CHANGZHOU, China, Nov. 22 /PRNewswire/ -- 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 .
