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Leclanché SA: Leclanché shareholders approve all Board proposals at Extraordinary General Meeting Dienstag, 11. Dezember 2018 - 17:13
Leclanché SA / Key word(s): AGMEGM/AGMEGM
Leclanché SA: Leclanché shareholders approve all Board proposals at
Extraordinary General Meeting
11-Dec-2018 / 17:12 CET/CEST
Release of an ad hoc announcement pursuant to Art. 53 KR
The issuer is solely responsible for the content of this announcement.
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Leclanché shareholders approve all Board proposals at Extraordinary General
Meeting
Approval of a debt to equity conversion puts Leclanché in a strong financial
position
Stefan Müller elected Chairman of the Board
Axel Maschka joins the Board of Directors
YVERDON LES BAINS, Switzerland, 11 December 2018: Leclanché SA (SIX: LECN),
one of the world's leading energy storage solution companies, today
announces that the Company's shareholders approved all of the proposals of
the Board of Directors at its 2018 Extraordinary General Meeting (EGM) held
this morning in Yverdon-les-Bains.
Shareholders approved all of the resolutions of the Company, in particular
the debt to equity conversion and partial amendment of Articles of
Association. Further to FEFAM's conversion of its CHF 54'691'996.50 debt
into equity, the Company's debt level is reduced by 65% to under CHF 30
million.
Both resolutions strenghten Leclanché's balance sheet. The combination of
the secured funding announced in June comprising of CHF 75 million, and an
additional CHF 50 million facility to finance acquisitions and joint
ventures, place Leclanché in a strong financial position for the year ahead.
The Company welcomes Mr Stefan Müller [1] as Chairman of the Board of
Leclanché, replacing Mr Jim Atack who has stepped down as previously
announced, and Mr. Axel Joachim Maschka [2] who joins the Board of
Directors.
Anil Srivastava, CEO of Leclanché, took the opportunity to give a business
update during the EGM - in particular, the fast-growing e-Transport business
(fleet commercial vehicles such as busses, taxis and marine vessels) and the
completion of more than 100MWh of stationary storage projects around the
world. The strong order book underpins the expected breakeven in 2020:
e-Transport business requiring over 1 million Cells in 2019 and more than 3
million Cells in 2020. As a result of this fast growth, the Company plans to
triple its production and assembling capacity in Germany and Switzerland.
The Company's board continues ongoing discussions with strategic investors,
including consideration of a Rights Issue.
Anil Srivastava, CEO of Leclanché said: "I'd like to thank all the
shareholders today for their continuing support and for their approval of
all the Board's proposals. We are very pleased to welcome Mr Stefan Müller
as Chairman. Having been on the Board for 20 years, Mr Müller has an
intimate knowledge of the Company and we look forward to his contribution to
help steer the Company through its next exciting phase of growth as Europe's
leading energy storage solutions provider.
I'd also like to welcome Mr Maschka to the Board. Mr Maschka is a world
class appointment who brings significant and relevant international
experience of the transportation sector and its shift towards
electrification, as Leclanché continues to deliver better and faster energy
storage solutions for this industry."
* * * * *
Stefan Muller - Chairman of the Board of Directors - Biography
Mr Stefan A. Müller is a Swiss national, born in 1954. Since 1987, Mr.
Müller has held several management roles as chief executive officer and as
board member in industrial and financial corporations. He was CEO of Reuge
SA, of Dreieck Industrie Leasing Ltd / Fortis Lease Switzerland Ltd,
Lausanne from September 2003 until July 2010, and Vice Chairman of the Board
of Directors of Fortis Lease Switzerland Ltd and Fortis Lease Real Estate
Switzerland Ltd, Lausanne. From 2011 to 2014, he was a Board Member of
Unigamma AG, Zurich, Asset Management and Chairman of Unigamma Immobilien
AG, Zurich. Since 2009, he has been a member of the Board of Les
Blanchisseries Générales SA in Chailly/Yverdon-les-Bains. From 2011 to
2016, he has served as Board Member and CEO of g2e glass2energy sa,
Villaz-St-Pierre, and since 2012 has served Chairman of Clean Cooling
Systems SA, Yverdon-les-Bains. Since 1989, he has served on the Company's
Board of Directors and was its chairman between 2005 to March 2010. He
graduated with a Master of Arts/lic.oec. HSG from the University of St.
