CNPV Solar Power SA, a public limited liability company organized under the laws of the Grand Duchy of Luxembourg and a leading integrated manufacturer of solar photovoltaic products, has announced the following ownership restructuring plan to strengthen the company.
The Company has been working on a specific project since the beginning of 2012 and suspended its listing on the Alternext market of NYSE Euronext for that reason. The project was put on hold under the current economic situation and PV industry difficulties.
In addition, the Company is experiencing severe liquidity problem due to the extreme difficulty caused by current PV industry difficulties and a substantial need for financing current matured bank loan of its subsidiary of CNPV Dongying and other commitments. Accordingly, the Company must urgently find financing alternatives.
To this effect, a company controlled by Dongying Local government offered to purchase 50.38% equity of CNPV Dongying, a wholly-owned indirect subsidiary and sole asset of the Company, at a purchase price of 10 million USD.
After consultation with the Management and deliberation, the Board of Directors is of the view that this offer is acceptable and in the best interest of the Company and its shareholders and employees.
Since the offer is subject to the prior approval of the Company’s shareholders, the Board of Directors convened a shareholders meeting to be held on November 5, 2012.
To this effect, the Board of Directors, at its best knowledge and with due regard to the circumstances, recommends the shareholders of the Company to approve the above-mentioned transaction.The listing of the shares of the Company will reopen on the day following the date of such press release.