news digest ♦ Solar
firm Grasset/Fleisher LLP (subsequently merged with a major law firm) and the consultancy firm KBE International, focused on knowledge-based enterprises. Grasset has been an advisor to international organisations including the Sprinkles Global Health Initiative at the renowned Hospital for Sick Children in Toronto and UNICEF. His “Crossing the Pond” initiative was a marquee international technology business development program of Canada’s Department of Foreign Affairs and International Trade.
He has published numerous articles on technology business, policy, law, tax and related issues; and he has chaired numerous conferences on subjects including international transactions and financing, and intellectual property and technology transfer.
Tristram Collins has over 25 years of business experience and holds an MBA from the Amos Tuck School of Business Administration and an AB from Dartmouth College. Currently President of Grassmere Acquisition Corporation and President & CEO of Great Point Holdings, LLC, his recent focus has been on financing and management of high-growth firms, exemplified by AcuStream LLC, Sustainable Building Innovations, and numerous other portfolio companies.
Previously, he was a Director and Senior Managing Executive at Nassau Broadcasting Partners, L.P. where he grew the company from 11 radio stations into the 15th largest radio broadcaster, by station count, in the U.S. He was also previously an investment banking executive with over $85 billion of transaction experience. At Citigroup Global Markets, he was a Managing Director and sector head specialising in broadcasting and media, where he managed global relationships, transactions and mergers and acquisition advisory assignments, including $6 billion of Viacom financings. He also held senior executive positions at Merrill Lynch & Co., where, among other assignments, he helped execute Infinity Broadcasting’s $3.2 billion initial public offering.
“We are honoured that both candidates have accepted being nominated to the Board,” stated Lawrence R. Kunkel, Chairman of Opel. “Their nomination exemplifies the Company’s commitment to enhancing shareholder value, and their integrity and experience will be invaluable to the strategic growth of Opel on a going forward basis.”
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Kunkel added, “Both candidates bring strong knowledge-based and high-value transactional expertise to the Board and will provide solid support to the management team while Opel continues its vision for expanding the vertical and geographic reach of its photovoltaic business, and for realizing optimum value from its proprietary Planar Optoelectronic Technology (POET) semiconductor device manufacturing platform and associated intellectual property portfolio.”
In addition to the Board transition and AGM plans, the Company also announced the grant of additional incentive stock options under its stock option plan to directors of the Company to purchase up to an aggregate of 600,000 common shares, representing 0.65% of the outstanding voting shares of the Company. The stock options are exercisable at a price of CA$1.21 per share, expiring May 11, 2021. The exercise price is the closing price on the day prior to the grant, being May 10, 2011.
There are currently 8,179,000 options outstanding and 92,183,256 voting shares outstanding. The options will vest and be exercisable on the basis of 25% on the date of grant and 25% every six months thereafter. The options were granted subject to provisions of the Company’s stock option plan which was approved by shareholders in June 2009, and subject to the TSX Venture Exchange policies and the applicable securities laws.
GT Solar continue to cash in Asia
The firm has won $91 million worth of orders for its advanced sapphire furnaces from Taiwanese based Alpha Crystal Technology and Tera Xtal and the Lingyang Group based in China.
GT Solar International, a global provider of sapphire and silicon crystalline growth systems and materials for the solar, LED and other specialty markets, has received three new orders totalling $91 million for its advanced sapphire crystallisation furnaces (ASF).
Two of the orders are from customers in Taiwan, Alpha Crystal Technology, a new customer, and Tera Xtal, who last week announced a sapphire material purchase agreement with GT Solar. The
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