Uniper boss Klaus-Dieter Maubach will address the shareholders of the fluctuating energy company with urgent words at the extraordinary general meeting on Monday.
If the shareholders do not agree to the planned capital increases, the management would have to review the so-called continued existence forecast for Uniper very critically, as the manager says according to the speech manuscript published in advance. "Without the necessary funds from the capital increases, Uniper's continued existence is at risk," it continues. The resolutions on the agenda of this virtual general meeting are essential for Uniper.
Shareholders are expected to approve two capital increases on Monday - one of 8 billion euros and one of up to 25 billion euros. The issue price of the newly created shares is EUR 1.70 per share certificate and thus the amount of the shares in the share capital. Only the federal government is entitled to subscribe, the statutory subscription rights of other shareholders are excluded. As a result, the federal government will hold almost 99 percent of Uniper. The approval of the Uniper majority shareholder Fortum is considered certain.
"There are no other options"
"If we ask for your approval today, we are appealing to your solidarity, because your stake in the company will be reduced," Maubach continued, according to the text of the speech. "This situation hurts, but there are no other options." All alternatives were examined intensively. According to the manager, a possible insolvency would lead to a complete loss for the shareholders from the point of view of the board of directors.
The Düsseldorf group got into difficulties because of the Russian gas supply stop, as gas prices have multiplied. The company has to buy the missing gas from Russia at high prices on the gas market in order to fulfill its own supply contracts at even more favorable conditions, which leads to liquidity problems. That's why the group, the German government and Uniper's previous majority shareholder Fortum from Finland agreed in September on the extensive nationalization of Uniper.