SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of August, 2020
Commission File Number: 001-36703
SKY SOLAR HOLDINGS, LTD.
Unit 417, 4th Floor, Tower Two Lippo Centre
89 Queensway, Admiralty
Hong Kong Special Administrative Region
Peoples Republic of China
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F ☒ Form 40-F ☐
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
|Sky Solar Holdings, Ltd.|
|Title:||Chairman and principal executive officer|
Date: August 3, 2020
Sky Solar Holdings, Ltd. Announces Recent Developments Regarding the Hudson Dispute in the Cayman Islands Court
HONG KONG, August 3, 2020 Sky Solar Holdings, Ltd. (NASDAQ: SKYS) (Sky Solar or the Company), a global developer, owner and operator of solar parks, today announced that on July 30, 2020 the Grand Court of the Cayman Islands (the Cayman Islands Court), following an ex parte proceeding in which the Company was not permitted to appear, issued an order on behalf of Hudson Solar Cayman LP (Hudson).
The Order freezes certain of the Companys assets and appoints three receivers (the Receivers ) to manage the affairs of the Companys wholly owned subsidiary, Sky Solar Power, Ltd. (Sky Solar Power), which is an intermediate holding entity under the Company. Under the Order, the Receivers have been instructed to protect the value of Sky Solar Power and prevent any diminution in its value, including by the granting of security over its assets, and they have been granted various powers to implement these instructions. The Order also prohibits the Company from taking any steps in relation to the term loan facility, as contemplated in the unsolicited tender offer of Square Acquisition Co., Square Limited, Japan NK Investment K.K., IDG-Accel China Capital L.P., IDG-Accel China Capital Investors L.P., Jolmo Solar Capital Ltd., CES Holding Ltd., Jing Kang, Bin Shi, Sino-Century HX Investments Limited, Kai Ding, TCL Transportation Holdings Limited, Esteem Venture Investment Limited, Mamaya Investments Ltd, Xanadu Investment Ltd. (H.K.), Abdullateef A. AL-Tammar, Development Holding Company Ltd., and Bjoern Ludvig Ulfsson Nilsson (collectively, the Offeror Group), as filed with the U.S. Securities and Exchange Commission by the Offer Group on July 6, 2020 and as amended and filed by the Offer Group on July 24, 2020 and July 27, 2020. The Order does not prohibit the Company from dealing with or disposing of its assets in the ordinary course of its business or with prior approval of either the Receivers or the Cayman Islands Court.
Hudson sought the order in connection with the ongoing litigation between it and the Company in the Supreme Court of the State of New York (the New York Court) with respect to the Amended and Restated Note Purchase Agreement dated July 15, 2016 (the Note Purchase Agreement) between Hudson and certain of the Companys subsidiaries. The Company is vigorously contesting Hudsons claims in the New York Court.
The Company intends to file papers with the Cayman Islands Court to seek a hearing among all parties to discharge the Order as soon as possible.
About Sky Solar Holdings, Ltd.
Sky Solar is a global independent power producer (IPP) that develops, owns, and operates solar parks and generates revenue primarily by selling electricity. Since its inception, Sky Solar has focused on the downstream solar market and has developed projects in Asia, Europe, South America and North America. The Companys broad geographic reach and established presence across key solar markets are significant differentiators that provide global opportunities and mitigate country-specific risks. Sky Solar aims to establish operations in select geographies with highly attractive solar radiation, regulatory environments, power pricing, land availability, financial access and overall power market trends. As a result of its focus on the downstream photovoltaic segment, Sky Solar is technology agnostic and is able to customize its solar parks based on local environmental and regulatory requirements. As of December 31, 2019, the Company owned and operated 115.1 MW of solar parks.
This press release contains forward-looking statements. These statements constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as will, expects, anticipates, future, intends, plans, believes, estimates and similar statements. Among other things, the quotations from management in this press release and the Companys operations and business outlook contain forward-looking statements. Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. These risks and uncertainties include, but are not limited to the following: the reduction, modification or elimination of government subsidies and economic incentives; global and local risks related to economic, regulatory, social and political uncertainties; resources the Company may need to familiarize itself with the regulatory regimes, business practices, governmental requirements and industry conditions as the Company enters into new markets; the Companys ability to successfully implement its on-going strategic review to unlock shareholder value; global liquidity and the availability of additional funding options; the delay between making significant upfront investments in the Companys solar parks and receiving revenue; expansion of the Companys business in the United States and Japan; resolution of disputes; risk associated with the Companys limited operating history, especially with large-scale IPP solar parks; risk associated with development or acquisition of additional attractive IPP solar parks to grow the Companys project portfolio; and competition. Further information regarding these and other risks is included in Sky Solars filings with the U.S. Securities and Exchange Commission, including its annual report on Form 20-F. Except as required by law, the Company does not undertake any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.
For investor and media inquiries, please contact:
Sky Solar Investor Relations:
The Blueshirt Group
+1 (415) 489-2195
Gary Dvorchak, CFA
+86 (138) 1079-1480