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The Board of Directors of 3W Power S.A. today announced that Dr. Mark Woessner has informed the Company of his decision to step down from the Board of Directors with immediate effect. Furthermore, the Board of Directors has resolved, pursuant to Article 18.1 of the Articles of Association of the Company, to fill by cooptation the vacancies on the Board of Directors resulting from the resignation of Mr. Harris Williams, Mr. Lawrence Lavine and Mr. Christopher Minnetian and Dr. Mark Woessner. The Board of Directors has coopted Dr. Dirk Wolfertz, Mr. Willi Bernd Loose, Mr. Klaus Schulze and Mr. Bernd Luft who will fill the vacancies until the next general meeting of shareholders. The Board of Directors appointed Dr. Dirk Wolfertz to replace Mr. Bruce Brock as Chairman of the Board of Directors.
3W Power S.A. today announced changes to its Board of Directors. Lawrence Lavine, Christopher P. Minnetian and Harris Williams, from Ripplewood Holdings, are stepping down from the Board of Directors with immediate effect. Dr. Mark Wössner is stepping down from the Board of Directors as of December 31, 2013. All four served the Board as Non-Executive Directors.
3W Power S.A. today announced it has suspended the decision on paying the 9.25% coupon on its €100 million corporate bond (ISIN DE000A1A29T7, 3W9A) until after the second bondholder meeting which will be called for December 18, 2013 in Frankfurt am Main, Germany.
3W Power SA today reports its interim management statement for Q3 2013, providing unaudited operating results for Q3 2013. Order intake in Q3 2013 was €58.0 million (Solar €9.7 million, POC €4.3 million and EES €44.1 million), down 36.8% year-on-year (Q3 2012: €91.8 million) and down 12.2% compared to the prior quarter (Q2 2013: €66.1 million). Order backlog in Q3 2013 was €104.0 million (Solar €12.1 million, POC €4.9 million and EES €87.0 million), down 25.4% year-on-year (Q3 2012: €139.3 million), but up by 7.4% compared to the prior quarter (Q2 2013: €96.8 million).