Statement by Solar Millennium AG regarding the current offer for exchange of shares by iEnergy AG
Erlangen, 10 March 2011 According to a publication in the electronic federal gazette (elektronischer Bundesanzeiger), dated 1 March 2011, the shareholders of Solar Millennium AG have been offered again a voluntary public exchange offer by iEnergy AG in Zug/Switzerland. The offer is to exchange 1 Solar Millennium share against 2.5 shares of Smart Grids AG in Berlin, Germany. This offer is limited to 100,000 Smart Grids AG shares, whereby the resulting investment in the share capital of Solar Millennium AG amounts to a maximum of 0.8%.
iEnergy AG did not inform Solar Millennium AG of the offer for an exchange of shares. Already in November 2010 iEnergy AG offered to exchange Solar Millennium shares against Smart Grid shares. At that time the offer was limited to 1 million Smart Grids AG shares. That would had amounted a resulting investment in the share capital of Solar Millennium AG to a maximum of 2.3%.
Prior to the publication of the offer, the management of Solar Millennium AG had neither heard of iEnergy nor Smart Grids AG. The result of the first exchange offer is not known to the management.
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)