BEIJING, Sept. 25, 2013 /PRNewswire/ -- China
Hydroelectric Corporation (NYSE: CHC, CHCWS) ("China Hydroelectric"
or the "Company"), an owner, developer and operator of small
hydroelectric power projects in the
People's Republic of China ("PRC"), today announced that in
response to the preliminary non-binding proposal, dated
September 4, 2013, from NewQuest Capital Partners, through its
affiliated entity, CPI Ballpark Investments Ltd, and on behalf of
its affiliates and the funds managed by it (collectively,
"NewQuest") to acquire all of the Company's outstanding ordinary
shares, including ordinary shares represented by the Company's
American depositary shares or "ADSs" (each representing three
ordinary shares of the Company), not currently owned by NewQuest,
the Company's Board of Directors has established a Special
Committee of the Board comprised of the following three independent
directors of the Company, who are not affiliated to
NewQuest: Ms. Moonkyung (Moon)
Kim, Mr. Jui Kian Lim, and
Mr. Allard M. Nooy. Ms. Kim is
the Chairperson of the Special Committee. The Special Committee has
engaged Houlihan Lokey (China) Limited as its financial advisor and
Davis Polk & Wardwell as its
legal counsel to assist the Special Committee in evaluating the
NewQuest proposal and other strategic alternatives, and will
consider the NewQuest proposal and related matters carefully in due
course.
The Board of Directors cautions the Company's shareholders and
others considering trading in its securities that neither the Board
of Directors nor the Special Committee has made any decision with
respect to the NewQuest proposal and there can be no assurance that
any definitive offer will be made by NewQuest or any other person,
that any definitive agreement will be executed relating to the
proposed transaction, or that the proposed transaction or any other
transaction will be approved or consummated. The Company does
not undertake any obligation to provide any updates with respect to
this or any other transaction, except as required under applicable
law.
About China Hydroelectric Corporation
China Hydroelectric Corporation (NYSE: CHC, CHCWS) ("China
Hydroelectric" or the "Company") is an owner, developer and
operator of small hydroelectric power projects in China. Through its geographically diverse
portfolio of operating assets, the Company generates and sells
electric power to local power grids. The Company's primary business
is to identify, evaluate, acquire, develop, construct and finance
hydroelectric power projects. The Company currently owns 25
operating hydropower stations in China with total installed capacity of 517.8
MW, of which it acquired 21 operating stations and constructed
four. These hydroelectric power projects are located in four
provinces: Zhejiang, Fujian, Yunnan and Sichuan. Hydropower is an
important factor in meeting China's electric power needs, accounting for
approximately 22% of total nation-wide capacity. For further
information about China Hydroelectric, please visit the Company's
website at http://www.chinahydroelectric.com.
Cautionary Statement concerning Forward Looking
Statements
This news release contains certain statements that are not
descriptions of historical facts, but are "forward-looking"
statements within the meaning of 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", "should", "expects", "anticipates", "future", "intends",
"plans", "projects", "predicts", "believes", "estimates",
"forecasts", "may" and similar statements. The Company may
also make written or oral forward-looking statements in its
periodic reports to the U.S. Securities and Exchange Commission on
forms 20-F and 6-K, in its annual report to shareholders, in press
releases and other written materials and in oral statements made by
its officers, directors or employees to third parties. Statements
that are not historical facts, including statements about the
Company's beliefs and expectations, are forward-looking statements.
Forward-looking statements, by their nature, involve risks,
uncertainties and other factors that could cause actual results to
differ materially from those contained in any such statements.
Potential risks and uncertainties include, but are not limited to,
risks discussed in China
Hydroelectric's filings with the U.S. Securities and Exchange
Commission at www.sec.gov. China Hydroelectric does not undertake
any obligation to update any forward-looking statement, except as
required under applicable law.
This release is not an offer of securities for sale in
the United States. Securities may
not be offered or sold in the United
States absent registration or an exemption from
registration. Any public offering of securities to be made in
the United States will be made by
means of a prospectus that may be obtained from the issuer or
selling security holder and that will contain detailed information
about the company and management, as well as financial
statements.
Investor and Media Contacts:
Scott Powell
Investor Relations and Corporate Communications
China Hydroelectric Corporation
Phone (U.S.): +1-646-650-1351
Email: ir@china-hydro.com
ICR, LLC
Gary Dvorchak, CFA
Senior Vice President
Phone (China):
+86-10-6583-7500
Phone (U.S.): +1 (310) 954-1123
Email: gary.dvorchak@icrinc.com
SOURCE China Hydroelectric Corporation