I have watched Renesola since its listing many years ago and been an investor for much of that time taking almost total losses. The company should have been making money recently but over the past few years has taken a series of odd decisions, especially if you listen carefully, now perhaps we know why.
There is absolutely no doubt that the chairman Mr Li has such influence over the board, far too much, now to effectively cause them to act against the law with regard to his proposal, which they are now doing.
They will cite legal counsel and shareholder advantage in a thriving project business and lowered debt but that is something for shareholders to decide and has no substance in law pertaining to how the board must conduct the sale of a registered company or the sale of the majority of its assets.
For those that are interested, the BVI law states that a 90% shareholder agreement is necessary for a takeover (which this effectively is) though a 50% shareholder agreement is necessary for a Disposal Of Assets where over 50% of assets are being sold, which they are. Either way, shareholder agreement is mandatory.
Renesola plans not to do this, acting against the law. The fact that some shareholders will wish to support the proposal is irrelevant. The point is that the proposal has to be put to shareholders at at least 50% and probably 90%. Their justification is that this is not necessary because it is the sale of a subsidiary which is irrelevant again. The parent company owns the subsidiary, its assets are presented on a consolidated asset sheet covering all subsidiaries, and it is those assets/businesses that are being sold. Arguing that a shareholder vote can be avoided because it is a subsidiary just expresses how weak a position those pushing this have.
The legal case is very strong. Litigation can be complex, costly and time-consuming and cannot be funded by one individual. If enough are interested then litigation risk and expenses are borne by the lawyers on a no win no fee basis. If anyone would like to be involved and support future litigation, then if enough are interested, I will put the wheels in motion or at least discuss options with you. I will likely set up a site and/or email account contact details for you as soon as enough reply.
The upside to all this is that eventually the company will be given a chance to do what it should always have been doing; that is making a profit for its shareholders rather than profit for Mr Li.
Welcome to a NEW all time low for worthless SOL... while all the other solars are up 100+% in 6 months, bankrupt SOL keeps hitting ALL TIME LOWS.... Having fun yet James???
Over and OUT. Just sold my last 1918 shares today. That big red number was hurting my eyes. Best of luck to ya'll especially solarsoldier. I hope your determination pays off for you. I'll be watching.
This pile of bankrupt poop just hit $2.19.... below $2 soon... and that is after a 1:5 reverse split... and atrocious volume at that...
A room full of coward trolls with not a single one willing to state they are betting against the stock. What does that tell you about the conviction of their beliefs?
Some people, I guess, are unable to make money without resorting to unscrupulous activities. Market parasites.
To James.......... this is the water and this is the well, drink and descend.
I see James is still here riding the turd down the toilet. Hold tight James only needs to go down another 2.1899 to hit the bottom.
When is the Q2 report being released, anyone know?
9,800 shares bought between $2.19-$$2.28 in one block purchase at 10:38:56, more than 50% of today volume, followed by the 500 share sale that dropped the price back down to $2.19.
Is this how supply & demand works?
I haven't sold a single share in Renesola since i started buying mid-2012. I'm not about to start now, so stop wasting everyone's time.
Interesting closing trade;
16:02:03 6 2.21 25383 NYSE
Equal to 33% of the day's volume. Funny how it takes 1,500 shares to drop the price from $2.29 to $2.19, but 33% of the totals days volume in a single block buy raises the price 1cent. Still think I'm crazy?
Another interesting point, @ the closing bell, 12,600 shares were on the Ask @ $2.21 (NYSE), so it strikes me as ODD that an order for more than TWICE this was filled. Price should have moved up to the Ask price. But it didn't, because this stock is manipulated daily.
I suggest everyone research about converting your shares to DRS. Stock registered "in street name" (aka your brokers name) are freely loaned out to people naked shorting your investment, without compensation to you. Remove your shares from the pool that naked shorters from, say, Interactive Brokers use against your investment. Putting a sell-order does nothing. Having your shares in a cash-only account does nothing. Don't want your shares loaned out? Convert to DRS.
With only 25K shares traded, everyone has left the building but James. 25K*2.3=$57.5K...yes, you heard right. If you are holding to 10K shares, good luck to you selling them with that volume...
Open-Interest for Sep. 2017 Put Contracts :: Zero Open-Interest for Oct. 2017 Put Contracts :: 96 Open-Interest for January. 2018 Put Contracts :: Zero Open-Interest for April. 2018 Put Contracts :: Zero
Short-Interest as of 8/31/2017 = 1.9% of the float (down 3.38%)
Aggregate 13F shares on 03/31/2017: 2.56 Million
Aggregate 13F shares on 06/30/2017: 2.952 Million
So who's selling exactly? Clearly no one is shorting. What does that leave? Smoke and mirrors. RJ seems to think I can't articulate an argument for my position, I say "it's all there in black & white". All they can point to is a declining stock price that seems to be defying the laws of supply and demand. That leaves only one explanation.
Prove me wrong?
Which part of negative equity did you not understand?? This garbage is at 46c and is 46c too much. Are you obtuse or did not hear that the CEO wants the company to PAY HIM CASH to take the manufacturing side and bankrupt the company? You've been had. SOL is not worth even negative $5 with all their negative equity. James should be in jail for pumping that fraudulent POS 24x7
Short-interest down another 3.38% to 246,359. Float is 12.93M shares. That puts short-interest at 1.9% of the float.
Find another solar stock that has this low of short-interest. No one will reply because it's another "inconvenient truth" Vs. the alternate picture they are trying to portray.
Did anyone catch the phony offer of 147.5k shares on EDGX @ $2.25? As if that would ever be offered in anything other than a dark pool. ;)
project after project sold and still no forward price momentum?
Why don't you want to talk about the net accumulation of the stock by funds? You know, 13f?!
Why don't you want to talk about Renesola having the LOWEST short-interest in the sector?
Why don't you want to talk about the fact the Put Protection is non-existent? No hedging? How interesting.
You won't even reply to this thread, because the facts are an inconvenient truth to the picture you are trying to present.