Sky Solar announces ADS ratio change
Sky Solar Holdings announced that it will change its American Depositary Share to its ordinary share ratio from one ADS representing eight Ordinary Shares to one ADS representing twenty Ordinary Shares. The Company anticipates that the ADS Ratio Change will be effective on November 8, 2019. Following the Effective Date of the ADS Ratio Change, each ADS will represent twenty Ordinary Shares. Holders of existing ADSs will be required to surrender their existing ADSs in exchange for new ADSs and will receive 0.4 new ADS for every 1 existing ADS surrendered to Citibank, N.A., the depositary of the Company's ADR facility. No fractional ADSs will be issued in connection with the ADS Ratio Change and cash-in-lieu of fractional entitlements to ADSs will be distributed at a rate based upon the net proceeds from the sale of the aggregate of the fractional new ADSs. No action is required by the Company's ADS holders to effect the ADS Ratio Change. There will be no change to the Company's underlying Ordinary Shares.