(SOLA) ReneSola
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| 30-11-10 | PRN |
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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 More |
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| 23-11-10 | PRN |
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RENESOLA LTD CONVERSION OF ORDINARY SHARES TO AMERICAN DEPOSITARY SHARES AND CANCELLATION OF ADMISSION TO AIM JIASHAN, China, November 23, 2010 - ReneSola Ltd ("ReneSola" or the "Company") (NYSE: SOL) (AIM: SOLA), a leading global manufacturer of solar wafers and provider of solar module original equipment manufacturer ("OEM") services, reminds shareholders that the cancellation of ReneSola's AIM quotation will take place on November 30, 2010. Following the cancellation of the Company's AIM admission, ReneSola shareholders are reminded that the Company's shares will no longer be tradable through AIM and in order for their shares to be traded through the New York Stock Exchange ("NYSE"), they must first be converted to American Depositary Shares ("ADSs"). Shareholders who choose not to convert their Shares into ADSs will continue to be shareholders of the Company, holding shares without a liquid market. Shareholders who by the close of business in the United Kingdom on November 30, 2010 have not made arrangements for their shares to be converted into ADSs 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, however, shareholders wishing to trade their shares through the NYSE will first be required to convert their interests into ADSs. Should shareholders choose to convert their shares into ADSs at a later time, they must follow the conversion procedure and pay a conversion fee to the US 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 Investor Relations section of the Company's website and will be available from the website of the US Depositary, BNY Mellon from 1 December 2010. Thereafter, the US Depositary may require Shareholders to obtain a US legal opinion in place of a Deposit Certification to support the eligibility of their conversion. 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 or on the ReneSola page of BNY Mellon's website at http://www.adrbnymellon.com/dr_profile.jsp?cusip=75971T103 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 More |
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| 17-11-10 | PRN |
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RENESOLA LTD CONVERSION OF ORDINARY SHARES TO AMERICAN DEPOSITORY SHARES AND CANCELLATION OF ADMISSION TO AIM JIASHAN, China, November 11, 2010 - ReneSola Ltd ("ReneSola" or the "Company") (NYSE: SOL) (AIM: SOLA), a leading global manufacturer of solar wafers and provider of solar module original equipment manufacturer ("OEM") services, reminds shareholders that the cancellation of ReneSola's AIM quotation will take place on 30 November 2010. Following the cancellation of the Company's AIM admission, ReneSola shareholders are reminded that the Company's shares will no longer be tradable through AIM and in order for their shares to be traded through the New York Stock Exchange, they must first be converted to American Depository Shares (" ADSs"). The Company advises shareholders whose shares are not currently held in ADSs to take the necessary steps to convert their shares to ADSs prior to 30 November 2010, after which shares will no longer be tradable on AIM and conversion fees payable to the US Depositary will be incurred should shareholders choose to convert their shares to ADSs. 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 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 More |
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| 11-11-10 | PRN |
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RENESOLA LTD ISSUE OF EQUITY JIASHAN, China, November 11, 2010 - ReneSola Ltd ("ReneSola" or the "Company") (NYSE: SOL) (AIM: SOLA), a leading global manufacturer of solar wafers and provider of solar module original equipment manufacturer ("OEM") services, has issued 120,000 shares for no consideration to an employee pursuant to the Company's Share Incentive Plan. Admission of the new shares to trading on AIM is expected to occur on 16 November 2010. Following the issue of the new shares there are 173,696 ,912 shares in issue. 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 More |
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| 14-04-11 |
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Three Bombed out Chinese AIM Stocks - Ben Graham Bargains or Value Traps?
Thursday, Apr 14 2011 by Edward Croft 0 comments 13 reads 1 Back in 2006-2007, many private investors had it easy. The markets were on a tear and UK investors were benefiting from a boom in new flotations on AIM. Amongst them were a ream of Chinese listings which were attracted to AIM in order to raise growth capital. These included the glamour stock Renesola (LON:SOLA) , a solar wafer company which proceeded to sextuple over about 18 months amongst much decadent howling from private investors on the bulletin boards. Of course it couldn't last, and Renesola, as well as most of the other Chinese stocks, crashed during the credit crunch. Picking up the pieces today, there are a few Chinese AIM stocks that have recovered somewhat, with some such as Asian Citrus (LON:ACHL) posting very strong gains and moving to new highs, but there are also many that have remained bombed out predominantly on size, accounting and cashflow concerns. The worry that many investors have is that they just don't trust these companies, and don't trust the companies' accounting practices. As a result these companies now trade on completely derisory ratings - to such an extent that they are now appearing on our screens as selling for less than their liquidation value. Ben Graham, the famous value investor and tutor of Warren Buffett, was the ultimate contrarian investor and loved derisory ratings. He was the investment world's first ever 'quant', running his investment fund for many years almost purely based on a statistical strategy that looked to buy bombed out stocks for less than their liquidation value. Graham wasn't shy of investing where others feared to tread as he believed that in a well spread portfolio any individual bankruptcy risks could be diversified away. Holding