MOLOGEN AG extends termination period under the Convertible Bond 2016/2024 and the Convertible Bond 2017/2025 to 26 October 2018 and enters into negotiations to adjust the conditions with principal bondholders
Publication of an inside information pursuant to Section 17 of the regulation (EU) No. 596/2014
MOLOGEN AG extends termination period under the Convertible Bond 2016/2024 and the Convertible Bond 2017/2025 to 26 October 2018 and enters into negotiations to adjust the conditions with principal bondholders Berlin, 8 October 2018 - Today, MOLOGEN AG (ISIN DE000A2LQ900, WKN A2LQ90) (the "Company") decided to accept termination declarations by bond holders of both the EUR 4,999,990 convertible bond due 2025 (ISIN DE000A2DANN4) (the "Convertible Bond 2017/2025") and the EUR 2,540,000 convertible bond due 2024 (ISIN DE000A2BPDY4) (the "Convertible Bond 2016/2024") until 26 October 2018 and to negotiate with the majority holders an adjustment of the conditions of the Convertible Bond 2016/2024 and Convertible Bond 2017/2025.
As described in the securities prospectus issued by the Company and approved by the Federal Financial Supervisory Authority (BaFin) dated 5 September 2018, the bond holders of the Convertible Bonds 2017/2025 and 2016/2024 are entitled to terminate their respective partial bonds until 8 October 2018 as a result of the reverse share split resolved by the Company on 8 June 2018 and registered in the commercial register on 9 July 2018.
The Company has been notified by a major bond holder that he considers to terminate both the Convertible Bond 2016/2024 and the Convertible Bond 2017/2025. Together with other creditors which have already declared the termination of the Convertible Bonds 2017/2025 (but did not meet the required quorum for an effective termination yet) this would result in an immediately due total repayment obligation of the Company in the amount of approx. EUR 6.6 million.
To prevent an immediate termination of the Convertible Bond 2016/2024 and the Convertible Bond 2017/2025, the Company has entered into negotiations on a possible adjustment of the conditions of these instruments. Among others, the parties currently discuss a downward adjustment (repricing) of the conversion price of both the Convertible Bond 2016/2024 and the Convertible Bond 2017/2025. No definitive agreement has been reached yet and would have to be approved by a creditor's meeting. If an agreement would be reached, the Company expects to convene a creditors' meeting regarding the Convertible Bond 2017/2025 in November 2018 to submit the proposed adjustments to the vote of the holders of the Convertible Bond 2017/2025.
To have sufficient time to negotiate adjustments, the Company decided today to extend the termination period provided for in § 13(1)(h) of the terms and conditions of both the Convertible Bond 2017/2025 and of the Convertible Bond 2016/2024 from 8 October 2018 until 26 October 2018. Accordingly, the Company will accept termination declarations based on § 13(1)(h) which declared by bond holders in accordance with the relevant terms and conditions by 26 October 2018. In accordance with the relevant terms and conditions, any such termination declarations relating to the Convertible Bond 2017/2025 will only become effective if the quorum of 25% of the outstanding nominal amount of that convertible bond is actually met by 26 October 2018.
The Company will inform the public on the progress of the negotiations in due course and in accordance with applicable law.
- End of the ad-hoc notification -
Head of Investor Relations & Corporate Communications Tel: +49 - 30 - 84 17 88 - 38 Fax: +49 - 30 - 84 17 88 - email@example.com
Note about risk for future predictions
Certain information in this report contains forward-looking statements or the corresponding statements with negation or versions deviating from this or comparable terminology. These are described as forward-looking statements. In addition, all of the information given here that refers to planned or future results of business areas, key financial figures, developments of the financial situation or other financial figures or statistical data, is to be understood as such forward-looking statements. The company points out to investors that they should not rely on these forward-looking statements as predictions about actual future events. The company is not obligated and refuses to accept any liability for the forward-looking statements and has no obligation to update such statements in order to accurately reflect the current situation.
08-Oct-2018 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.dgap.deLanguage: English Company: MOLOGEN AG Fabeckstraße 30 14195 Berlin
Germany Phone: 030 / 841788-0 Fax: 030 / 841788-50 E-mail: firstname.lastname@example.org Internet: www.mologen.com ISIN: DE000A2LQ900 WKN: A2LQ90 Listed: Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich, Stuttgart, Tradegate Exchange End of Announcement DGAP News Service
731313 08-Oct-2018 CET/CEST