Featured Company News – ReneSola Forms Special Committee to Evaluate CEO’s Non-binding Proposal and Strategic Alternatives

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LONDON, UK / ACCESSWIRE / June 16, 2017 / Pro-Trader Daily takes a look at the latest corporate events and news making the headlines for Shanghai, China based ReneSola Ltd (NYSE: SOL). The green energy Company announced on June 14, 2017, that its Board of Directors has received the non-binding proposal from Mr. Xianshou Li, the Company’s Chairman and Chief Executive Officer. Mr. Li had sent the proposal on June 13, 2017, and expressed interest in taking over the Company’s manufacturing business and LED distribution business as well as the related debt. The Board also announced the formation of a special committee to evaluate Mr. Li’s proposal as well as explore other strategic options for the Company. For immediate access to our complimentary reports, including today’s coverage, register for free now at:

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Details of Mr. Li’s Non-Binding Proposal

Mr. Li’s proposal states that he is interested in acquiring the following:

Manufacturing Business: this includes the Company’s polysilicon, solar wafer, and solar module manufacturing.
LED distribution business: this includes the Company’s portfolio of LED lighting solutions for the industrial, commercial and residential sectors as well as the distribution network.
Outstanding Debt.

The entire value of the above business net of assumed indebtedness is approximately negative $81 million. In lieu of the assumption of negative payment, Mr. Li expects the Company to issue additional American depositary shares (ADS) at $4.50 per ADS. Each ADS is equal to 10 shares of the Company.

In the event that the Company accepts Mr. Li’s proposal, it could focus on its core business of solar project development.

About the Special Committee and its role

ReneSola’s Board of Directors formed a special committee to evaluate and review Mr. Li’s proposal. The members of special committee included Mr. Martin Bloom, Mr. Tan Wee Seng, Ms. Julia Xu, and Mr. Weiguo Zhou. These members are existing independent directors of the Company. They are tasked with the evaluation and review of Mr. Li’s proposal in consultation with a financial advisor and legal counsel. They have also been given the responsibility of exploring for strategic alternatives and negotiating power for any offers so that shareholders can get maximum value.

The Board has cautioned its stakeholders and parties trading on the Company’s stock that it is too early to make any decision or respond on the matter and that it requires time to carefully consider all the implications of the proposal. There are no guarantees that the discussions will lead to a definitive offer or a final transaction. The Company also mentioned that it is within its rights not to share any updates or provide any information on the matter in the future unless it is legally necessary.

About ReneSola

ReneSola was founded in 2005 and became a publicly traded Company in 2008 when it was listed on the New York Stock Exchange. It is a leading global manufacturer and supplier of green energy products. ReneSola offers a wide range of solar products including PV modules, Inverters, Solar kits, Solar panels etc. which have multiple applications including residential, commercial, and utility-scale. Till date the Company has supplied more than 14GW of solar products. The Company recently entered into the LED lighting sector and manufactures and distributes a range of LED lighting solutions for the industrial, commercial, and residential sectors. The Company has a presence in over 40 locations worldwide and has a team of over 5,600 employees.

Last Close Stock Review

ReneSola’s share price finished yesterday’s trading session at $2.57, rising 1.98%. A total volume of 73.79 thousand shares exchanged hands, which was higher than the 3 months average volume of 47.92 thousand shares. The stock has advanced 5.92% in the last three months. The stock currently has a market cap of $52.76 million.

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