TORONTO, ONTARIO--(Marketwired - Oct. 13, 2016) - China Wind Power International Corp. (the "Company") announces that that it has received shareholder approval at the special meeting (the "Meeting") held today to approve the previously announced plan of arrangement (the "Arrangement") involving the Company and Ruihao Trust ("Ruihao"), a major shareholder of the Company. At the Meeting, shareholders of the Company (the "Shareholders") also approved the Company's voluntary dissolution pursuant to Section 237(a) of the Business Corporations Act (Ontario) (the "Dissolution").
At the Meeting, a special resolution approving the Arrangement was approved by approximately 99.98% of the votes cast by Shareholders. In addition, the Arrangement was approved by a simple majority of the Shareholders, excluding Ruihao and any Related Parties (as defined in Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101")) or Joint Actors (as defined in MI 61-101). The Dissolution was also approved by over 99.99% of the votes cast by Shareholders at the Meeting.
The Company expects to seek a final order approving the Arrangement from the Ontario Superior Court of Justice (Commercial List) on October 18, 2016. Assuming all other terms and conditions to the Arrangement are met, it is expected that the Arrangement will close in late October or early November 2016. The Company expects the Dissolution to take place as soon as practicable thereafter. For additional information on the Arrangement and the Dissolution, please refer to the Company's July 29, 2016 press release.
Forward-Looking Statement Disclaimer
Certain statements that are not historical facts made in this press release may be "forward-looking statements" within the meaning of applicable Canadian securities legislation (forward-looking information and forward-looking statements being collectively herein after referred to as "forward-looking statements") and are subject to risks and uncertainties. Statements containing words such as "will", "could", "expect", "may", "anticipate", "believe", "intend", "estimate", "plan" and other similar expressions are forward-looking statements that represent management's beliefs at the time the statements are made and are based on certain factors and assumptions. Such forward-looking statements may include, without limitation, statements with respect to the receipt of the final order of the Ontario Superior Court of Justice (Commercial List) approving the Arrangement, satisfaction of the terms and conditions of the Arrangement, the closing date of the Arrangement, and the anticipated completion of the Arrangement and the Dissolution.
These forward-looking statements are subject to a variety of risks and uncertainties and other factors that could cause actual events to differ materially from those projected in forward-looking statements. Important factors that could cause actual results to differ materially from the Company's expectations include uncertainties involving the closing of the Arrangement, the completion of the Dissolution, and receipt of the necessary regulatory approvals and other risks and uncertainties as more fully described in the Company's regulatory filings with the securities regulatory authorities, which are available under the Company's profile at www.sedar.com. Readers are cautioned that the foregoing lists of risks, uncertainties, assumptions and other actors are not exhaustive; therefore, readers should not place undue reliance on the forward-looking statements contained herein. Except as required by applicable securities laws, the Company undertakes no obligation to update any forward looking statement to reflect events or circumstances after the date on which such statement is made.