SOLON AG announced it will acquire 100% of the shares in Hilber Technic Cooperation GmbH, Steinach am Brenner (Austria). The company manufactures the SOLON Mover, a double axial photovoltaic tracking system.
The acquisition will give SOLON control over the complete manufacturing chain of the SOLON Mover.
The acquisition is being financed by a capital increase in return for a contribution in kind.
On July 5, 2005, the Executive Board of SOLON AG fr Solartechnik, with the approval of the Supervisory Board, resolved to tap the Company’s approved capital and increase the share capital by EUR 450,000.00 from currently EUR 8,091,220.00 to EUR 8,541,220.00 in return for a contribution in kind by issuing 450,000 new bearer shares.
The new shares in SOLON AG fr Solartechnik will be offered – excluding of subscription rights – to the shareholders of HTC in return for all shares in HTC.