Founders and major shareholders of SMA Günther Cramer, Peter Drews and Reiner Wettlaufer have
announced the establishment of three independent charitable trusts vested with legal capacity. The trusts were approved by the Regional Administrative Authority Kassel and acknowledged as nonprofit by the tax office Kassel.
Each sponsor brought two million shares of SMA and additional liquid funds as financial resources into his trust. This equals about 45 percent of of SMA shares still held by the sponsors. This means that the dividend distribution of these shares following the Annual General Meeting on May 26, 2011 will flow into the trusts with a major part of the dividend contributing to the trusts’ assets.
Since the three independent trusts have the same general missions, the sponsors intend to carry out a major part of realising the purpose by means of joint projects. A trust association is to be established as a non-profit GmbH to look after the trusts’ project development responsibility and is expectedto start work in autumn 2011. The trust association will be based in Kassel.
The trusts' purpose includes developing and advocating regenerative energy supply systems and concepts, as well as business models for their distribution. In particular, this applies to regions in developing countries that have insufficient connections to the public power supply system. In addition, the trusts have the goal to advocate commercial, scientific, cultural and social regional development in North Hesse in particular and to realise charitable missions.
The trusts‘ SMA share assets are to be maintained in their respective portfolios. By establishing the trusts, the sponsors ensure that SMA will continue to have a very stable shareholder structure, therefore being largely independent in the future as well.
The SMA Group generated sales of EUR 1.9 billion in 2010 and is the worldwide market leader for photovoltaic inverters, a key component of all solar power plants. It is headquartered in Niestetal, near Kassel, Germany, and is represented on four continents by 17 foreign companies. In 2010, the Group employed a staff of over 5,000 (incl. temporary employees). SMA’s product portfolio includes the most comprehensive range of inverters on the market, offering a compatible inverter for every module type and for all plant sizes. The product range covers both inverters for photovoltaic plants connected to the grid as well as inverters for off-grid systems. Since 2008, the Group’s parent company SMA Solar Technology AG has been listed on the Prime Standard of the Frankfurt Stock Exchange (S92) and also in the TecDAX index. In recent years, SMA has received numerous awards for its excellence as an employer and lately reached first place in the federal “Great Place to Work” competition.
SMA Solar Technology AG
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This press release serves only as information and does not constitute an offer or invitation to subscribe for, acquire, hold or sell any securities of SMA Solar Technology AG (the "Company") or any present or future subsidiary of the Company (together with the Company, the "SMA Group") nor should it form the basis of, or be relied upon in connection with, any contract to purchase or subscribe for any securities in the Company or any member of the SMA Group or commitment whatsoever. Securities may not be offered or sold in the United States of America absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended.
This press release can contain future-oriented statements. Future-oriented statements are statements which do not describe facts of the past. They also include statements about our assumptions and expectations. These statements are based on plans, estimations and forecasts which the executive board of SMA Solar Technology AG (SMA or company) has available at this time. Future-oriented statements are therefore only valid on the day on which they are made. Future-oriented statements by nature contain risks and elements of uncertainty. Various known and unknown risks, uncertainties and other factors can lead to considerable differences between the actual results, the financial position, the development or the performance of the corporation and the estimates given here. These factors include those which SMA has discussed in published reports. These reports are available on the SMA website at www.SMA.de. The company accepts no obligation whatsoever to update these future-oriented statements or to adjust them to future events or developments.