Solar ♦ news digest First Solar implores
stockholders to reject tender offer
The cadmium telluride (CdTe) firm has been offered a mini tender offer by TRC Capital Corporation
First Solar has been notified of an unsolicited “mini- tender” offer by TRC Capital Corporation (TRC) to purchase up to 2 million shares, or approximately 2.3 percent, of the firm’s outstanding common stock at a price of $30 per share in cash.
TRC’s offer price is approximately 5 percent less than the $31.58 closing price of First Solar’s common stock on January 22nd, 2013, the day before the mini-tender offer commenced.
First Solar does not endorse TRC’s mini-tender offer and recommends that First Solar stockholders do not tender their shares in response to the offer because it is a mini-tender offer at a price below the market price for First Solar shares (as of the date First Solar received notice of the offer) and is subject to numerous conditions.
According to TRC’s offer documents, First Solar stockholders who have already tendered their shares may withdraw their shares at any time prior to 12:01 a.m. New York City time, on February 22nd, 2013, the expiration date set forth in the offer documents (unless extended), by following the procedures described in the offer documents.
First Solar urges stockholders to obtain current market quotes for their shares, to review the conditions to TRC’s mini-tender offer, to consult with their brokers or financial advisors and to exercise caution with respect to this mini-tender offer. First Solar says it is not associated with TRC, its mini- tender offer or the offer documentation.
TRC has made many similar mini-tender offers for shares of other companies. Mini-tender offers are designed to seek to acquire less than 5 percent of a company’s outstanding shares, thereby avoiding many disclosure and procedural requirements of the Securities and Exchange Commission (SEC) that apply to offers for more than 5 percent of a company’s outstanding shares. As a result, mini- tender offers do not provide investors with the same
level of protections as provided by larger tender offers under United States securities laws.
The SEC has cautioned investors about these offers, noting that “some bidders make mini-tender offers at below-market prices, hoping that they will catch investors off guard if the investors do not compare the offer price to the current market price.”
QuickerTek CIGS 62 W Solar Juicz charger powers Apple products
Apple MacBook Pro, Retina display and MacBook Air users now have the freedom solar power offers and the satisfaction of lowering the carbon footprint
QuickerTek, a provider of mobile power and wireless networking products to Apple computers, has revealed a 62 Watt (W) Solar Juicz solar power charger.
The company claims its new, higher performance solar charger is faster and packs more power in a smaller size.
QuickerTek believes it has improved efficiency of more than 39 percent over the previous Solar Juicz model as a direct result of using new technology as well as a philosophy of continual improvement.
Faster charge time is provided by higher wattage (62 W vs 55 W of the previous model).
62 W Solar Juicz charger
What’s more, users can charge the laptop battery while using the Solar Juicz at the same time - something not always possible using other solar products. If you have sunlight, you have power,
January/February 2013
www.compoundsemiconductor.net 159
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