China Ming Yang Wind Power Group Limited (NYSE: MY) , a wind energy solution provider in China, today announced the completion of its merger with Regal Ally Limited, a wholly-owned subsidiary of Regal Concord Limited, pursuant to a merger plan and agreement dated February 2, 2016. As a result of the merger, the China Ming Yang Wind Power ceased to be a publicly-traded company and became a wholly-owned subsidiary of Regal Concord Limited.
The terms of the merger agreement were approved by the Company’s shareholders at an extraordinary general meeting held on June 6, 2016.
Shareholders of record as of the Effective Time in the agreement who are entitled to the merger consideration will receive a letter of transmittal and instructions on how to surrender their share certificates in exchange for the merger consideration (net of any applicable withholding taxes). Shareholders should wait to receive the letter of transmittal before surrendering their share certificates. ADS holders of record as of the Effective Time who are entitled to the merger consideration will automatically receive from the ADS Depositary, US$2.51 per each ADS held by them (less an ADS cancellation fee of US$0.05 per ADS) in cash, without interest and net of any applicable withholding taxes, in exchange for the surrender and cancellation of such ADSs.
China Ming Yang Wind Power also announced today that it requested that trading of its ADSs on the New York Stock Exchange be suspended.
The Company intends to suspend its reporting obligations under the Securities Exchange Act of 1934, as amended, by filing a Form 15 with the SEC. The Company’s obligation to file with the SEC certain reports and forms, including Form 20-F and Form 6-K, will be suspended immediately as of the filing date of the Form 15 and will terminate once the deregistration becomes effective.
This post was prepared by Solar Thermal Magazine staff.