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Technology Stocks : Energy Conversion Devices
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To: ddl who wrote (6909)9/28/2002 3:06:56 PM
From: alfranco  Read Replies (1) of 8393
 
ddl, BESS deal figures...

On rechecking figures, I still think $53M for machine(figure here has varied from low of $51M to high of $55M) and $12M for building are good working numbers.

The Bekaert-ECD Solar Systems LLC April 2000 agreement is stated in ECD's 10K/A filing of 8/16/01
sec.gov
and the breakdown of the $84M announced investment is:
1. Bekaert pledged $42M which includes $12M at time of closing and additional $30M as needed by the company and receives 60% ownership of BESS.
2. Bekaert purchased 19% interest in United Solar for $30M.
3. United Solar pledged $28M which includes $23M at time of closing and $5M as needed by the company for 40% ownership of BESS.

Canon is due payback of a $12M loan by 2004 (part payment for buying out Canon's share of Unisolar) and Bekaert has an option that expires at end of 2004 to contribute an additional $12M to increase its' overall share of the combined BESS/Unisolar from 50% to 55-56%. I have been told by management that ECD also has an option to increase its' contribution, when/if Bekaert exercises its' $12M option, and restore ECD's ownership up from 44-45% back up to 49%,but not sure if a full 50%.

Adding up: $42M + $30M + $12M option = $84M announced deal of April 2000.

Al
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