FOLLOW-ON PUBLIC OFFERING ON THE NYSE
June 18 2008 - 3:08AM
UK Regulatory
RENESOLA LTD
FOLLOW-ON PUBLIC OFFERING ON THE NYSE
ReneSola Ltd ("ReneSola" or the "Company"), a leading global manufacturer of
solar wafers, is pleased to announce further details of its follow-on public
offering of American Depositary Shares ("ADSs") (the "Offering").
(Logo: http://www.newscom.com/cgi-bin/prnh/20080506/CNTU030 )
Details of the Offering
A total of 9,000,000 ADSs, each representing two shares of the Company, are
being sold in the Offering at a price of US$20.50 per ADS.
Of the ADSs to be sold in the Offering, 8,577,220 ADSs represent new shares
being issued by ReneSola and 422,780 ADSs are being sold by certain selling
shareholders (the "Selling Shareholders"), including certain directors of the
Company, further details of which are set out below. In addition, the
underwriters have been granted a 30-day option to purchase up to 972,720
additional ADSs from ReneSola and an aggregate of 377,280 additional ADSs from
the Selling Shareholders to cover over-allotments.
The Company's ADSs will be traded on the New York Stock Exchange under the
ticker symbol "SOL." The ticker symbol of the Company's shares on the AIM
market of the London Stock Exchange ("AIM") will remain "SOLA."
Credit Suisse Securities (USA) LLC and Deutsche Bank Securities Inc. are
acting as joint book runners and Piper Jaffray & Co., Lazard Capital Markets
LLC and Oppenheimer & Co. Inc. are acting as co-managers for the Offering.
The underwriters expect to deliver the ADSs to purchasers on or about 23 June
2008.
ReneSola's registration statement relating to the ADSs sold in the Offering
has been declared effective by the United States Securities and Exchange
Commission. This news release does not constitute an offer to sell or a
solicitation of an offer to buy the securities described herein, nor shall
there be any sale of these securities in any state or jurisdiction in which
such an offer, solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or jurisdiction.
The Offering is made only by means of a prospectus forming a part of the
effective registration statement. A copy of the prospectus relating to the
offering may be obtained by contacting Credit Suisse Securities (USA) LLC,
Eleven Madison Avenue, New York, New York 10010-3629, or by telephone at
1-800-221-1037; or by contacting Deutsche Bank Securities Inc., Attn:
Prospectus Department, 100 Plaza One, Floor 2, Jersey City, NJ 07311-3901, by
telephone at 1-800-503-4611, or by e-mail at prospectusrequest@list.db.com.
Separate from the Offering, the Company will issue 28,000 shares to Panjian
Li, Chief Strategy Officer of ReneSola, following his notification of exercise
of options. The shares resulting from the exercise will be converted into ADSs
and sold in the Offering.
Application for admission to AIM has been made for the 17,182,440 new shares
represented by the ADSs being sold by the Company and the new ADSs being sold
by Panjian Li in the Offering. Admission is expected to take place on or about
24 June 2008, following the anticipated closing of the Offering on or about 23
June 2008.
On closing of the Offering, before any exercise of the over-allotment option,
there will be 135,667,472 shares in issue.
Details of the Selling Shareholders
A total of 422,780 ADSs, representing 845,560 shares, are being sold by
Selling Shareholders in the Offering. In addition, under the over-allotment
option, the underwriters may purchase a further 377,280 ADSs from the Selling
Shareholders within 30 days of the date of the final prospectus.
Details of the effect of shares being sold in the Offering (before the
exercise of the over-allotment option) on the ownership interests of the
Selling Shareholders, as well as details of the shares held by the Selling
Shareholders which are subject to the over-allotment option, are set out
below. Ownership interests are calculated based on each person's proportionate
interest in the Company.
Shares
Beneficially Shares Shares % held
Owned Prior Being Sold Beneficially following Shares Subject to
to This In This Owned After the the Over-
Offering Offering This Offering Offering Allotment Option
Xianshou Li 23,863,437 298,604 23,564,833 17.4 298,604
(Director and
Chief Executive
Officer of
ReneSola) (1)
Yuncai Wu 10,476,505 131,155 10,345,350 7.6 131,155
(Director and Vice
President of
ReneSola) (2)
Zhengmin Lian 13,387,732 167,059 13,220,673 9.7 167,059
(Director of
Zhejiang Yuhui
Solar Energy
Source Co., Ltd.)
(1)
Xiangjun Dong 10,477,355 130,742 10,346,613 7.6 130,742
(Director of
Zhejiang Yuhui
Solar Energy
Source Co., Ltd.)
(3)
Charles Xiaoshu 273,333 60,000 213,333 0.16 15,000
Bai
(Chief Financial
Officer of
ReneSola)
Panjian Li 48,000 48,000 - - 12,000
(Chief Strategy
Officer of
ReneSola) (4)
Binghua Huang 20,000 10,000 10,000 0.01 -
(Director and
Chief Technology
Officer of
ReneSola)
(1) The shares held beneficially and expected to be sold in the Offering are
held through Ruixin Holdings Limited, a company owned and controlled by
Xianshou Li.
(2) The shares held beneficially and expected to be sold in the Offering are
held through Yuncai Holdings Limited, a company which is owned and controlled
by Yuncai Wu.
(3) The shares held beneficially and expected to be sold in the Offering are
held through Ruixin Holdings Limited and Yuncai Holdings Limited.
(4) Panjian Li has notified the Company of an exercise of options for 28,000
shares, which, following their issue, are expected to be sold as part of the
Offering.
Lock-up Agreements
Each of the Selling Shareholders and the remaining directors and executive
officers of the Company has agreed, subject to certain exceptions, not to
transfer or dispose of, directly or indirectly, any shares in the Company, in
the form of ADSs or otherwise, or any securities convertible into or
exchangeable or exercisable for shares in the Company, in the form of ADSs or
otherwise, for a period of 90 days from the date of the final prospectus.
After the 90 day period, the shares which are subject to the lock-up
agreements may be sold subject to the restrictions under Rule 144 of the US
Securities Act of 1933 or by means of a registered public offering.
Enquiries:
In China:
Charles Bai, CFO
ReneSola Ltd
Tel: +86 573 8477 3061
Email: charles.bai@renesola.com
Mr. Derek Mitchell
Ogilvy Public Relations Worldwide (Beijing)
Tel: +86 (10) 8520-6284
E-mail: derek.mitchell@ogilvy.com
In the United States:
Mr. Jeremy Bridgman
Ogilvy Public Relations Worldwide (New York)
Tel: +1 (212) 880-5363
E-mail: jeremy.bridgman@ogilvypr.com
In the UK:
Tim Feather/Richard Baty
Hanson Westhouse Limited
Tel: +44 20 7601 6100
Email: tim.feather@hansonwesthouse.com
About ReneSola
ReneSola Ltd ("ReneSola") (AIM: SOLA, NYSE: SOL) is a leading global
manufacturer of solar wafers, which are thin sheets of crystalline silicon
material primarily used in the production of solar cells. ReneSola has
accumulated extensive experience and expertise in developing and using
monocrystalline wafer production technologies, has expanded operations into
multicrystalline wafer production and has moved upstream into virgin
polysilicon manufacturing. ReneSola maintains dedicated raw material
procurement personnel in China, the United States and Singapore and possesses
a global network of suppliers and customers that include some of the leading
global manufacturers of solar cells and modules. For more information about
ReneSola, please visit www.renesola.com.
END
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