anywhere from 30 to 100 stocks, he found the investment returns that resulted to be 'more than satisfactory', with his Graham-Newman partnership returning 17% per year. If you take a Graham approach to the market, you look for companies that are selling for less than what investors would receive in the worst possible scenario; a liquidation. In this scenario, there's really little point the companies remaining on the market as investors could just liquidate and make a profit. Knowing that in a firesale companies might not get full value for their assets he used an extremely cautious calculation to value them. In his 'Net Net Working Capital' approach would ignore all fixed and intangible assets (property, brands etc) and focus on the liquid assets that could be sold quickly, i.e. the cash, stocks and debtors net of all creditors. Graham liked to find companies that sold for a price of less than .7 times this figure to give himself a significant margin of safety. While there are still occasionally companies that qualify for this margin of safety these days most investors allow higher multiple of up to 1.5 times due to their rarity. If you screen the market on these attributes you find three Chinese AIM stocks come up on your screen amongst the cheapest in the market. Some of these used to be popular amongst private investors but which now can only be described as long term dogs from a performance perspective. The following figures are from Sharescope and Sharelock Holmes. RCG (LON:RCG) , a biometric and RFID specialist, which sells at a market cap of £65m, having net current assets of £167m incorporating cash of £25m - Price/net net working capital ratio of 0.7. Geong (LON:GNG) , a company selling enterprise CRM solutions, selling at a market cap of £12.6m, having net current assets of £16.3m including cash of £6.4m and no debt - Price/NNWC ratio of 1.12. Taihua (LON:TAIH) , a company cultivating a Yew extract Paclitaxel needed for the treatment of cancer, selling at a market cap of £11.2m, having net current assets of £10.5m which includes cash of almost £8m and no d |
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| 01-12-10 |
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...... don't forget there is already a little used one for (SOL) Renesola Ltd ADR that should be maintained:
http://www.iii.co.uk/investment/detail?code=cotn:SOL&display=discussion Make sure you keep posting TAB ! LR |
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| 30-11-10 | ||||
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RENESOLA - Cancellation of Listing
ReneSola Ltd (ReneSola) has cancelled the admission to trading of its Ordinary shares on the Alternative Investment Market (AIM). Following the cancellation to trading on AIM, ReneSola Ordinary shares will continue to trade on the New York Stock Exchange (NYSE) in American Depository Share (ADS) form. Subsequently, we are taking the necessary action to convert all outstanding ReneSola Ordinary shares into ReneSola ADSs. Currently 1 ReneSola ADS represents 2 ReneSola Ordinary shares. Important Information & Other Key Dates: The Cancellation received shareholder approval at the Annual General Meeting held on 20th August 2010, and subsequently became effective on 30th November 2010. In order for shareholders to continue to trade their ReneSola shares on the NYSE, we are in the process of converting all outstanding Ordinary shares into ADS form. Please be aware therefore that you are no longer in a position to sell your ReneSola Ordinary shares until they have been converted into ReneSola ADSs. We will update you in due course once the New ReneSola ADSs have been credited to your account. Please note that you will not be able to trade the New ReneSola ADSs until they have been credited to your account. As the ReneSola ADSs will not be listed on a UK Exchange, it will not be eligible to hold ReneSola ADSs in a ShareBuilder Account. Should you currently hold your shares in a ShareBuilder Account please be aware that upon cancellation we will take the necessary steps to credit the New ADSs to your ShareDealing Account, in accordance with our Terms & Conditions (see section 5.5). No fractions of ADSs will be transferred. Should you be entitled to a fractional payment from the sale of your fractional ADSs, this will be credited to your account in due course. Should you wish to find more information about the Cancellation or the Company's ADS programme, please visit the ReneSola Ltd website, www.renesola.com. |
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| 26-11-10 |
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You can view the short interest here: http://www.nasdaq.com/aspxcontent/shortinterests.aspx?symbol=SOL&selected=SOL
Short vol does not seem to have increased massively. I'm based in N.Am and trade/invest in the SOL ADRs. We've been seeing some strong profit taking in a wide range of N.Am stocks over the past fortnight...fortunately that now appears to be approaching oversold in some sectors. HOWEVER...the semiconductor/alternative energy sector moved a long long way in a relatively short space of time...and a correction, from a technical perspective, was probably well overdue...led by FSLR. Add in uncertainties over Chinese growth, Europe debt concerns, the potential appreciation of the Chinese currency dampening ex-Chinese demand and you can see why SOL and others have slimmed off significantly. One poor quarter or an announcement of ANOTHER secondary offering and SOL will gap down further. Also, SOL's beta is over 3, so any sustained correction in the wider markets is gonna smack this stock big time. If both happened together, I wouldn't be surprised to see SOL re-test the low $7s / high $6s(!!). Don't believe me? Back in late 2009/early 2010, SOL was predicting profitability in 2010 and a growing order pipeline and got a secondary safely through at $4.75...at that time intrinsic value for the stock was a minimum $7.50 based on their projections and a real no brainer...yet the stock went sub-$4. So be REALLY CAREFUL. Don't get me wrong...I'm a fan of SOL...and am drip-buying on any declines sub-$9.50 and tactically, I've got my big ammo ready to take advantage of any move sub-$8. Good luck all longs, dyor etc etc TAB |
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