Sie sind auf Seite 1von 6



3XEOLF$GYRFDWHV2IILFH
&DOLIRUQLD3XEOLF8WLOLWLHV&RPPLVVLRQ
9DQ1HVV$YHQXH
6DQ)UDQFLVFR&DOLIRUQLD
7HO
ZZZSXEOLFDGYRFDWHVFSXFFDJRY

 


1RYHPEHU


&38&(QHUJ\'LYLVLRQ
$WWHQWLRQ7DULII)LOHV5RRP
9DQ1HVV$YHQXH
6DQ)UDQFLVFR&$
('7DULII8QLW#FSXFFDJRY


6XEMHFW 38%/,&5HVSRQVHRIWKH3XEOLF$GYRFDWHV2IILFHWR
6DQ'LHJR*DV (OHFWULF&RPSDQ\$GYLFH/HWWHU(

,1752'8&7,21

7KH3XEOLF$GYRFDWHV2IILFHDWWKH&DOLIRUQLD3XEOLF8WLOLWLHV&RPPLVVLRQ &DO$GYRFDWHV 
IRUPHUO\WKH2IILFHRI5DWHSD\HU$GYRFDWHVKHUHE\VXEPLWVWKLVUHVSRQVHWR6DQ'LHJR
*DV (OHFWULF&RPSDQ\¶V 6'* ( $GYLFH/HWWHU $/ (6'* (VHHNVDSSURYDORI
LWVSURSRVHG/RQJ)RUP&RQILUPDWLRQIRU5HVRXUFH$GHTXDF\&DSDFLW\3URGXFW &RQILUPDWLRQ 
ZLWK2WD\0HVD(QHUJ\&HQWHU//& 20(&//& 7KH&RQILUPDWLRQLVIRU6'* (WREX\
ORFDOV\VWHPDQGIOH[LEOHUHVRXUFHDGHTXDF\ 5$ SURGXFWVIURPWKH2WD\0HVD(QHUJ\&HQWHU
20(& IURP2FWREHUWR$XJXVW,IWKH&DOLIRUQLD3XEOLF8WLOLWLHV
&RPPLVVLRQ &38& DSSURYHVWKH&RQILUPDWLRQ20(&//&ZLOOUHOLQTXLVKLWVULJKWRU3XW
2SWLRQWRVHOO20(&WR6'* (IRUDSSUR[LPDWHO\PLOOLRQ

7KH3XEOLF$GYRFDWHV2IILFHVXSSRUWVWKH&RQILUPDWLRQDVDQDOWHUQDWLYHWRWKH3XW2SWLRQWKDW
ZLOOSURYLGHUDWHSD\HUEHQHILWVDQGHQDEOHDFKLHYHPHQWRI&DOLIRUQLD¶VHQYLURQPHQWDOJRDOVDV
ZHOODV&RPPXQLW\&KRLFH$JJUHJDWRU &&$ GHYHORSPHQW

 



7KH2IILFHRI5DWHSD\HU$GYRFDWHVZDVUHQDPHGWKH3XEOLF$GYRFDWHV2IILFHRIWKH3XEOLF8WLOLWLHV
&RPPLVVLRQSXUVXDQWWR6HQDWH%LOO1RZKLFKZDVVLJQHGE\WKH*RYHUQRURQ-XQH
&KDSWHU6WDWXWHVRI 

6'* ($/(5HTXHVWIRU$SSURYDORIWKH5HVRXUFH$GHTXDF\&RQILUPDWLRQ%HWZHHQ6DQ'LHJR
*DV (OHFWULF&RPSDQ\DQG2WD\0HVD(QHUJ\&HQWHU//&IRUWKH2WD\0HVD(QHUJ\&HQWHU3RZHU
3ODQWVXEPLWWHG2FWREHU


&38&(QHUJ\'LYLVLRQ
1RYHPEHU
3DJH


%$&.*5281'

