces, that negotiations with a main creditor have been successfully completed and a further step towards the company’s restructuring has been implemented.
A bearer debenture in the nominal amount of 5.4mn EUR, issued in 2010, was acquired by a new investor. Its terms of repayment regarding principal and interest were restructured.
Additionally, the new investor acquired a silent partnership of 18.6%, held by UET United Electronic Technology AG in Elcon Systemtechnik GmbH, for the purchase price of 4.05mn EUR.
These restructuring steps allowed the company to reduce its current bearer debenture payables by 4.3mn EUR.
The remaining bearer debentures are from now on subject to 5% interest. The first interest payments are due December 31 st , 2015. Regarding the repayment of the remaining principal the parties negotiated an installment plan. The first installment is due on September 30 th 2015.
Provided, the UET AG repays its remaining debenture payables in due time, the company can exercise a call-option to repurchase the silent partnership of 18.6% in Elcon Systemtechnik GmbH for a purchase price of 2.5mn EUR in the year 2017. This allows UET AG to benefit from ELCON’s long-term development and growth.
UET AG plans to complete and announce its annual financial statements and report for the fiscal year of 2012 shortly.
Contact:
UET United Electronic Technology AG
Frankfurter Straße 80-82
D-65760 Eschborn
Christina Tümmler
Phone: + 49 (0) 6196 777755-0
E-Mail: [email protected]
End of Corporate News
04.11.2013 Dissemination of a Corporate News, transmitted by DGAP – a company of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
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| Language: | English |
| Company: | UET United Electronic Technology AG |
| Frankfurter Straße 80-82 | |
| 65760 Eschborn | |
| Germany | |
| Phone: | +49 (0)6196-7777550 |
| Fax: | +49 (0)6196-7777559 |
| E-mail: | [email protected] |
| Internet: | www.uet-group.com |
| ISIN: | DE000A0LBKW6 |
| WKN: | A0LBKW |
| Listed: | Freiverkehr in Berlin, Düsseldorf, Stuttgart; Frankfurt in Open Market (Entry Standard) |
| End of News | DGAP News-Service |
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| 237660 04.11.2013 |
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