In the press release Solarworld further states that “A large number of institutional investors which didn’t participate today announced that they would be exercising their voting rights at the subsequent meeting.

From: ARNDT MUTHREICH (STIFEL NICOLAUS EURO)
At: Jul 9 2013 08:45:51

Please note that this information is strictly Sales/Trader commentary and not the work of the Stifel Nicolaus Research Department. See below for additional disclosures.

Solarworld held its first noteholder meeting (€150m 6.375% 2016) yesterday. At the meeting attorney Alexander Elsmann was appointed as common representative of the noteholders. No quorum was necessary for the appointment and 99.51% of the noteholders present supported the appointment with 19.95% of the outstanding notes represented at the meeting. 

Separately the vote on the restructuring proposal was postponed to 5 August as the required quorum of at least 50% was not achieved. According to the company 21.93% of the outstanding notes were represented at the meeting. At the second noteholder meeting in August a quorum of at least 25% is needed and a majority of 75% to pass the resolutions. In the press release Solarworld further states that “A large number of institutional investors which didn’t participate today announced that they would be exercising their voting rights at the subsequent meeting.” 

The meeting for the 2017 notes will take place today and we would expect a similar outcome. 

Questions/comments - Please BBG, email or call
Arndt Muthreich
Stifel Nicolaus Europe Ltd
muthreicha@stifel.com
+44 20 7663 3144

9 July, 2013