Trina Solar Announces Shareholders Vote to Approve Going-Private Transaction
Trina Solar Limited, a global leader in photovoltaic (“PV”) modules, solutions, and services, recently announced that the Company’s shareholders voted in favor of, among others, the proposal to authorize and approve (i) the previously announced agreement and plan of merger (the “Merger Agreement”) dated August 1, 2016 by and among Fortune Solar Holdings Limited (“Parent”), Red Viburnum Company Limited (“Merger Sub”) and the Company, pursuant to which Merger Sub will be merged with and into the Company with the Company continuing as the surviving company as a wholly-owned subsidiary of Parent after the merger (the “Merger”), (ii) the plan of merger required to be filed with the Registrar of Companies of the Cayman Islands, substantially in the form attached to the Merger Agreement (the “Plan of Merger”), and (iii) any and all transactions contemplated by the Merger Agreement, including the Merger.
Approximately 97.7% of the Company’s total outstanding ordinary shares were present in person or by proxy at today’s extraordinary general meeting. Of the ordinary shares voted in person or by proxy at the extraordinary general meeting, approximately 97.8% were voted in favor of the proposal to authorize and approve the Merger Agreement, Plan of Merger and any and all transactions contemplated by the Merger Agreement, including the Merger. A two thirds (2/3) majority of the voting power represented by the ordinary shares of the Company present and voting in person or by proxy at the extraordinary general meeting was required for approving the Merger.
The parties to the Merger Agreement are continuing to work diligently towards satisfaction of all other closing conditions set forth in the agreement. Upon completion of the Merger, the Company will become a privately held company and its American depositary shares (the “ADSs”) will no longer be listed or traded on any stock exchange, including the New York Stock Exchange, and the Company’s ADS program would be terminated.
