194 Million $ in Assets identified in GE Lawsuit.
We'll if that's the case that gives us a share price of $4 roughly based on Book value assets alone...
Pursuant to A-Power’s statement (see paragraph 32 above), A-Power held assets in the aggregate amount of US$194,504,020.91 as at 17 April 2012. Of this sum, US$129,040,184.21 comprised accounts receivables from A-Power’s subsidiaries, and only US$2,621,384.33 were shareholdings in companies not related to A-Power’s group of companies. Out of A-Power’s non-group related assets of US$2,624,384.33:
(a) the long-term investment of US$150,000 in Mr Sombat Chotyiriyakul, a nominee shareholder for Liaoning Gaoke, which, in fact, is a non-interest bearing loan provided to him in consideration of his 51% share capital in a Thai subsidiary company of Liaoning Gaoke or, in other words, it is, in effect, a payment by A-Power for 51% share capital in the Thai subsidiary company;
(b) US$2,463,836.80 in intangible assets in “W2E Technology” representing a technology licence from Fuhrländer AG in respect of a 2.5 megawatt wind energy turbine developed by a German company.
But the BIG question is what does the following mean for current shareholders of APWR and
13. On 3 May 2012, shortly after the interim arbitral order and the High Court enforcement order were granted, Head Dragon and a Hong Kong company known as Asia New Energy Group Limited (hereinafter called “ANE”) entered into an agreement pursuant to which Head Dragon agreed to transfer its entire 100% shareholdings in Liaoning Gaoke to ANE for a consideration of RMB 54 million payable by ANE in a lump sum to an account designated by Head Dragon before 15 May 2012 (hereinafter called “the Liaoning Gaoke share transfer agreement”). The Liaoning Gaoke share transfer agreement was executed by the defendant on behalf of Head Dragon and by Mr Zhang Yuqiang (hereinafter called “Mr Zhang”) on behalf of ANE.
14. ANE is a Hong Kong company with the same registered office as Easy Flow Limited. Up to 9 January 2009, the defendant was a director of ANE and a holder of 90% of its shares. 10% of the shares in ANE were held by Mr John Shen Lin, a former director and chief operating officer of A-Power. On 9 January 2009, the defendant and Mr Lin transferred their shareholdings in ANE to a Samoan company called Marston International Limited, and a company incorporated in Anguilla called East Rise Limited was appointed as corporate director of ANE. On 13 January 2010, a Samoan company, New Rise Limited, was appointed as corporate director of ANE in its place.
15. The Liaoning Gaoke share transfer agreement provided, inter alia, that within 15 working days after such agreement took effect, Head Dragon shall help ANE go through registration formalities relating to the transfer of the subject shares of Liaoning Gaoke (article 1), and ANE shall pay Head Dragon RMB 54 million in a lump sum to the account designated by Head Dragon before 15 May 2012 (article 2). It was further provided that such agreement shall take effect upon affixing of signatures and seals by both parties thereto (article 8).
16. Further, on 3 May 2012, the defendant, Mr Zhang and/or ANE, executed various documents to give effect to the Liaoning Gaoke share transfer agreement including, inter alia, the following:
(a) a shareholders’ resolution of Liaoning Gaoke, signed by the defendant and Mr Zhang and affixed with the chop of ANE, recording the key terms of the Liaoning Gaoke share transfer agreement; and
(b) a shareholders’ resolution of Liaoning Gaoke, signed by the defendant and affixed with the chop of Liaoning Gaoke, resolving to remove the defendant as chairman and legal representative.
Committal proceedings
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