VivoPower International PLC Announces Continued Progress on the Sale of its US Solar Portfolio
24 Dezembro 2018 - 8:35PM
VivoPower International PLC (“VivoPower”, the “Company”), an
international solar power company, today announced that it is in
advanced discussions on the sale of its US solar portfolio with
short listed parties who have completed their commercial due
diligence processes. VivoPower has received bids for the entire
portfolio as well as bids for individual projects and it is working
through an optimization exercise with the short listed parties to
ensure maximum proceeds from a sale are achieved.
Following the retirement of Edward Hyams from
the VivoPower board, the Company has also been progressing a
recruitment process to identify and appoint a suitably qualified
independent director to join the board, who is qualified to be a
member of the company’s audit committee. The Company’s audit
committee currently comprises two independent directors as well as
the executive chairman. The recruitment process is consistent with
and in accordance with a letter that the Company received from The
Nasdaq Stock Market, dated December 18, 2018 confirming that the
Company’s audit committee should be comprised of at least three
independent members in order to comply with Nasdaq Listing Rule
5605. The letter also confirms that in accordance with Marketplace
Rule 5605(c)(4), VivoPower has until (i) the earlier of the
Company’s next annual shareholders’ meeting or November 18, 2019;
or (ii) if the next annual shareholders’ meeting is held before May
15, 2019, to appoint such a qualified independent director in order
to be compliant with Nasdaq Listing Rule 5605. VivoPower expects to
make an appointment early in the new year in this regard.
About VivoPower International
PLC
VivoPower is an international solar power
producer that develops, owns and operates PV solar projects in a
capital efficient manner. VivoPower partners with long-term
investors, suppliers and developers to accelerate the growth of its
portfolio of solar projects. In addition, the Company provides
critical energy infrastructure solutions to commercial and
industrial customers throughout Australia.
Forward-Looking Statements
This communication includes certain statements
that may constitute “forward-looking statements” for purposes of
the U.S. federal securities laws. Forward-looking statements
include, but are not limited to, statements that refer to
projections, forecasts or other characterizations of future events
or circumstances, including any underlying assumptions. The
words “anticipate,” “believe,” “continue,” “could,” “estimate,”
“expect,” “intends,” “may,” “might,” “plan,” “possible,”
“potential,” “predict,” “project,” “should,” “would” and similar
expressions may identify forward-looking statements, but the
absence of these words does not mean that a statement is not
forward-looking. Forward-looking statements may include, for
example, statements about the benefits of the events or
transactions described in this communication and the expected
returns therefrom. These statements are based on VivoPower’s
management’s current expectations or beliefs and are subject to
risk, uncertainty and changes in circumstances. Actual results may
vary materially from those expressed or implied by the statements
herein due to changes in economic, business, competitive and/or
regulatory factors, and other risks and uncertainties affecting the
operation of VivoPower’s business. These risks, uncertainties and
contingencies include changes in business conditions, fluctuations
in customer demand, changes in accounting interpretations,
management of rapid growth, intensity of competition from other
providers of products and services, changes in general economic
conditions, geopolitical events and regulatory changes and other
factors set forth in VivoPower’s filings with the United States
Securities and Exchange Commission. The information set forth
herein should be read in light of such risks. VivoPower is under no
obligation to, and expressly disclaims any obligation to, update or
alter its forward-looking statements whether as a result of new
information, future events, changes in assumptions or
otherwise.
Contact:
Julie-Anne Byrne
Investor Relations
shareholders@vivopower.com
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