20(&LVDQDWXUDOJDVILUHGFRPELQHGF\FOHSRZHUSODQWFRPSULVHGRIWZRFRPEXVWLRQWXUELQH
JHQHUDWRUVWZRKHDWUHFRYHU\VWHDPJHQHUDWRUVZLWKGXFWEXUQHUVDQGDVLQJOHFRQGHQVLQJVWHDP
WXUELQHJHQHUDWRU6'* (¶VFXUUHQW3RZHU3XUFKDVH7ROOLQJ$JUHHPHQW 337$ IRU20(&
ZLOOH[SLUHRQ2FWREHU7KHH[LVWLQJ*URXQG6XEOHDVHDQG(DVHPHQW$JUHHPHQW
LQFOXGHVD3XW2SWLRQIRU20(&//&WRUHTXLUH6'* (WRSXUFKDVH20(&IRUDSSUR[LPDWHO\
PLOOLRQ7KHH[LVWLQJ*URXQG6XEOHDVHDQG(DVHPHQW$JUHHPHQWUHTXLUHVWKDW20(&//&
H[HUFLVHWKH3XW2SWLRQQRWODWHUWKDQ$SULO

6'* (DQG20(&//&KDYHGHYHORSHGDQDOWHUQDWLYH&RQILUPDWLRQWRUHSODFHWKHH[HFXWLRQ
RIWKH3XW2SWLRQ7KH&RQILUPDWLRQRIIHUV20(&¶V0:RIORFDOV\VWHPFDSDFLW\DQG
0:RIIOH[LEOHFDSDFLW\IRUDPRQWKGHOLYHU\WHUPIURP2FWREHUWR$XJXVW
6XEMHFWWRDILQDODQGQRQDSSHDODEOHGHFLVLRQRURUGHUDSSURYLQJWKH&RQILUPDWLRQ
ZLWKRXWPRGLILFDWLRQVXQDFFHSWDEOHWRHLWKHU20(&//&RU&DOSLQH20(&//&ZLOO
UHOLQTXLVKLWV3XW2SWLRQ

',6&866,21

 5DWHSD\HU%HQHILWV

6'* (¶VGDWDVKRZVDUDWHSD\HUEHQHILWGXULQJWKHSURSRVHGPRQWKSHULRGRIWKH
&RQILUPDWLRQFRPSDUHGWR6'* (RZQHUVKLSRI20(&&RPSDULQJWKHFRVWVDIWHUWKH
&RQILUPDWLRQH[SLUHVZLWK6'* (RZQHUVKLSRI20(&UHTXLUHVUHYLHZRIWKHSRWHQWLDOQHHG
IRU20(&WRPHHWUHOLDELOLW\UHTXLUHPHQWVLQWKH6DQ'LHJR,PSHULDO9DOOH\ORFDODUHDLQ
DQGEH\RQG

7KH&DOLIRUQLD,QGHSHQGHQW6\VWHP2SHUDWRU¶V &$,62 PRVWUHFHQW/RQJ7HUP/RFDO&DSDFLW\
7HFKQLFDO$QDO\VLV /&76WXG\ IRXQGDWRWDO/RFDO&DSDFLW\5HOLDELOLW\ /&5 QHHGRI
0:LQWKH6DQ'LHJR,PSHULDO9DOOH\ORFDODUHDIRU7KH&$,62¶V/&76WXG\DOVR
FDOFXODWHGWKDWDYDLODEOHJHQHUDWLRQLQWKHDUHDZRXOGSURYLGHDPD[LPXPTXDOLI\LQJFDSDFLW\RI

 

