Welcome to Change Meyer Burger

If you are unable to attend the shareholder meeting in person, you can authorize Sentis Capital using the following instructions (see here). Our voting recommendation with the corresponding justification you will find here. Alternatively you can also send the signed, scanned power of attorney to the share register administrator Computershare: generalversammlung@computershare.ch. We call on all shareholders to attend the forthcoming MBT Extraordinary General Meeting. A vibrant shareholder democracy is crucial to support the necessary transformation process. 

The negative development of the share price and the massive increase in loaned shares (indicator of short selling) since the Annual General Meeting on 2 May 2019 demonstrate the loss of confidence of the capital market in Meyer Burger’s Board of Directors.

Meyer Burger Technology Ltd (MBT) invites its shareholders to an Extraordinary General Meeting on 30 October 2019 at the “Stade de Suisse” in Berne. The Board of Directors is thus responding to the request of the shareholder group around Sentis Capital with 14 members and a current stake of around 11.5% of the share capital.

Sentis Capital, currently the largest single shareholder of MBT with currently 8.2% of the shares, was the largest single investor in the last capital increase of MBT in December 2016. Sentis Capital thus helped to avert an insolvency of the company. Sentis was not only the largest investor, but also participated in the underwriting of the capital increase that secured the company’s survival. Since then, Sentis has demanded a new start at MBT – with success. Sentis is a long-term committed investor, not the activist Meyer Burger likes to portray.

At the Extraordinary General Meeting, the election of an additional board member will be addressed.  The shareholder group proposes to the General Meeting to elect Mr Mark Kerekes (*1976, CV here) as a member of the Board of Directors with a term of office until the end of the next Annual General Meeting.

The Board of Directors has decided on a strategic realignment of Meyer Burger. The shareholder group around Sentis Capital welcomes the new strategy to enable an “exclusive circle” of customers to develop high-margin products, from which Meyer Burger can benefit significantly by means of an appropriate profit sharing. This significant change of wording compared to “adequate” exclusivity to REC, which the company mentioned last August, took place after our letter to the Board of Directors of Meyer Burger (see letter). We welcome these changes in communication and strategy because they make it easier to meet the requirements we set in the letter and is therefore better for shareholders. The reservation that there are irreconcilable differences of opinion regarding the strategy is therefore not true. In this context, the election of a genuine shareholder representative to the Board of Directors, who brings in the perspective of the owners, is very urgent. MBT has lost a lot of investor confidence since the Annual General Meeting in May 2019. All arguments of the shareholder group in favor of the election of Mr Kerekes can be found here.

The allegation that the election of Mark Kerekes would expose Meyer Burger to the risk of sanctions is false. Petr Kondrashev is not on any sanctions list, nor has he ever been affected by sanctions. The CAATSA (Countering America’s Adversaries Through Sanctions Act of 2017) press release clearly confirms that the report (“Putin List”) is not a sanctions list (see here). The reference in this report does not imply that sanctions are imposed on these persons or entities or that the criteria for designation under any sanctions programme are met. It is particularly remarkable why MBT, despite this knowledge and the correspondence (see here) with Petr Kondrashev, continues to speak of a risk of sanctions.

We are convinced about MBT’s leading position as a special technology provider in the production of highly efficient solar cells and modules. As an active shareholder, we want this potential to be finally converted into successful results in the long term, in order for shareholder value to be created in the interests of all shareholders.

You are welcome to contact us under the following email: office@changemeyerburger.ch