DWK Deutsche Wasserkraft AG: Change of corporate name completed / DWK's new alignment continues to gain momentum

DWK Deutsche Wasserkraft AG: Change of corporate name completed / DWK's new alignment continues to gain momentum

• Upcoming cash capital increase as first financing component fully guaranteed by major shareholders
• Management currently intensively evaluating prospective investment opportunties and holds a significant stake in DWK Deutsche Wasserkraft itself

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

The cash capital increase of 300,000 new shares planned as part of the realignment and approved by the Annual General Meeting, excluding the subscription rights of existing DWK shareholders (see Corporate News of 15 July 2024), will now be implemented in the near future. DWK has now received binding commitments from shareholders of the company, guaranteeing the subscription of the share issuance (backlog agreement). The expected issuance price is EUR 1.10 per share. The new shares are to 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 no-par value shares.

In the meantime, DWK's experienced management is evaluating the first attractive projects and opportunities, focussing on small hydro power plants in line with the company's strategy. The management team, consisting of Jan Erik Schulien and Henning Rath, also holds a 7.5 per cent stake in DWK and plans to further increase its holding.

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

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