6'* ($/(S

,ELG

,ELG

,GS

,GS7KHRWKHUFRQGLWLRQSUHFHGHQWWRWKHHIIHFWLYHQHVVRIWKH&RQILUPDWLRQLVDSSURYDOE\20(&
//&¶VWKLUGSDUW\OHQGHUV

6'* ($/(&RQILGHQWLDO$WWDFKPHQW$S

&$,62/RFDO&DSDFLW\7HFKQLFDO$QDO\VLV)LQDO5HSRUWDQG6WXG\5HVXOWV0D\S
&38&(QHUJ\'LYLVLRQ
1RYHPEHU
3DJH


0::LWKRXW20(&WKHORFDODUHDZRXOGEHVKRUW0:%DVHGRQWKLV
LQIRUPDWLRQ20(&ZRXOGEHDSLYRWDOUHVRXUFHLQEHFDXVHORDGVHUYLQJHQWLWLHV /6(V LQ
WKHDUHDZRXOGQRWEHDEOHWRPHHW/&55HTXLUHPHQWVZLWKRXW20(&,IORDGIRUHFDVWGRHVQRW
GHFUHDVHRUQHZUHVRXUFHVWKDWZRXOGSURYLGHPRUHFRPSHWLWLRQGRQRWGHYHORSE\LQWKH
ORFDODUHDDSSUR[LPDWHO\0:RI20(&ZRXOGEHQHFHVVDU\WRPHHW/&5QHHGV,QVXFK
DVFHQDULR20(&//&FRXOGH[HUWPDUNHWSRZHUDQGVHHNKLJK5$FDSDFLW\SULFHVNQRZLQJ
WKDWWKH&$,62ZRXOGXVHLWVEDFNVWRSSURFXUHPHQWPHFKDQLVPVWRSURFXUH20(&LI/6(VGR
QRWSURFXUHLW

7KH&$,62KDVQRW\HWSURYLGHGDILQDO/&76WXG\IRURUEH\RQGEXWWKHFXUUHQWGUDIW
ORQJWHUPVWXG\LQWKH7UDQVPLVVLRQ3ODQQLQJ3URFHVV 733 VKRZVDWRWDO/&5QHHGRI
0:LQWKH6DQ'LHJR,PSHULDO9DOOH\ORFDODUHD7KHGUDIWVWXG\DOVRUHSRUWVWRWDO
TXDOLI\LQJFDSDFLW\RI0:,IWKHFRQFOXVLRQVRIWKHGUDIWORQJWHUPVWXG\LQWKH
733DUHFRUUHFWWKHUHZRXOGEH0:RIVXUSOXVFDSDFLW\LQZLWKRXW20(&LQ
ZKLFKFDVH20(&ZRXOGQRWEHDSLYRWDOVXSSOLHU

7KHQHHGIRU20(&DIWHUWKHH[SLUDWLRQRIWKH&RQILUPDWLRQLQDQGEH\RQGLVYHU\
XQFHUWDLQ)RUH[DPSOHWKH&38&DGRSWHG(IIHFWLYH/RDG&DUU\LQJ&DSDFLW\ (/&& YDOXHV
IRUVRODUDQGZLQGUHVRXUFHVWKDWGHFUHDVHGWKHLU5$FDSDFLW\FUHGLW+RZHYHUWKHYDOXHVZHUH
WUDQVLWLRQDODQGWKH&38&SODQVWRLQFRUSRUDWHDGGLWLRQDOFKDQJHVWRWKHPHWKRGRORJ\WKDWPD\
IXUWKHUGHFUHDVHWKH5$FDSDFLW\FUHGLWRIVRODUDQGZLQGUHVRXUFHV&$,62LVFRQVLGHULQJ
FKDQJHVWRLWVORFDOFDSDFLW\VWXGLHVWKDWFRXOGSURYLGHPRUHLQIRUPDWLRQWRKHOSJXLGHHIIHFWLYH
SURFXUHPHQWRIORFDO5$UHVRXUFHVSURYLGLQJJUHDWHUYDOXHIRUWDUJHWHGUHVRXUFHV7KH&$,62

 

,ELG

± ± 

4XDOLI\LQJFDSDFLW\ZLWKRXW20(& 0:6KRUWDJHLQPHHWLQJ/&5
0:

/RQJ7HUP/&56WXG\'UDIW5HVXOWV/$%DVLQDQG6DQ'LHJR,PSHULDO9DOOH\$UHDV6HSWHPEHU
6WDNHKROGHU0HHWLQJ6OLGH

/RQJ7HUP/&56WXG\'UDIW5HVXOWV/$%DVLQDQG6DQ'LHJR,PSHULDO9DOOH\$UHDV6HSWHPEHU
6WDNHKROGHU0HHWLQJ6OLGH

±± 

,IWKHQXPEHUVDUHDFFXUDWHWKHUHZRXOGEHDVXUSOXVRI 0:6LQFHWKLVYDOXHLV
JUHDWHUWKDQWKHFDSDFLW\RI20(&/6(VZRXOGEHDEOHWRPHHW/&5QHHGHYHQZLWKRXWSURFXULQJ
20(&

