Updates

Renesola - US$120m bond placing

April 2007

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

The fundraising we anticipated in the January issue of Sharewatch has arrived - although coming in the form of a Renminbi-denominated, US dollar-settled convertible bond issue. The five year bonds carry an interest rate of just 1%. Deutsche Bank AG Hong Kong branch has been appointed as a placing agent and under the terms of the placing agreement, up to US$120m will be placed with a conversion price of 588p per share, which would dilute the equity by approximately 9.5%. Renesola will use the funds for capex, working capital and general corporate purposes. Results will be announced the week commencing 23 April and with the US$120m raised capital being well over the US$50m we had been expecting, it seems certain Renesola will be ...

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