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).