&38&'HFLVLRQ ' S

'S

&$,625$(QKDQFHPHQWV,VVXH3DSHU2FWREHUS
&38&(QHUJ\'LYLVLRQ
1RYHPEHU
3DJH


LVDOVRZRUNLQJWRGHYHORSHFRQRPLFIHDVLELOLW\VWXGLHVRIORFDODUHDVLQFOXGLQJWKH6DQ'LHJR±
,PSHULDO9DOOH\DUHDWRGHWHUPLQHZKDWWUDQVPLVVLRQXSJUDGHVFRXOGGHFUHDVH/&5QHHGV

,IWKH&38&DSSURYHV6'* (¶V$/WKH&RQILUPDWLRQZRXOGH[SLUHRQ$XJXVW%DVHG
RQWKHFXUUHQW&$,62VWXG\LIDQ/6(GRHVQRWSURFXUHFDSDFLW\IURP20(&WKHQ
&$,62ZRXOGSURFXUH20(&WKURXJKDEDFNVWRSSURFXUHPHQWPHFKDQLVPWRPHHW/&5QHHGV
,QZKLFKFDVH20(&//&FRXOGVHHNKLJK5$FDSDFLW\SULFHV+RZHYHUWKHGUDIWVWXG\
VKRZVGHFUHDVLQJQHHGIRU20(&7KHGHFUHDVLQJQHHGIRU20(&SUHVHQWVDQRSSRUWXQLW\WR
HQVXUHWKDW20(&LVQRWDSLYRWDOUHVRXUFHLQWKHIXWXUHDQGWKDW&$,62ZRXOGQRWSURFXUHLW
WKURXJKDEDFNVWRSSURFXUHPHQWPHFKDQLVP

(YHQLIH[LVWLQJUHVRXUFHVKDYHORZHU(/&&QHWTXDOLI\LQJFDSDFLW\ 14& YDOXHVLQWKHIXWXUH
WDUJHWHGGHYHORSPHQWRIWUDQVPLVVLRQDQGJHQHUDWLRQWKDWPHHWORFDODUHDQHHGVFDQUHGXFH/&5
UHTXLUHPHQWV)RUH[DPSOHWKH&$,62¶V/&7VWXG\VKRZHGDQRYHUDOOGHFUHDVHG/&5
QHHGIRUWKH6DQ'LHJR,PSHULDO9DOOH\DUHDRIDERXW0:GXHWRDQXSJUDGHRID
WUDQVPLVVLRQLQWHUFRQQHFWLRQ$VVHPEO\%LOO $% DOORZV6'* (WRSURSRVHSURJUDPV
DQGLQYHVWPHQWVIRUXSWR0:RIDGGLWLRQDOGLVWULEXWHGHQHUJ\VWRUDJHWKDWFRXOGSURYLGH
PRUHIOH[LELOLW\LQWKHDUHD&&$VWKDWSODQWRGHYHORSLQWKH6DQ'LHJRDUHDZLOOQHHGWR
GHYHORSORQJWHUPFRQWUDFWVZLWKJUHHQKRXVHJDV *+* IUHHUHVRXUFHVWRPHHWVWDWH5HQHZDEOH
3RUWIROLR6WDQGDUG 536 UHTXLUHPHQWV

,I20(&//&ORVHVLWVSRVLWLRQDVDSLYRWDOVXSSOLHUE\WKHWLPHWKH&RQILUPDWLRQH[SLUHVDQGLV
IRUFHGWRRIIHUFRPSHWLWLYHSULFHVWKHFRVWRISURFXUHPHQWZRXOGEHORZHUWKDQWKHLPSOLFLWFRVW
RIFDSDFLW\XQGHU6'* (¶VRZQHUVKLS 7DEOHLQ&RQILGHQWLDO$WWDFKPHQW$ (YHQLI
20(&FRXOGFDSWXUHKLJKEDFNVWRSSURFXUHPHQWSULFHVIRUDIHZ\HDUVUDWHSD\HUVZRXOGEHQHILW
IURPWKHPRQWK&RQILUPDWLRQUDWKHUWKDQWKH3XW2SWLRQLIPRUHFRPSHWLWLRQIRUFHV20(&WR
RIIHUFRPSHWLWLYHSULFHVE\ 7DEOHLQ&RQILGHQWLDO$WWDFKPHQW$ 

