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NEG Micon strengthens financial base by harvesting new shareholders
1 June 2002
A strengthening of its financial base lies behind NEG Micon's latest harvesting of new shareholders in an emission of two million shares worth more than EUR 67 million, a share capital expansion of 8.1%. The emission surprised analysts since NEG Micon made no mention of it during presentation of its annual report in March. According to Handelsbanken Securities in Sweden, it "was a clear pre-emptive move triggered by GE's entrance into the wind power market and Vestas' decision to boost its cash reserves through the disposal of Gamesa." The bank's analysts point out that "it raises fundamental questions about the company's ability to finance its own growth." NEG Micon says it needs the cash for its investment program
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