Key Developments: China Hydroelectric Corp (CHC.N)
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Latest Key Developments (Source: Significant Developments)
China Hydroelectric Corp Completes Sale Of Yuheng Hydroelectric Power Project
China Hydroelectric Corp announced that it has closed previously announced sale of the Yuheng hydroelectric power project, a 30 megawatt (MW) project located in Fujian province. This sale, for total consideration of approximately $44.3 million, has resulted in net proceeds of $20.8 million to the Company after the assumption of debt by the buyer. The Company previously announced the sale of the Yuheng hydroelectric power project on October 18, 2012. Full Article
China Hydroelectric Corp Appoints Interim CEO, Chairman
China Hydroelectric Corp announced that on October 15, 2012, the Company's board of directors appointed Dr. You-Su Lin as its interim Chief Executive Officer (CEO) and Mr. Amit Gupta as the Chairman of the board. Full Article
China Hydroelectric Corp Announces Dismissal of Complaint Against Shareholder Group
China Hydroelectric Corp announced that it has dismissed the complaint (the Complaint) it filed in the United States District Court for the Southern District of New York against NewQuest Capital Management (Cayman) Limited, NewQuest Asia Fund I (G.P.) Ltd., NewQuest Asia Fund I, L.P., CPI Ballpark Investments Ltd, Swiss Re Financial Products Corp., China Environment Fund III, L.P., China Environment Fund III Management, L.P., China Environment Fund III Holdings Ltd., Donald C. Ye, Shelby Chen, Michael Li, Larry Zhang, Ian Zhu, Aqua Resources Asia Holdings Limited, Aqua Resources Fund Limited, FourWinds Capital Management, Abrax, Abrax Limited, IWU International Ltd. (collectively the "Shareholder Group"). The Company dismissed the Complaint against the Shareholder Group without prejudice as a precursor to the Company and the Shareholder Group entering into good faith negotiations to resolve the current proxy dispute. Full Article
China Hydroelectric Corp Files Complaint Against Insurgent Group In Federal Court
China Hydroelectric Corp announced that on September 10, 2012, the Company filed a complaint in the United States District Court for the Southern District of New York (the Court), naming as defendants NewQuest Capital Management (Cayman) Limited, NewQuest Asia Fund I (G.P.) Ltd., NewQuest Asia Fund I, L.P., CPI Ballpark Investments Ltd, Swiss Re Financial Products Corp., China Environment Fund III, L.P., China Environment Fund III Management, L.P., China Environment Fund III Holdings Ltd., Donald C. Ye, Shelby Chen, Michael Li, Larry Zhang, Ian Zhu, Aqua Resources Asia Holdings Limited, Aqua Resources Fund Limited, FourWinds Capital Management, Abrax, Abrax Limited, IWU International Ltd. (collectively the Insurgent Group). The Complaint alleges that the Insurgent Group violated Section 13(d) of the Securities Exchange Act of 1934, as amended, by failing to file on a timely basis accurate disclosures required under the federal securities laws. Specifically, the Complaint alleges that the Insurgent Group has been secretly planning to take control of the Company for an extended but unknown period of time. The Complaint alleges that the Insurgent Group violated the federal securities laws by failing to make timely disclosure of their plans and by making misleading disclosures and omitting material facts in the disclosures they finally made to shareholders of the Company and the Securities and Exchange Commission. Full Article
China Hydroelectric Corp Announces Management Change
China Hydroelectric Corp announced that on August 22, 2012, James Tie Li resigned as President of the Company. The Board has accepted Mr. Li's resignation and was informed that Mr. Li resigned for reasons unrelated to actions recently taken by certain shareholders of the Company. Full Article
China Hydroelectric Corporation Announces Closing Of Sale Of 16 MW Yuanping Hydroelectric Power Project
China Hydroelectric Corporation announced that it has closed the previously announced sale of 100% of the Yuanping hydroelectric power project, a 16 megawatt (MW) project located in Fujian province, for total consideration of $22.2 million, resulting in $11.3 million net proceeds to the Company after the assumption of debt by Mr. You Lang Fei, the eventual buyer. Full Article
China Hydroelectric Corporation Announces Sale Of 16 MW Yuanping Hydroelectric Power Project
China Hydroelectric Corporation announced the Company has entered into an Equity Purchase and Sale Agreement with Fujian Dachuang Group to sell its Yuanping hydroelectric power project, a 16 megawatt (MW) project located in Fujian province, for total consideration of $22.0 million , including the assumption of debt by the buyer. The sale of the project is expected to close in early 2012 and will result in a small profit to the Company. Full Article
China Hydroelectric Corporation Announces Sale of $10 million Of Ordinary Shares To Vicis Capital Master Fund
China Hydroelectric Corporation announced that it has sold 8,662,509 of its ordinary shares, the equivalent of 2,887,503 American Depository Shares (ADS) of the Company, to Vicis Capital Master Fund ("Vicis") for $1.15 per ordinary share (the equivalent of $3.45 per ADS, each of which represents 3 ordinary shares), thereby generating gross proceeds to the Company of $10 million. The purchase was made by way of the partial exercise of an existing warrant held by Vicis to purchase up to 18,666,666 ordinary shares of the Company, which originally had an exercise price of $5.00 per ordinary share. Full Article
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