Conergy's entire Supervisory Board will resign upon the conclusion the company’s Annual General Meeting (AGM) on 26 August. These mass resignations are the result of the imminent changes to the company's ownership structure, which will be finalised after the conclusion of the subscription period for the cash capital increase. The new members of the Supervisory Board will be elected at the AGM.

The refinancing package behind the ownership structure changes entails three steps. The first of these, announced on Wednesday, saw existing shareholders subscribe to 13,226,962 new shares at a price of 1.05. Conergy will use the net proceeds from the cash capital increase to reduce its existing loans.

Secondly, some of the company's creditors will now subscribe shares against contribution of loan claims in the context of a capital increase through contribution in kind. Such loan claims will be exchanged with a discount of 40% on the nominal amount against the issuance of 96,807,229 new shares.

Both of these measures will enable Conergy to enact a debt to equity swap; total debt relief will be around 188 million, while the contributing creditors are to gain 60% share capital of Conergy. The registration with the commercial register is expected to be made on July 21.

Delivery of the new shares from the capital increase in cash and in kind is expected on July 25. At this point, the new shares are expected to be included in the existing quotation in the regulated market on the Frankfurt Stock Exchange.