- Bearer debenture in the nominal amount of 5.4 mn EUR acquired and restructured by new investor
- Current bearer debenture payables reduced by 4.3mn EUR
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 mplemented.
A bearer debenturein the nominal amount of 5.4 mn 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 4.05 mn EUR.
These restructuring steps allowed the company to reduce its current bearer debenture payables by 4.3 mn EUR.
The remaining bearer debentures are from now on subject to 5% interest. The first interest payments are due December 31st, 2015. Regarding the repayment of the remaining principal the parties negotiated an installment plan. The first installment is due on September 30th 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 2.5 mn 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
Tel: + 49 (0) 6196 777755-0
E-Mail: investor@uet-group.com