Reinecke + Pohl Sun Energy sells €10.4 million convertible bonds in rights offering

New York, May 26 - Reinecke + Pohl Sun Energy AG sold €10.4 million of convertible bonds through a rights offering, according to a company news release.

The amount was smaller than the up to €30 million the company had hoped to raise, something it blamed on a "difficult stock market situation."

But it said it had generated enough financing to finance long running module supply contracts.

Shareholders were granted indirect subscription rights to purchase the convertibles via VEM Aktienbank AG in Munich, Germany. Rights will not be tradable.

Hamburg, Germany-based Reinecke + Pohl Sun Energy plans, installs and sells photovoltaic facilities.

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