Published:
Trina Solar Adopts Shareholder Rights Plan
CHANGZHOU, China, Nov. 21 /PRNewswire-FirstCall/ -- Trina Solar Limited
(NYSE: TSL) ("Trina Solar" or the "Company"), a leading integrated
manufacturer of solar photovoltaic products from the production of ingots,
wafers and cells to the assembly of PV modules, today announced that its Board
of Directors has adopted a shareholder rights plan (the "Rights Plan"). The
Rights Plan is designed to protect the best interests of Trina Solar and its
shareholders.
One ordinary share purchase right (a "Right") will be distributed with
respect to each ordinary share of Trina Solar outstanding at the close of
business on December 1, 2008. Initially, the Rights will be evidenced by the
certificates representing outstanding ordinary shares, and no separate Rights
certificates will be distributed. Subject to limited exceptions, the Rights
will be exercisable if a person or group acquires 15% or more of the Company's
voting securities or announces a tender offer for 15% or more of the voting
securities ("Trigger Event"). The exercise price is set at US$1.86 per Right
to purchase one ordinary share (each American depositary share represents 100
ordinary shares), subject to adjustment when there is a Trigger Event. The
Company's Board of Directors will be entitled to redeem the Rights at
US$0.00001 per Right at any time before a person or group has acquired 15% or
more of the Company's voting securities.
The Rights are intended to enable all of the Company's shareholders to
realize the long-term value of their investment in the Company. The Rights
are designed to ensure that the Company's shareholders receive fair treatment
in the event of any proposed takeover of the Company and to encourage anyone
seeking to acquire the Company to negotiate with the Board of Directors prior
to attempting a takeover. The Rights are not being distributed in response to
any specific effort to acquire control of the Company.
About Trina Solar Limited
Trina Solar Limited (NYSE: TSL) is a well recognized manufacturer of high
quality modules and has a long history as a solar PV pioneer since it was
founded in 1997 as a system installation company. Trina Solar is one of the
few PV manufacturers that has developed a vertically integrated business model
from the production of monocrystalline and multicrystalline ingots, wafers and
cells to the assembly of high quality modules. Trina Solar's products provide
reliable and environmentally-friendly electric power for a growing variety of
end-user applications worldwide. For further information, please visit Trina
Solar's website at http://www.trinasolar.com .
For more information, please contact:
Trina Solar Limited
Terry Wang, CFO
Phone: +86-519-8548-2008 (Changzhou)
Thomas Young, Director of Investor Relations
Phone: +86-519-8548-2008 (Changzhou)
Email: ir@trinasolar.com
CCG Investor Relations
Crocker Coulson, President
Phone: +1-646-213-1915
Email: crocker.coulson@ccgir.com
Richard Micchelli, Financial Writer
Phone: +1-646-454-4516
Email: richard.micchelli@ccgir.com
SOURCE Trina Solar Limited
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