Sky Solar Holdings, Ltd. Announces Striking Out of Winding-up Petition




HONG KONG, Oct. 07, 2020 (GLOBE NEWSWIRE) -- Sky Solar Holdings, Ltd. (NASDAQ: SKYS) (“Sky Solar” or the “Company”), a global developer, owner and operator of solar parks, today announced that on October 6, 2020, the winding up petition (the “Winding Up Petition”) in respect of the Company filed by Hudson Capital Solar Infrastructure GP, LP, in its capacity as general partner of Hudson Solar Cayman LP, was struck out by the court in the Cayman Islands. As the Company previously announced, on September 8, 2020 Square Acquisition Co.’s tender offer (the “Offer”) to purchase all of the issued and outstanding ordinary shares, par value US$0.0001 each, of Sky Solar (the “Ordinary Shares”) including all Ordinary Shares represented by American depositary shares (the “ADSs,” each representing twenty Ordinary Shares) expired. Through the Offer, Square Acquisition Co. accepted for payment all Ordinary Shares (including Ordinary Shares represented by ADSs) validly tendered (and not validly withdrawn) pursuant to the Offer, and Ordinary Share and ADS holders whose Ordinary Shares and ADSs were accepted in the Offer were paid $0.30 per Ordinary Share or $6.00 per ADS, less certain taxes and fees. The offeror group for the Offer (the “Offeror Group”) includes Japan NK Investment K.K., IDG-Accel China Capital L.P., IDG-Accel China Capital Investors L.P., Jolmo Solar Capital Ltd., CES Holding Ltd., Jing Kang, Bin Shi, Sino-Century HX Investments Limited, Kai Ding, TCL Transportation Holdings Limited, Esteem Venture Investment Limited, Mamaya Investments Ltd, Xanadu Investment (H.K.) Limited, Abdullateef A. AL-Tammar, Development Holding Company Ltd., Bjoern Ludvig Ulfsson Nilsson, Square Acquisition Co. and Square Limited.

Following the completion of the Offer and the striking out of the Winding Up Petition, the Company and Square Acquisition Co. intend to effect the previously announced merger (the “Merger”), with the Company as the surviving entity. At the effective time of the Merger, each outstanding Ordinary Share (other than those held by Offeror Group) will be converted into the right to receive US$0.30 in cash per Ordinary Share, without interest and less any required withholding taxes; and each ADS issued and outstanding immediately prior to the effective time, together with the underlying Ordinary Shares represented by such ADS, shall be cancelled in exchange for the right to receive US$6.00 in cash per ADS without interest and less any ADS cancellation fees and other related fees and withholding taxes. Instructions outlining the steps required to be taken to obtain the merger consideration will be provided to Sky Solar’s shareholders who did not tender their Ordinary Shares and/or ADSs in the Offer. The Offeror Group has previously announced that following the Merger they intend to seek the delisting of the ADS from NASDAQ and to cause the Company to terminate the registration of the Company’s securities under the Securities Exchange Act of 1934, as amended.








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