 (QYLURQPHQWDO%HQHILWV

6'* (RZQHUVKLSRI20(&LVQRWFRQVLVWHQWZLWKWKH6WDWH¶VHQYLURQPHQWDOJRDOV&DOLIRUQLD
KDVDGRSWHGDPELWLRXVHQYLURQPHQWDOJRDOV6HQDWH%LOO 6% UHTXLUHVHFRQRP\ZLGH*+*
HPLVVLRQVUHGXFWLRQVRISHUFHQWIURPOHYHOVE\6%DGRSWVDPRUH
DJJUHVVLYHUHQHZDEOHVSRUWIROLRVWDQGDUG 536 UHTXLULQJJHQHUDWLRQIRUUHWDLOVDOHVRIHOHFWULFLW\
LQ&DOLIRUQLDIURPHOLJLEOHUHQHZDEOHHQHUJ\UHVRXUFHVWRUHDFKWDUJHWVRISHUFHQWE\

 

&$,62733/RFDO&DSDFLW\5HTXLUHPHQWV3RWHQWLDO5HGXFWLRQ6WXG\$SULO3UHVHQWDWLRQ
6OLGH

6'* ($/(S

3XEOLF8WLOLWLHV&RGH6HFWLRQDQG'S

6'* ($/(&RQILGHQWLDO$WWDFKPHQW$S

6%3XEOLF8WLOLWLHV&RGH6HFWLRQ
&38&(QHUJ\'LYLVLRQ
1RYHPEHU
3DJH


'HFHPEHUSHUFHQWE\'HFHPEHUDQGSHUFHQWE\'HFHPEHU
,WDOVRVHWVDVVWDWHSROLF\WKDWHOLJLEOHUHQHZDEOHHQHUJ\UHVRXUFHVDQG]HURFDUERQUHVRXUFHV
VKDOOVXSSO\SHUFHQWRIUHWDLOVDOHVRIHOHFWULFLW\WR&DOLIRUQLDHQGXVHFXVWRPHUVDQG
SHUFHQWRIHOHFWULFLW\SURFXUHGWRVHUYHDOOVWDWHDJHQFLHVE\'HFHPEHU7KH&38&¶V
,QWHJUDWHG5HVRXUFH3ODQQLQJ ,53 SURFHHGLQJZLOODGGUHVVKRZ&38&MXULVGLFWLRQDO/6(VZLOO
PHHWWKHVHHQYLURQPHQWDOJRDOV7KHVKRUWHUWHUP&RQILUPDWLRQZRXOGIRUFH20(&//&WR
FRPSHWHLQWKHFDSDFLW\PDUNHWDIWHUWKHDJUHHPHQWH[SLUHVLQDQGSHUKDSVOHDGWRHDUOLHU
UHWLUHPHQWRI20(&LIGHHPHGXQQHFHVVDU\IRUUHOLDELOLW\

6'* (RZQHUVKLSRIWKHQDWXUDOJDVSRZHUSODQWFRXOGSURORQJWKHOLIHRI20(&DQGOHDGWR
JUHDWHU*+*HPLVVLRQVEH\RQG:LWKRXW20(&WKHUHLVDQRSSRUWXQLW\WRGHYHORSFOHDQ
HQHUJ\UHVRXUFHVLQWKHDUHDWRPHHWORFDOUHOLDELOLW\QHHGV$VSUHYLRXVO\GLVFXVVHG6'* (
FDQLQYHVWLQDGGLWLRQDOGLVWULEXWHGHQHUJ\VWRUDJHDQG&&$VZLOOQHHGWRFRPSO\ZLWK536
UHTXLUHPHQWVE\GHYHORSLQJORQJWHUPFRQWUDFWVZLWK*+*IUHHUHVRXUFHV$GGLWLRQDOO\ZLWKRXW
6'* (RZQHUVKLSRI20(&WKH&RPPLVVLRQLQLWV,53SURFHHGLQJKDVPRUHURRPWRSODQIRU
WKHGHYHORSPHQWRIQHZ*+*IUHHUHVRXUFHVWRGHFUHDVHRUHOLPLQDWHWKHQHHGIRUUHVRXUFHVVXFK
DV20(&7KHGHYHORSPHQWRIQHZ*+*IUHHUHVRXUFHVZLOOVXSSRUW&DOLIRUQLD¶V*+*
UHGXFWLRQJRDOVDQGLPSURYHDLUTXDOLW\DVUHTXLUHGE\3XEOLF8WLOLWLHV&RGH6HFWLRQ
 D  + 

