Share holders in solar wafer company Renesola have voted to cancel its AIM quotation so that it can concentrate on its New York Stock Exchange listing. Renesola joined AIM in August 2006 and subsequently obtained a listing of its ADSs on the NYSE in January 2008. The company says that an increasing amount of the trading is on the NYSE and it will save a significant sum of money by dropping the AIM quotation.
The AIM quotation should be cancelled on 30 November or at least by the end of the year. Ordinary shareholders can exchange two shares for one ADS.
ReneSola has won two wafer supply contracts with customers in Taiwan. These contracts cover 836MW of wafer supply between July 2010 to December 2013. That equates to roughly 240MW of additional annual demand and further strengthens the 2011 order book.
Broker KBC Peel Hunt forecasts that sales will more than double to $1.13bn in 2010 and predicts a swing from a loss of $99.8m last year to $156.7m this year.
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