ReneSola Announces Cancellation of Admission to Trading on AIM

2010-11-30 16:09 1301

JIASHAN, China, Nov. 30, 2010 /PRNewswire-Asia/ -- 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.

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 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, is completed and returned to Capita Registrars Limited. Further information on ShareGift can be found on its website at

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

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


Mr. Derek Mitchell

Ogilvy Financial, Beijing

Tel: +86 (10) 8520-6284


In the United States:

Ms. Jessica Barist Cohen

Ogilvy Financial, New York

Tel:  +1-646-460-9989


In the United Kingdom:

Mr. Tim Feather / Mr. Richard Baty

Westhouse Securities Limited, London

Tel: +44 (0) 20-7601-6100


Source: ReneSola Ltd
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