 &&$%HQHILWV

$V&&$VGHYHORS6'* (¶VQHHGIRUFDSDFLW\WRVHUYHORDGZLOOGHFUHDVH,I6'* (KDV
H[FHVVFDSDFLW\&&$FXVWRPHUVZRXOGEHUHTXLUHGWRSD\WKHDERYHPDUNHWFRVWVRIFDSDFLW\
WKURXJKWKH3RZHU&KDUJH,QGLIIHUHQFH$GMXVWPHQW 3&,$ 7KHVKRUWHUWHUP&RQILUPDWLRQ
PHDQVWKDWDIWHU$XJXVW20(&ZRXOGQRORQJHUFRXQWWRZDUGDQ\6'* (H[FHVV
FDSDFLW\DQG3&,$FRVWVVR&&$FXVWRPHUVZRXOGKDYHORZHU3&,$FRVWVWKDQLI6'* (
RZQHGWKHIDFLOLW\/RZHU3&,$FRVWVZRXOGDOORZ&&$VWRRIIHUPRUHFRPSHWLWLYHSULFLQJ
$GGLWLRQDOO\&&$VZRXOGKDYHJUHDWHUILQDQFLDODELOLW\WRSURFXUHWKHLURZQUHVRXUFHVLIWKH\
DUHQRWEXUGHQHGE\WKHFRVWVRI20(&DQGDUHOLNHO\WRGHYHORSUHQHZDEOHDQGVWRUDJH
UHVRXUFHVWKDWFRXOGGHFUHDVHIXWXUHQHHGIRU20(&

&21&/86,21

7KH3XEOLF$GYRFDWHV2IILFHUHFRPPHQGVWKDWWKH&38&DSSURYH6'* (¶V$/7KH&38&
VKRXOGZRUNZLWKWKH&$,62LQLWV733DQGDOVRFRRUGLQDWHSURFXUHPHQWLQLWVSURFHHGLQJVWR
GHYHORSFOHDQHQHUJ\UHVRXUFHVWRUHGXFHWKH/&5QHHGDQGIRUFH20(&//&WRRIIHULWV
UHVRXUFHDWFRPSHWLWLYHSULFHVHQVXULQJUDWHSD\HUEHQHILWV



 

6%3XEOLF8WLOLWLHV&RGH6HFWLRQ

6%3XEOLF8WLOLWLHV&RGH6HFWLRQ
&38&(QHUJ\'LYLVLRQ
1RYHPEHU
3DJH


3OHDVHDGGUHVVDQ\TXHVWLRQVDERXWWKLVUHVSRQVHWR&LQG\/LDWDQG
;LDQ/L#FSXFFDJRY
6LQFHUHO\

V -8/,(+$//,*$1
-8/,(+$//,*$1
3URJUDP0DQDJHU
(OHFWULFLW\3ODQQLQJDQG3ROLF\%UDQFK
2IILFHRI5DWHSD\HU$GYRFDWHV

FF ('7DULII8QLW#FSXFFDJRY
(GZDUG5DQGROSK'LUHFWRU&38&(QHUJ\'LYLVLRQ
0HJDQ&DXOVRQ5HJXODWRU\7DULII0DQDJHU6'* (
6HUYLFH/LVWIRU5 3XEOLF9HUVLRQRQO\ 
6HUYLFH/LVWIRU$ 3XEOLF9HUVLRQRQO\ 


Das könnte Ihnen auch gefallen