Emeren Group Ltd (SOL) Earnings Call Transcript & Summary

We can get started with the meeting, please. So let me take the mic. Good morning, everyone, and good afternoon, if you're on the East Coast. Welcome to the Annual General Meeting of ReneSola Power Limited. So pursuant to Regulation 7.14 of our Articles of Association, I will preside as the Chairman for today's Annual General Meeting. Pursuant to our Articles of Association and notice of Annual General Meeting was properly sent to our shareholders on October 25, 2022. According to the notice of and our meeting, all shareholders of record at the close of business on November 7, 2022, are entitled to vote at this meeting. Again, under our Articles of Association, a meeting of the company is duly constituted if at the commencement of the meeting that are present in person or by proxy not less than 50% of the awards of the shares entitled to vote on the matters to be considered by the meeting. A quorum may comprise a single shareholder of proxy and that such person may pass a resolution of shareholders and a certificate sign by such person. The register of members at the voting record date shows holders of 696 million shares of the company, these are the common ordinary shares, which are entitled to award at this meeting. According to the documentation have been provided with by the company's registrars, there are represented in person or by proxy, 657 million ordinary shares representing almost 94.4% of the total number of votes of the shares of the company outstanding and eligible to vote at our meeting. Accordingly, I declare that a quorum is present, and the meeting is duly constituted and we may proceed with the business of the meeting. Pursuant to 7.16 of our Articles of Association, I'm responsible for deciding in such manner as I consider appropriate, whether a resolution proposed has been carried or not. And accordingly, because of the number of proxy vote received by the company's registrars, I require that all of the resolutions set out in the notice of the Annual General Meeting shall be awarded on a poll. Accordingly, I direct that Raman So of Kirkland, our legal counsel, shall be appointed to act as a scrutineer and he will distribute poles with shareholders and proxies should complete and sign as indicated. In the case of corporate shareholders, the slip should be completed by the authorized representative present at this meeting. If you do not know the number of shares held by you, this may be left blank in any event. The details will be checked against the register of members. We'll wait here for the slips distributed to shareholders poll. Resolutions which require a simple majority of the votes cast by the shareholders have been proposed as set out in notice that was sent to our shareholders on October 25, 2022. If you agree, I propose that we take the notice as read. Thank you. Finally, I would mention that those shareholders present who have already lodged proxies need not vote on the poll unless they'd wish to do so otherwise. Let's now turn to the resolutions set out in the notice. Resolution 1, to receive, consider and approve the consolidated financial statements of ReneSola Power Limited for the year ended December 31, 2021. Together with the reports of the auditors thereon, are there any questions in relation to the resolution? Since there are no questions, I formally propose resolution 1 and demand that the poll be taken in respect of the resolution. Resolution 2, I propose to reelect Mr. Martin Bloom as Director of the company, who is retiring by rotation and offering himself to reelection in accordance with our Articles of Association. Are there any questions in relation to the resolution? There being no further questions, I formally propose resolution 2 and demand that a poll be taken in respect of this resolution. Resolution 3, to appoint Mr. Yumin Liu, Mr. Himanshu Harshat Shah and Mr. Ramnath Aier as Directors of the company, who are originally appointed as Director of the Board of Directors in accordance with our Articles of Association. Are there any questions in relation to this resolution number three? Since there are no questions, I formally propose resolution 3 and demand that a poll be taken in respect of this resolution. Resolution 4, to amend and restate the company's Articles of Association in order to insert the following provision as a new regulation 28. In any -- the new regulation 28, in any action asserting a claim against the company or any current or former Director Officer other employee agent or shareholder of the company, arising under federal securities laws, including the United States Securities Act of 1933 as amended. The Federal District Courts of the United States of America Shall to the fullest extent permitted by law, be the sole and exclusive for. Are there any questions in relation to the resolution? Since there are no questions, I formally propose resolution 4 and demand that a poll be taken in respect of this resolution. The meeting will now be adjourned for a short interval while the poll slips are returned and aggregated with the proxy cards following which the results of the poll will be declared. Thank you for your patience. The meeting is now formally reconvened, and I shall proceed to announce the results of the resolution. The results of the poll is 657 million votes for Resolution 1, representing 94% of the votes cast. Majority of the shareholders have approved resolution 1. Resolution 2, the results of the poll. Again, 657 million was for the resolution, representing 94% of the word cash. Majority of the votes have approved resolution 2. Resolution 3, 657,000,000 ordinary shares have voted, representing 94% of the votes cast. The majority of the shareholders have approved resolution 3. Resolution 4, 657 million ordinary shares, representing 94% of votes cast, majority of their shareholders have approved resolution 4. Ladies and gentlemen, that concludes our today's formal business. On behalf of our Board, I would like to thank you for your attendance and I declare the Annual General Meeting of ReneSola Power Limited is closed. Have a wonderful day.

Thank you, everyone. You may leave the meeting now.