Oldenburg, Germany, 17.12.2012. EWE is waiving its right to buy back the shares in its network company in 2028 as part of the planned network participation model. The guaranteed dividend, which is well above the local authorities’ refinancing costs, is valid until 2028. The model presented to the local authorities in August this year, entailing a 25.1 per cent stake in EWE NETZ GmbH, originally included a buy-back right applicable in 2028. “Our talks with the local authorities in autumn provided us with valuable suggestions and information that we have now taken into account in the network investment model. By waiving our right to buy back the shareholding, we are underlining the message that we wish to work together with the local authorities in the long term,” says Timo Poppe, the fully authorised representative for infrastructure at EWE AG.
In addition, the shareholding local authorities will now also have more of a say on the Supervisory Board and at the shareholders’ meeting than had been previously planned. For example, local authorities will now be entitled to positions on the Supervisory Board even if they only hold a small proportion of the shares. “This strengthens the influence that the local authorities will have on EWE NETZ GmbH. The local authorities can therefore provide the company with important stimuli, be a part of the decision-making process and help shape Germany’s energy turnaround in their region,” explains Poppe.
EWE intends to notify the local authorities of the purchase price for their individual shareholdings and to put a figure on the guaranteed dividend in the second half of February 2013. A valuation is currently being conducted as a basis for determining the dividend.
