(Bloomberg) — The court-appointed board of QSolar Ltd., a
Canadian photovoltaics company that had a market value of almost
C$90 million ($73 million) two years ago, said it will resign
because “there is no viable go-forward business plan.”
The interim board of directors, appointed in April by the
Court of the Queen’s Bench in Alberta, reached its decision
“after review of the sparse financial and operational
information left by former management and directors,” according
to a Marketwired statement released Thursday.
“In light of its findings and the absence of any working
capital in the corporation, the board intends to resign, en
masse, on June 18, 2015,” according to the statement.
The four directors, appointed on April 17, were unable to
contact former managers of the Calgary-based company or gain
access to any reliable data “other than three boxes of
historical corporate information deposited by management with
the corporation’s corporate secretary and former legal
counsel,” according to the statement.
Interim director Bill MacDonald didn’t immediately respond
to an e-mail from Bloomberg inquiring about the resignations.
The company’s former Shanghai plant manager confirmed that
his relationship with QSolar had been terminated and that a
landlord in China seized any remaining property and equipment,
the board said in the statement. The seized property included
solar panel inventory.
QSolar’s prior four directors resigned about March 20,
according to a Marketwired statement on April 15.
The Alberta Securities Commission issued a cease-trade
order on April 6 prohibiting trading or purchasing QSolar
securities after the ASC staff determined the company failed to
disclose its entire board of directors and all executive
officers had resigned, and that it had discontinued its
QSolar shares were suspended in March at 4.5 Canadian
cents, down from a May 1, 2013, peak of C$1.22. There are 71.4
million outstanding shares, according to data compiled by
To contact the reporter on this story:
Justin Doom in New York at
To contact the editors responsible for this story:
Reed Landberg at
Robin Saponar, Steven Frank