December 14 (SeeNews) - China Wind Power International Corp (TSX-V:CNW), a Canada-incorporated firm that develops wind projects in China, has sold all of its assets to its controlling shareholder and will dissolve voluntarily “as soon as practicable”.
The Ontario-based firm said Tuesday that the transaction value was a bit over CAD 12.3 million (USD 9.4m/EUR 8.8m), including the assumption of about CAD 3.73 million in debt. British Virgin Islands-based Ruihao Trust paid CAD 2.86 million in cash and will cover the remaining portion with a CAD-5.72-million interest-bearing promissory note.
Following the payment of all or substantially all existing liabilities, the remaining balance of the purchase consideration will be distributed to shareholders of China Wind Power. Each of them, other than Ruihao, is expected to receive CAD 0.1314 cash distribution per common share held in the dissolving firm.
Prior to the transaction, Ruihao Trust owned a 68.19% stake in China Wind Power. The arrangement has been approved by the Ontario Superior Court of Justice in October.
(CAD 1.0 = USD 0.760/EUR 0.716)