and targets a serial production of
10'000 electric vehicles
May 26th, 2009
Spirt Avert has issued a press release on May 25th,
announcing a capital increase of 166 million swiss francs
(approx. 153 million USD) for it's subsidiary Mindset AG, which is developing an electric vehicle. The funds are required to convert the Mindset project into a highly profitable serial production of 10'000 electric vehicles. The Mindset can be
equipped with a range extender. The first plug-in hybrid prototype has been finalised in the meantime under the management of Mr Murat Günak, former head of design at Volkswagen. The company name of Spirt Avert AG will change into Mindset Holding AG if approved by the shareholders.
PRESS RELEASE
Price fluctuations of the Spirt Avert AG bearer shares over the last few days
It is extremely important to the company to treat all shareholders equally. The press release dated 30 April 2009 (2008 annual result) was published on the background that
factors potentially relevant to prices, such as
- the granting of subsidies by the Federal State of
Saxony‐Anhalt,
- the SAP project "green fleet" in collaboration with mindset ag and
- the mandate of the Bank Sal. Oppenheim for the planned
capital increase of Spirt Avert AG
should be communicated transparently, understandably and correctly.
As part of the roadshow for institutional European investors and in the context of private placement, an "Information Memorandum" is being discussed which will be handed out to
interested, qualified investors who sign a non disclosure agreement. This document was prepared in collaboration with Deloitte AG. The core message focuses on fully financing
the mindset project in order to achieve highly profitable mass production of a series of 10,000 electric vehicles. It also contains various key figures and parameters that should be
made accessible to all shareholders and potential investors:
- The capital requirement of mindset ag, which is wholly
controlled by Spirt Avert AG, is CHF 166 million.
- Financing is to take place by means of two capital increases.
- The planned issue price per bearer share will be CHF 37.00.
- Subscription rights for original shareholders shall be excluded.
- In the first step, Spirt Avert can place up to 1‘795‘881
authorised bearer shares.
Further details will be reported at the ordinary general
meeting on 3 June 2009. Until the financing stage is complete, the company’s executive bodies continue to regard the mindset project essentially as a high‐risk project. Subject to the consent of the shareholders, Spirt Avert AG will be renamed as mindset holding ag on 3 June.
Spirt Avert AG
