SOWITEC group GmbH announced on September 23, 2025, that the voting without a meeting regarding its bond 2018/2026 (ISIN: DE000A2NBZ21) did not achieve the required quorum of 50% of the outstanding bond volume, with only 12.18% participation. As a result, the company has called a second bondholders' meeting to be held on October 8, 2025, in Sonnenbühl, Germany, in the form of a physical meeting. The invitation was published in the German Federal Gazette and on the company website at https://investor.sowitec.com/de/.
SOWITEC expressed gratitude to those who participated in the initial vote and emphasized that for the second meeting, a quorum of 25% of the outstanding nominal value is required to implement the planned measures. The company is urging all bondholders of the bond 2018/2026 to actively participate. To encourage attendance, SOWITEC will reimburse participating bondholders an amount equal to 0.5% of the outstanding nominal value registered for the second meeting, with a minimum of EUR 75.00 per deposit. However, payment of this participation fee is contingent on reaching the 25% quorum and will be made only after the resolutions are implemented. The application form for the participation fee is available on the company's website.
The proposed resolutions, agreed upon with SdK Schutzgemeinschaft der Kapitalanleger e.V. (SdK), remain unchanged from the earlier vote. They include deferring the partial repayment of EUR 2,290,200 due on November 8, 2025, by six months to May 8, 2026; waiving termination rights related to the non-payment of that partial repayment; and authorizing the joint representative to exercise terminations and temporary waivers. Notably, the interest payment of 8% (approximately EUR 0.4 million) due on November 8, 2025, is not subject to these resolutions and will be paid in full and on time.
The urgency of the meeting stems from SOWITEC's strained liquidity position. As of December 31, 2024, liquidity stood at EUR 0.4 million, down EUR 3.1 million year-over-year. It improved slightly to EUR 0.5 million by June 30, 2025, and EUR 1.4 million by July 31, 2025. The company is in advanced negotiations to sell a partial portfolio of 80 MW in Germany, and proceeds from that sale are expected to help fund the partial repayment of the bond. However, if the sale is delayed, SOWITEC could face a liquidity shortage. To mitigate this risk, bondholders are asked to vote in favor of the resolutions at the second bondholders' meeting.
