Wind power Gamesa to issue up to 3.6 million new shares

Gamesa has set the terms and conditions for the bonus share issue to be charged against reserves in order to provide its shareholders with the choice of receiving their dividend payments in cash, as is traditional, or, alternatively, in company shares.

The maximum number of new shares to be issued is 3,686,362, with a nominal value of €0.17 each. Accordingly, the maximum nominal value of the equity issue will be €626,681.54.

However, the definitive number of shares to be issued will depend on the number of shareholders opting not to sell their freely allocated rights back to Gamesa. This figure is expected to be known on 20 July.

Each company share currently outstanding will qualify its holder for one right free of charge while the number of freely allocated rights needed to receive one (1) new Gamesa share is 66. Gamesa has committed to purchasing the freely allocated rights during the established trading period at a price of €0.116 each.

Gamesa’s Flexible Dividend Policy provides shareholders with an alternative remuneration formula. Shareholders can choose to receive their dividends in company shares instead of cash, thereby benefitting from the favourable tax treatment afforded bonus share issues. This regime is also being introduced by the main Spanish and international players.

According to the bonus share issue execution timeline, the deadline for requesting remuneration in cash is 13 July.

The trading period for the freely allocated rights concludes on 16 July and on 21 July the definitive number of new shares will be duly registered, while those shareholders opting to take their dividends in cash will receive payment.

The entire process is slated to close on 23 July 2010, which is when the newly issued shares will begin ordinary trading.

With more than 15 years’ experience in the wind energy sector, Gamesa is a world leader in the design, manufacture, installation and maintenance of wind turbines, with more than 18,000 MW installed throughout the world.

The company is also a global benchmark in the market for the development, construction and sale of wind farms, with more than 3,500 MW installed and a wind farm portfolio totalling 22,000 MW at varying stages of development in Europe, America and Asia.

With 30 manufacturing facilities in Europe, USA, China and India, and 4,400 MW of annual manufacturing capacity, Gamesa has an international workforce of more than 6,300 people.