Eu Growth Prospectus
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EU GROWTH PROSPECTUS for the public offering of 10,000,000 newly issued ordinary registered shares with no par value (Stückaktien) from a capital increase against contributions in cash resolved by an extraordinary shareholders’ meeting of the Company on 13 November 2019 and, at the same time for the inclusion in the Open Market (Freiverkehr), segment m:access, of Munich Stock Exchange (Börse München) of 50,000 existing ordinary registered shares with no par value (Stückaktien) (existing share capital) and of up to 10,000,000 newly issued ordinary registered shares with no par value (Stückaktien) from a capital increase against contributions in cash resolved by an extraordinary general shareholders’ meeting of the Company on 13 November 2019 – each such share with a notional value of EUR 1.00 in the share capital and with full dividend rights as from 1 January 2019 – of SUMMIQ AG Munich, Germany Offer Price: EUR 10.00 International Securities Identification Number (ISIN): DE000A2YPH73 German Securities Code (Wertpapierkennnummer) (WKN): A2YPH7 Ticker symbol: S7Q Global Coordinator and Bookrunner M.M.Warburg & CO The date of this Prospectus is 22 November 2019 1 TABLE OF CONTENTS 1. Summary .......................................................................................................................................... 5 2. Zusammenfassung ......................................................................................................................... 11 3. Person’s responsible, third party information and competent authority approval ......................... 17 3.1. Responsibility for the Content of the Prospectus ................................................................ 17 3.2. Subject Matter of the Prospectus ........................................................................................ 17 3.3. Competent Authority Approval of the Prospectus; Warning regarding Expiry ..................... 17 3.4. Information from Third Parties, Company Estimates and forward-looking statements ....... 18 3.5. Expert statement: Fairness Opinion relating to the purchase of the Initial Project Companies .......................................................................................................................... 21 3.6. Reasons for the Offering, Proceeds and Costs of the Offering and Use of Proceeds ............ 21 3.7. Interests of Persons participating in the Offering and the Listing of the Shares ................... 23 4. Strategy, Performance and Business Environment ......................................................................... 24 4.1. Information about the Issuer and its shareholder ............................................................... 24 4.2. Business .............................................................................................................................. 25 4.3. Market and Competitive Landscape .................................................................................... 44 4.4. Regulatory Environment ..................................................................................................... 53 4.5. Organisational Structure ..................................................................................................... 68 4.6. Management’s Discussion and Analysis of Financial Condition and Results of Operations .......................................................................................................................... 74 4.7. Investments ...................................................................................................................... 112 4.8. Trend information ............................................................................................................. 113 4.9. Profit Forecast ................................................................................................................... 114 5. Working Capital Statement and Statement on Capitalization and Indebtedness .......................... 123 5.1. Statement on Working Capital .......................................................................................... 123 5.2. Capitalization and Indebtedness ....................................................................................... 123 6. Risk Factors .................................................................................................................................. 126 6.1. Risks relating to the formation of SUMMIQ....................................................................... 126 6.2. Risks relating to the Company’s business structure ........................................................... 128 6.3. Risks relating to the operation of renewable energy assets .............................................. 133 6.4. Risks relating to the markets in which the Company plans to operate .............................. 138 6.5. Risks related to Legal and Regulatory Issues ..................................................................... 142 6.6. Risks related to the fairness opinion, the financial information and the profit forecasts contained in this Prospectus .............................................................................. 143 6.7. Risks related to the Shares of the Company and the Listing .............................................. 145 7. Terms and Conditions of the Securities ........................................................................................ 148 7.1. Type and class of the securities to be offered .................................................................... 148 7.2. Capital Increase to create the New Shares ........................................................................ 148 7.3. Voting Rights ..................................................................................................................... 148 2 7.4. Dividend Rights, Right to share in the Liquidation Proceeds and Subscription Rights ........ 148 7.5. Form and Representation of Shares .................................................................................. 149 7.6. Transferability of the Shares ............................................................................................. 149 7.7. Tax Warning ...................................................................................................................... 149 7.8. Information on the Offerors .............................................................................................. 149 7.9. Non-applicability of the German Securities Acquisition and Takeover Act; statement on public takeover offers .................................................................................................. 149 7.10. Exclusion of Minority Shareholders ................................................................................... 150 8. Details of the Offer and Listing ..................................................................................................... 151 8.1. Subject Matter of the Offering .......................................................................................... 151 8.2. Terms and Conditions of the Offering ................................................................................ 151 8.3. Expected Timetable for the Offering ................................................................................. 153 8.4. Subscription by Members of Executive Bodies .................................................................. 154 8.5. Allotment Criteria ............................................................................................................. 154 8.6. Target market information ................................................................................................ 155 8.7. Stock Exchange Inclusion and Commencement of Trading ................................................ 155 8.8. Stabilisation Measures and Stabilisation Put Option ......................................................... 155 8.9. Market Protection Agreements (Lock-up) ......................................................................... 156 8.10. Designated Sponsor, Paying Agent and Settlement Agent ................................................. 157 8.11. Dilution ............................................................................................................................. 157 8.12. Underwriting ..................................................................................................................... 158 9. Corporate Governance ................................................................................................................. 163 9.1. Overview ........................................................................................................................... 163 9.2. Management Board .......................................................................................................... 165 9.3. Supervisory Board ............................................................................................................. 168 9.4. Specific information on the members of the Management Board and Supervisory Board ................................................................................................................................ 172 9.5. General shareholders’ meeting ......................................................................................... 172 9.6. Members of the upper management ................................................................................. 173 9.7. Corporate Governance .....................................................................................................