Cancellation of Admission to Trading on AIM
November 30 2010 - 2:00AM
UK Regulatory
TIDMSOLA
ReneSola Announces Cancellation of Admission to Trading on AIM
JIASHAN, China, Nov. 30, 2010 /PRNewswire-Asia-FirstCall/ -- ReneSola Ltd
("ReneSola" or the "Company") (NYSE: SOL), a leading global manufacturer of
solar wafers and provider of solar module original equipment manufacturer
("OEM") services, announces that its admission to trading on the
Alternative Investment Market ("AIM") of the London Stock Exchange has
today been cancelled.
(Logo: http://photos.prnewswire.com/prnh/20080506/CNTU030 )
ReneSola's shares (AIM: SOLA) ceased trading on AIM at the close of
business in the United Kingdom on 29 November 2010 and its cancellation of
admission to trading on AIM took effect at 7.00 GMT on 30 November 2010.
Shareholders who choose not to convert their shares into American
Depositary Shares ("ADSs") will continue to be shareholders of the Company,
holding shares without a liquid market. Shareholders who have not made
arrangements for their shares to be converted into ADSs by the close of
business in the United Kingdom on 30 November 2010 will automatically be
sent a share certificate. The Company will continue to maintain its
ordinary share register and non market transfers can still be processed,
but shareholders wishing to trade their shares through the New York Stock
Exchange ("NYSE") will first be required to convert those shares into ADSs.
Shareholders choosing to convert their shares into ADSs at a later time
must follow the conversion procedure and pay a conversion fee to the Bank
of New York Mellon, the depositary bank (the "Depositary").
Shareholders choosing to convert their shares into ADSs within the six-
month period following the cancellation will be required to complete a
Deposit Certification, a copy of which is available from the AGM Summary
page in the Investor Relations section of the Company's website at
http://www.renesola.com and will be available from the website of the
Depositary starting 1 December 2010. Thereafter, the Depositary may require
shareholders to obtain a US legal opinion in place of a Deposit
Certification to support the eligibility of their conversion.
As one ADS represents two shares, shareholders who choose to convert their
shares into ADSs will receive one ADS for every two shares currently held
by them either in the form of depositary interests or in certificated form.
Consequently, shareholders holding an odd number of shares should be aware
that they will be unable to convert their single remaining share into an
ADS. Shareholders who wish to donate their remaining share, as well as any
additional shares, are suggested to do so by direct donation to ShareGift,
a share donation charity that has raised over GBP13 million for more than
1,700 charities. Donating a share will negate the need for shareholders to
return a share certificate, provided the ShareGift Transfer Form, which can
be found on the AGM Summary page in the Investor Relations section of
ReneSola's website at http://www.renesola.com, is completed and returned to
Capita Registrars Limited. Further information on ShareGift can be found on
its website at http://www.sharegift.org.
Further information and instructions for the conversion process are
included in ReneSola's Delisting & AGM Circular which can be found on the
AGM Summary page in the Investor Relations section of the Company's website
at http://www.renesola.com.
About ReneSola
ReneSola is a leading global manufacturer of solar wafers and producer of
solar power products based in China. Capitalizing on proprietary
technologies, economies of scale, low-cost production capabilities and
technological innovations and know-how, ReneSola leverages its in-house
virgin polysilicon and solar cell and module production capabilities to
provide its customers with high-quality, cost-competitive solar wafer
products and solar modules. The Company possesses a global network of
suppliers and customers that includes some of the leading global
manufacturers of solar cells and modules. ReneSola's shares are traded on
the New York Stock Exchange (NYSE: SOL).
Safe Harbor Statement
This press release contains statements that constitute "forward-looking"
statements within the meaning of Section 27A of the Securities Act of 1933,
as amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, and as defined in the U.S. Private Securities Litigation Reform
Act of 1995. Whenever you read a statement that is not simply a statement
of historical fact (such as when the Company describes what it "believes,"
"expects" or "anticipates" will occur, what "will" or "could" happen, and
other similar statements), you must remember that the Company's
expectations may not be correct, even though it believes that they are
reasonable. The Company does not guarantee that the forward-looking
statements will happen as described or that they will happen at all.
Further information regarding risks and uncertainties that could cause
actual results to differ materially from those in the forward-looking
statements is included in the Company's filings with the U.S. Securities
and Exchange Commission, including the Company's annual report on Form 20-
F. The Company undertakes no obligation, beyond that required by law, to
update any forward-looking statement to reflect events or circumstances
after the date on which the statement is made, even though the Company's
situation may change in the future.
For investor and media inquiries, please contact:
In China:
Ms. Feng Qi
ReneSola Ltd
Tel: +86-573-8477-3903
Email: feng.qi@renesola.com
Mr. Derek Mitchell
Ogilvy Financial, Beijing
Tel: +86 (10) 8520-6284
E-mail: derek.mitchell@ogilvy.com
In the United States:
Ms. Jessica Barist Cohen
Ogilvy Financial, New York
Tel: +1-646-460-9989
Email: jessica.cohen@ogilvypr.com
In the United Kingdom:
Mr. Tim Feather / Mr. Richard Baty
Westhouse Securities Limited, London
Tel: +44 (0) 20-7601-6100
E-mail: tim.feather@westhousesecurities.com
richard.baty@westhousesecurities.com
END
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