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VivoPower International announces continued progress on the sale of its US Solar Portfolio

Power News - Published on Thu, 27 Dec 2018

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VivoPower International PLC an international solar power company announced that it is in advanced discussions on the sale of its US solar portfolio with short listed parties who have completed their commercial due diligence processes. VivoPower has received bids for the entire portfolio as well as bids for individual projects and it is working through an optimization exercise with the short listed parties to ensure maximum proceeds from a sale are achieved.

Following the retirement of Edward Hyams from the VivoPower board, the Company has also been progressing a recruitment process to identify and appoint a suitably qualified independent director to join the board, who is qualified to be a member of the company’s audit committee. The Company’s audit committee currently comprises two independent directors as well as the executive chairman. The recruitment process is consistent with and in accordance with a letter that the Company received from The Nasdaq Stock Market, dated December 18, 2018 confirming that the Company’s audit committee should be comprised of at least three independent members in order to comply with Nasdaq Listing Rule 5605. The letter also confirms that in accordance with Marketplace Rule 5605(c)(4), VivoPower has until (i) the earlier of the Company’s next annual shareholders’ meeting or November 18, 2019; or (ii) if the next annual shareholders’ meeting is held before May 15, 2019, to appoint such a qualified independent director in order to be compliant with Nasdaq Listing Rule 5605. VivoPower expects to make an appointment early in the new year in this regard.

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Posted By : Rabi Wangkhem on Thu, 27 Dec 2018
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