Gallen (HSG).
Axel Maschka - Member of the Board of Directors - Biography
Mr Axel J. Maschka was born in Stuttgart, Germany in 1966. After graduating
with a degree in Electrical Engineering from the University of Stuttgart,
Mr. Maschka started his career at Daimler-Benz in 1992 and later spent three
years with the Booz Allen & Hamilton management consulting company. He
joined the automotive supplier Bosch in 2001 where he gained experience in
international management in Paris, Tokyo and Bangalore. In 2008, he was
appointed Chief Executive Officer of the Engine Systems BU at Continental
AG.
Mr. Maschka then founded AMA-Advisors, a professional services firm focused
on improving automotive supplier performance. In 2012, he joined Volvo Car
Corporation to serve as Senior Vice President Purchasing and Member of the
Executive Management Team.
In January 2014 Mr. Maschka joined Valeo as Senior Vice President, Sales &
Business Development and Member of the Executive Board leading the Global
Sales teams and Business Development covering Japan, China, Korea, North &
South America, India, ASEAN, Iran, Russia and Europe. During his tenure at
Valeo, Mr. Maschka focused on connected, autonomous electric cars.
* * * * *
About Leclanché
Headquartered in Switzerland, Leclanché SA is a leading provider of high
quality energy storage solutions designed to accelerate our progress towards
a clean energy future. Leclanché's history and heritage is rooted in over
100 years of battery and energy storage innovation and the Company is a
trusted provider of energy storage solutions globally. This coupled with the
Company's culture of German engineering and Swiss precision and quality,
continues to make Leclanché the partner of choice for both disruptors,
established companies and governments who are pioneering positive changes in
how energy is produced, distributed and consumed around the world. The
energy transition is being driven primarily by changes in the management of
our electricity networks and the electrification of transport, and these two
end markets form the backbone of our strategy and business model. Leclanché
is at the heart of the convergence of the electrification of transport and
the changes in the distribution network. Leclanché is the only listed pure
play energy storage company in the world, organised along three business
units: stationary storage solutions, e-transport solutions and specialty
batteries systems. Leclanché is listed on the Swiss Stock Exchange (SIX:
LECN).
SIX Swiss Exchange: ticker symbol LECN | ISIN CH 011 030 311 9
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. Page 4/4 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.
* * * * *
Contacts Media contacts Thomas Balmer T : +41 (0) 79 703
87 28 E-mail :
[1]tba@dynamicsgroup.ch 1.
mailto:tba@dynamicsgroup.ch
Europe/Global : US and Canada :
Desiree Maghoo T : +44 (0) 7775 Rick Anderson T : +1-718-986-1596
522 740 E-mail :
[1]dmaghoo@questorconsulting.com
1.
mailto:dmaghoo@questorconsulting.c
om
Laure Lagrange T : +44 (0) 7768 Henry Feintuch T :
698 731 E-mail : +1-212-808-4901 E-mail :
[1]llagrange@questorconsulting.com [1]leclanche@feintuchpr.com 1.
1. mailto:leclanche@feintuchpr.com
mailto:llagrange@questorconsulting
.com
Switzerland : Investor Contacts :
Thierry Meyer T : +41 (0) 79 785 Anil Srivastava / Hubert Angleys
35 81 E-mail : Tel. : +41 (0) 24 424 65 00
[1]tme@dynamicsgroup.ch 1. E-Mail :
mailto:tme@dynamicsgroup.ch [1]invest.leclanche@leclanche.com
1.
mailto:invest.leclanche@leclanche
.com
[1] Full biography below.
[2] Full biography below.
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