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Denmark

Share prices bounce back -- NEG Micon retrofit ready

For the first time since NEG Micon's share prices dropped close to the floor last year they rose to above their DKK 280 pre-crash level in February, helped by two major orders (pages 8 & 23). The share price had been as low as DKK 50 in September after the Danish wind turbine manufacturer teetered close to the edge of collapse (Windpower Monthly, October 1999). But such is the buoyant state of the global wind business and of confidence in NEG Micon's recovery, that by the end of February, the price for a DKK 10 share was hovering around DKK 360 (EUR 48).

The company has thus not only revived its capital base, but doubled its market value. The major shareholders and banks which injected capital for the company's rescue -- in what has been viewed as "a reverse Robin Hood" -- have now earned more than DKK 100 million from the good deed. Meanwhile, company employees who own shares or convertible bonds have increased their investments up to ten times. Among them is former managing director, Jens-Erik Kristensen, who is reported to have added to his share holding after he left the company.

An extra share emission in December brought in DKK 700 million. This capital foundation allows NEG Micon to begin its two year gear box retrofit and control program in co-operation with gear box maker Flender (Windpower Monthly, November 1999). The retrofit -- which is to be performed on 1250 turbines -- will take one day per turbine, according to NEG Micon, and should begin next month.

Meanwhile, the shares of NEG Micon's Danish rival, Vestas, were trading at DKK 2300 last month for a DKK 10 share (page 8).

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