Key Developments: AU Optronics Corp (AUO)
24 May 2013
Latest Key Developments (Source: Significant Developments)
Au Optronics Corp announced that its follow-on public offering of 74,000,000 American Depositary Shares (ADSs), each representing 10 common shares of the Company, was priced at $4.4 per ADS. AUO has granted the underwriters an option to purchase up to an additional 6,000,000 ADSs solely to cover over-allotments. AUO expects to receive net proceeds of approximately $322.2 million, or $348.3 million if the underwriters exercise their over-allotment option in full, after deducting underwriting discounts. AUO intends to use the net proceeds to fund purchases of raw materials and components from overseas. Full Article
AU Optronics Corp. announced that it will pay no dividend to shareholders for fiscal year 2012. Full Article
Au Optronics Corp signed patent cross-license agreements with E-Ink Holdings (E-Ink) and Hydis Technologies Co., Ltd. (Hydis), E-Ink's South Korean subsidiary, respectively. The parties have agreed to cross license specified patents owned by each party. AUO, E-Ink and Hydis have all invested R&D resources in advanced display technologies and each has established and comprehensive patent portfolios. To respect each other's intellectual property, the parties have agreed to grant licenses to specific patents that each owns. Under the terms of the agreement, which will be effective for ten years, the parties will be able to use the specified proprietary technologies of the other. Full Article
Ja Solar Holdings Co Ltd's JA Solar Hong Kong Limited Enters Into Share Transfer Agreement With AU Optronics Corp.'s M.SETEK Co., Ltd.
Ja Solar Holdings Co Ltd announced that it entered into a share transfer agreement (the Agreement) on July 23, 2012 with M.SETEK Co., Ltd. (M.SETEK), a polysilicon and solar wafer manufacturer in Japan controlled by AU Optronics Corp. Pursuant to the Agreement, M.SETEK will transfer its 65% equity interest in Hebei Ningjin Songgong Semiconductor Co., Ltd. (Ningjin Songgong) to JA Solar Hong Kong Limited (JA Hong Kong), a wholly-owned subsidiary of the Company, for RMB247.0 million (USD38.9 million). The parties expect to complete the share transfer by the end of this year. Under the framework agreement, M.SETEK agreed to: use the dividends distributed by Ningjin Songgong to repay part of the prepayments; transfer its 65% equity interest in Ningjin Songgong to the Company at an appraisal price, which will be used to offset part of the remaining unused prepayments; and continue to deliver polysilicon to fully utilize the remaining unused prepayments, if any. Upon the consummation of the share transfer, Ningjin Songgong will be 65% owned by JA Hong Kong, 32.7% beneficially owned by Mr. Baofang Jin, executive chairman of the board of directors of JA Solar and general manager of Ningjin Songgong, and 2.3% beneficially owned by several third-party individuals. Full Article
Toshiba Corporation, LG Electronics Inc and AU Optronics Corp. To Settle Display Panel Price-Fixing Case-Reuters
Reuters reported that Toshiba Corporation, LG Electronics Inc and AU Optronics Corp. have agreed to pay a combined $571 million to settle a lawsuit over price fixing in the liquid crystal display panel market, according to an attorney for the plaintiffs. Joseph Alioto, a San Francisco attorney who was co-lead counsel for a class of consumers suing the companies, said the amount includes $27.5 million in civil penalties for eight state governments. Seven other LCD manufacturers had reached an earlier settlement for $538.5 million, which was approved on Wednesday by U.S. District Judge Susan Illston. The two settlements mean total recovery for consumers nears $1.1 billion. The class action alleged a detailed conspiracy from 1996 through 2006 to fix LCD prices, resulting in higher prices for buyers of televisions, laptops and other electronics. Full Article
AU Optronics Corp. announced that it will pay a cash dividend of NTD 3,530,818,214 in total to shareholders of record on July 13, 2011. The Company's shares will be traded ex-dividend on July 7, 2011. Full Article
BrandsMart Sues Samsung Electronics, LG, AU Optronics Corp., Toshiba Among Others For Alleged Price Fixing-DJ
Dow Jones reported that Electronics retailer BrandsMart USA Inc. has filed a lawsuit with the U.S. federal court in Florida against a slew of Asian flat panel makers, including Samsung Electronics Co., Ltd., LG Display Co. Ltd., AU Optronics Corp. and Toshiba Corp., for allegedly fixing the prices of liquid crystal displays. The listed companies have formed an 'international cartel' to eliminate competition and fix the prices of LCD panels used in consumer electronics, ranging from cell phones to televisions, from 1996 to 2006, according to a court filing in the U.S. 'During the relevant period, the conspiracy affected billions of dollars of commerce throughout the United States.' About 35 companies, including units of some of the LCD makers, are named as defendants in the lawsuit. Full Article
TAIPEI, April 30 - Taiwan's AU Optronics Corp , the world's No.4 LCD maker, posted a smaller-than-expected loss in the first quarter on Tuesday as panel shipments for tablet PCs and high-definition TVs increased.