Conyers acted as Bermuda counsel to Hanergy Thin Film Power Group Limited (“Company”) in connection with its privatisation by way of a scheme of arrangement and its subsequent delisting from the Hong Kong Stock Exchange.
The Company is a high-tech energy enterprise. It offers equipment and end-to-end manufacturing lines for the mass production of thin film silicon solar modules. The offeror is the controlling shareholder of the Company. The ultimate objective of the proposal is to pave the way for the businesses of the Company to be put under a company to be listed on a stock exchange in the PRC.
While cash consideration is prevalent in schemes of arrangement in the market, the proposal provides that all the scheme shares be cancelled and in consideration of which the scheme shareholders will be entitled to receive one share of a BVI company for each scheme share cancelled.
Counsel Angie Chu and Hanifa Ramjahn of Conyers’ Hong Kong office advised on the matter working alongside Howse Williams.