DGAP-Adhoc: Leclanché SA reports an extension of the maturity of its bridge loan until the end of July 2013
Leclanché SA / Key word(s): Miscellaneous
28.06.2013 07:28
Release of an ad hoc announcement pursuant to Art. 53 KR
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Press Release
Leclanché SA reports an extension of the maturity of its bridge loan until
the end of July 2013
Yverdon-les-Bains, Switzerland, 28 June 2013 - Leclanché S.A. (SIX Swiss
Exchange: LECN), specialized in the production of large-format lithium-ion
cells and energy storage solutions, announced today that Bruellan Corporate
Governance Action Fund ('Bruellan') has agreed to extend the maturity date
of the entire bridge loan from June to July 31, 2013 or such earlier date
as to coincide with a possible refinancing of the Group.
Leclanché continues to investigate financial and strategic alternatives to
cover its medium term funding needs. Discussions with potential investors
are on-going, but at this stage no definitive solution has been secured for
the future funding of the company. Taking into account the loan extension
and current cash preservation measures, Leclanché expects to continue to be
financed until mid-July 2013.
Leclanché had announced on November 23, 2012 that its German subsidiary,
Leclanché GmbH, had obtained a EUR 5 million/CHF 6 million bridge loan from
Bruellan to cover its short term funding needs. The loan is secured with
assets of Leclanché GmbH. The parties have agreed that following a capital
increase to raise further funds for Leclanché SA, and on terms to be agreed
between the parties, the lender shall have the right to convert the loan
into shares of Leclanché SA and that the lender shall be awarded warrants
to purchase shares of Leclanché SA.
On Mai 21, 2013, Leclanché had further announced that Bruellan had agreed
to increase the bridge loan of EUR 5 million granted to Leclanché GmbH by
an additional EUR 1.5 million to provide for additional time to the Company
to pursue its fund raising efforts. The additional EUR1.5 million shall,
however, not be capable of being converted into shares, but shall be
repayable in full on maturity.
About Leclanché
Leclanché's strategy is to expand its position as one of the leading
lithium-ion cell producers and solution providers for renewable energy
storage systems in Europe. Its strategic priorities are stationary home
electrical energy storage applications and expansion into the stationary
industrial and grid electricity storage markets. Through participation in
research consortia focusing on hybrid and E-mobility applications,
Leclanché is positioned to take advantage of new market opportunities.
Through a unique, patented ceramic separator technology and focus on
lithium-titanate technology, Leclanché manufactures large-format
lithium-ion cells, optimized for safety and cycle-life, in a fully
automated production process. The newly installed production line will have
an annual capacity of 1 million cells or 76 MWh.
Leclanché was founded in 1909 in Yverdon-les-Bains. Through the integration
of a spin-off from the Fraunhofer-Gesellschaft in 2006, the company evolved
from a traditional battery manufacturer to become a leading developer and
manufacturer of lithium-ion cells in Europe. Leclanché currently employs
120 staff and is listed on the SIX Swiss Exchange (LECN). The company has
its headquarters in Yverdon-les-Bains (Switzerland) and production
facilities in Willstätt (Germany).
www.leclanche.eu.
Media contact:
Christophe Lamps, Dynamics Group S.A.: Telephone: +41 79 476 26 87,
cla@dynamicsgroup.ch
Disclaimer
This press release contains certain forward-looking statements relating to
Leclanché's business, which can be identified by terminology such as
'strategic', 'proposes', 'to introduce', 'will', 'planned', 'expected',
'commitment', 'expects', 'set', 'preparing', 'plans', 'estimates', 'aims',
'would', 'potential', 'awaiting', 'estimated', 'proposal', or similar
expressions, or by expressed or implied discussions regarding the ramp up
of Leclanché's production capacity, potential applications for existing
products, or regarding potential future revenues from any such products, or
potential future sales or earnings of Leclanché or any of its business
units. You should not place undue reliance on these statements. Such
forward-looking statements reflect the current views of Leclanché regarding
future events, and involve known and unknown risks, uncertainties and other
factors that may cause actual results to be materially different from any
future results, performance or achievements expressed or implied by such
statements. There can be no guarantee that Leclanché's products will
achieve any particular revenue levels. Nor can there be any guarantee that
Leclanché, or any of the business units, will achieve any particular
financial results.
28.06.2013 News transmitted by EQS Group AG.
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Language: English
Company: Leclanché SA
Av. des Sports 42
1400 Yverdon-les-Bains
Switzerland
Phone: +41 (24) 424 65-00
Fax: +41 (24) 424 65-20
E-mail: investors@leclanche.com
Internet: www.leclanche.com
ISIN: CH0110303119, CH0016271550
Valor: A1CUUB, 812950
Listed: SIX
End of Announcement EquityStory News-Service
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