GCL-Poly abandons $35m fundraising exercise

• Today's announcement indicates either the board or the listing board of the Hong Kong exchange where the business is noted put a spanner in the jobs.

Hong Kong-listed solar business GCL-Poly has actually introduced its strategies to elevate HK$ 269 million (US$ 35 million) to pay down debts have actually lapsed.

GCL-Poly Power Holdings on April 28 revealed its intent to issue 1.3 billion shares-- which would have comprised 6.15% of the enlarged company-- priced at HK$ 0.209 (US$ 0.026) each.

The moms and dad company of the polysilicon as well as wafer manufacturer as well as greatly indebted solar job programmer claimed the fundraising workout would produce HK$ 272 million for the business, for a return of HK$ 269 million after expenses, with the windfall earmarked to pay off financial obligation and also for "general business purposes."

GCL extended the 'long quit' date for the workout up until today, via an upgrade on May 15, pointing out longer time required to accomplish the conditions criterion for the shares issuance, but today the firm acknowledged at least one of those conditions had actually not been satisfied as well as the proposed fundraising would certainly gap.

The initial plan discussed only 2 problems for the placement: approval by the GCL-Poly board as well as the listing board of the Hong Kong exchange.