EQS News: DWK Deutsche Wasserkraft AG: Company name change completed / DWK’s new direction continues to gain momentum | 30.08.24

DWK Deutsche Wasserkraft AG: Company name change completed / DWK’s new line continues to gain momentum

• Upcoming capital increase in cash as first financing component fully guaranteed by major shareholders
• Management is currently intensively evaluating potential investment opportunities and itself has a significant stake in DWK Deutsche Wasserkraft.

Hamburg, August 30, 2024 – DWK Deutsche Wasserkraft AG (‘DWK’, ISIN: DE000A2AAB74 & DE000A289VN8) has successfully completed the name change of its company with the registration of its name in the commercial register. This is a further step in the reorientation of DWK Deutsche Wasserkraft (formerly CGIft AG) as an independent power producer, IPP, of hydropower.

The capital increase of 300,000 new shares in cash planned as part of the reorganization and approved by the General Meeting of Shareholders, excluding the subscription rights of existing DWK shareholders (see Corporate News of July 15, 2024), will now be implemented in the near future. DWK has in the meantime received binding commitments from shareholders of the company, which guarantee the subscription to the share issue (underwriting agreement). The expected issue price is EUR 1.10 per share. The new shares will be offered to institutional investors as part of a private placement. Following the capital increase, the share capital will increase to EUR 2,208,464 million, divided into the same number of shares without nominal value.

Meanwhile, DWK’s experienced management is evaluating the first attractive projects and opportunities, focusing on small hydropower plants in line with the company’s strategy. The management team, consisting of Jan Erik Schulien and Henning Rath, also holds a 7.5 percent stake in DWK and plans to further expand its stake.

Jan Erik Schulien, Co-CEO of DWK Deutsche Wasserkraft AG: ‘We are consistently further developing DWK’s strategy. The name change that has now taken place is a clear signal of this. The guarantee declaration of major shareholders for the subscription to the capital increase as the first financing component of the reorganisation shows that we have investors on our side who are very convinced of DWK’s operational potential and support our growth. This also applies to me and Henning Rath, which is why we have acquired a 7.5 percent stake in DWK and want to further increase our shareholding in the near future.’

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