Erlangen, 8 November 2010 According to a publication in the electronic federal gazette (elektronischer Bundesanzeiger), dated 3 November 2010, the shareholders of Solar Millennium AG have been currently offered a voluntary public offer to exchange Solar Millennium shares against 3.5 shares of Smart Grids AG in Berlin, Germany at an acquisition price of EUR 21.70. This offer is limited to one million Smart Grids AG shares, whereby the resulting investment in the share capital of Solar Millennium AG amounts to a maximum of 2.3%.
iEnergy AG did not inform Solar Millennium AG of the offer for an exchange of shares. Prior to the publication of the offer, the management of Solar Millennium AG had neither heard of iEnergy nor Smart Grids AG. Accordingly, Solar Millennium AG will not make any recommendation in this respect. However, the Executive Board and the Supervisory Board of Solar Millennium AG reserves the right to comment on the exchange offer shortly after scrutinizing the latter.
In general, however, offers for an exchange of shares are to be checked carefully. The German Federal Financial Supervisory Authority (BaFin) issued a general comment on this issue as early as 19 December 2008, advising investors to carefully check both the offeror and the economic basis of an investment before accepting the offer. If need may be, investors should also insist on receiving additional information on the company and the securities offered.
You will find the general BaFin comment here. (german only)