Leclanché
Press Release
Leclanché Shareholders Approve All Board Proposals at Extraordinary General Meeting
- Ordinary capital increase of 4'000'000 shares to fund growth investment
- Company's Growth Plan is on track
- Adjusted EBITDA* breakeven towards end of the year reconfirmed
Yverdon-les-Bains, Switzerland, 06 October 2015 - Leclanché S.A. (SIX Swiss Exchange: LECN), specializing in the production of large-format lithium-ion cells and energy storage solutions, announced today that its shareholders approved at more than 99 % all the proposals of the Board of directors at its Extraordinary General Meeting held today in Yverdon-les-Bains, notably Discharge of the Board of Directors, Ordinary Capital Increase, Compensation of the Members of the Executive Committee and Modification of Article23quater of Articles of Association.
"We sincerely thank our shareholders for approving all the proposed resolutions, as this means that the Company Board and Executive Committee can concentrate on raising further funding and accelerating the growth of the Company beyond sustainable profitability," commented Jim Attack, Chairman of Leclanché.
Anil Srivastava, CEO of the Company, used the opportunity to reinforce the communication delivered during the Interim Results announcement on 3rd Sep, 2015. He emphasized that "the request for an Ordinary capital increase is to invest in development of large projects, acquisitions through share deals and expansion in international markets, in particular in the US.".
Most importantly the CEO underlined that the Interim results do not yet reflect the positive impact of the series of major customer wins, acquisitions and partnership agreements since the start of 2015. These signed contracts have led to strong production ramp-up during this period.
Leclanché's far-reaching industrial and commercial transformation is clearly underway and Anil Srivastava confirmed once again that the Company will reach an adjusted EBITDA* breakeven towards the end of the year.
Thanks to strong support from Recharge A/S, in a convincing demonstration of trust, a substantial debt reduction has been achieved thanks to the conversion of CHF 22 million into Leclanché shares.
* As previously recorded, 'Adjusted EBITDA breakeven' is defined as breakeven at the EBITDA level, after adjustment to exclude of any non-cash items and as further adjusted to exclude the negative effects of any growth initiatives and activities which are separately funded under Facility B or otherwise.
For any additional information:
Claude-Olivier Rochat, Voxia communication. Tel.: (+41) 079 203 52 19 - co.rochat@voxia.ch
Rohan Sant, Voxia communication. Tel.: (+41) 079 120 00 28 - rohan.sant@voxia.ch
About Leclanché
Leclanché, which is listed on the Swiss stock exchange (SIX:LECN), has a wide range of storage products for homes, small offices, large industries, electricity grids, hybridization for mass transport systems like fleet of buses, trams etc. Established in 1909 Leclanché has been a reliable partner for battery storage technologies. Founded in the tradition of Georges Leclanché, the inventor of the dry cell battery, Leclanché today has a rich portfolio of Energy Storage Systems that include Specialized Customer-specific Battery Systems to industry leading lithium-ion solutions.
Through the integration of a spin-off of the German Fraunhofer Institute in 2006 the company evolved from a traditional battery producer into one of the first developers and manufacturers of lithium-ion cells in Europe. Leclanché's Storage Solutions are optimized for various applications, in particular for the integration of renewable energy, diesel fuel reduction, electricity grid-connected ancillary services, peak power shaving for heavy industries but also for heavy duty transportation in buses, trams, trains or maritime vessels.
Leclanché products are characterized by a very high cycle stability (both for cells with titanate and graphite anode) and long service life. Thanks to our patented separator technology, which is a core element of lithium ion batteries, Leclanché is able to make cells with very good safety characteristics in a highly automated production process.
Leclanché operates a fully automated plant for the production of large format lithium-ion cells at an annual maximum capacity of up to one million cells and is capable of running multiple chemistries through production for different cell characteristics. In addition, Leclanché offers a number of specialized battery systems through its Portable Business Unit, such as customer-specific energy storage systems for defense and medical applications. Leclanché also distributes primary and secondary batteries and accessories of other producers.
