Read the latest interims.......just make sure that you are sitting down.

DOW - after a very bright early indication of +20 or so, this has now been firmly reversed to show -30 ...... after several days of strong rises, a retracement is certainly on the cards.

i post the above on SOLA as if Dow retreats, so will FTSE and shares like SOLA are likely to be far more vulnerable than the average ...... that is why i have still to be tempted back in

sorry to report that SOLA is looking tired to soggy and has taken a sudden lurch south ..... look (hope) fro support at about 465

Interesting. When are we expecting results? hang on, i should know this!

Can't see it on the website, but could it be that the FY 2006 results are due by month end?

Reading between the lines on todays statement it appears as I have suspected for a while that this company have cash flow problems.

Certainly will be a dilutive effect on the stock.

Remains to be seen now wether Lemming and the other bull camps remain loyal.

Waiting for the year end results which seem to be taking an eternity to be presented.

ReneSola LTD - Proposed Issue of Convertible Bonds

RENESOLA LTD

PROPOSED ISSUE OF CONVERTIBLE BONDS

The Directors of ReneSola Ltd (the 'Company') (AIM: SOLA) are pleased to
announce the proposed issue of Renminbi-denominated, US dollar-settled 1.00 per
cent. convertible bonds due 2012 (the 'Convertible Bonds') which are
convertible into fully paid-up new shares (the 'New Shares') in the capital of
the Company (the 'Offering').

Deutsche Bank AG, Hong Kong Branch ('Deutsche Bank') has been appointed as the
placing agent for the Offering. On 21 March 2007, the Company and Deutsche Bank
entered into a placing agreement relating to the Offering (the 'Placing
Agreement'). Under the terms of the Placing Agreement, RMB 928,740,000
(approximately US$120 million) principal amount of the Convertible Bonds will
be placed by Deutsche Bank with institutional and professional investors.

The Convertible Bonds will be issued at par and are convertible into New Shares
at a price of 5.88 per share ('Conversion Price'), subject to adjustment for
specified dilutive events. The Convertible Bonds will not be admitted to
trading on AIM or any other stock exchange.

The Convertible Bonds may be converted into New Shares at the option of the
holder at any time on and after 10 April 2007 up to the close of business on 11
March 2012. The Convertible Bonds will accrue interest at 1.00 per cent. per
annum, payable on a semi-annual basis. The Company has the option to redeem all
the Convertible Bonds at an early redemption amount with accrued interest (1)
at any time, if less than 10 per cent. of the Convertible Bonds originally
issued in the Offering remain outstanding, (2) at any time after the second
anniversary, if the closing price of the Company's shares was at least 130 per
cent. of the early redemption amount divided by the conversion ratio, or (3) at
any time upon certain changes relating to applicable taxation law. Holders of
the Convertible Bonds have the option to require the Company to redeem all or
some of their Convertible Bonds at a certain redemption amount plus accrued
interest on the third anniversary. Holders of the Convertible Bonds also have
the option to require the Company to redeem all or some only of their
Convertible Bonds at the early redemption amount plus accrued interest upon the
occurrence of a change of control or a delisting of the Company's shares.

The number of New Shares to be allotted and issued by the Company on full
conversion of the Convertible Bonds is approximately 10,485,683 based on the
Conversion Price, which represents approximately 9.49 per cent. of the current
issued shares of the Company following the Offering. The Company has undertaken
to make a block listing application to AIM in respect of the 10,485,683 New
Shares which may be issued and allotted following conversion of the Convertible
Bonds.

The Company intends to use the proceeds of the Offering for capital
expenditure, working capital and general corporate purposes. The closing date
for the Offering is expected to be on or about 26 March 2007.

The Company is currently in discussion with certain lenders, including Deutsche
Bank, regarding a potential loan for working capital purposes.

The Company now expects that the preliminary results for the year ended 31
December 2006 will be announced during the week commencing 23 April 2007.

In this announcement, exchange rates of US$1 : RMB 7.7395 and 1 : RMB 15.0633
have been used.

ReneSola Ltd Deutsche Bank AG

Charles Bai, CFO Rowena Chu, Managing Director

Tel: +86 573 477 3061 Head of Equity Capital Markets, Asia

Email: charles.bai@renesola.com Tel: +852 2203 8989

Hanson Westhouse Limited Charles Ryland/Suzanne Brocks/Catherine
Breen
Tim Feather
Buchanan Communications
Tel: +44 113 246 2610
Tel: +44 20 7466 5000

Must fundraising automatically be a bad sign? Given that there is a fair bit of expansion going on, it stands to reason that the co must be in need of some ready cash. And convertible bonds have always struck me as the grown-up way of raising capital.

WDIK - am interested to hear others' opinions.

i don't think i see the issue of these bonds as particularly untoward, though the conversion price of 5.88 is or should be scarcely demanding given that that level has already been breached in the recent past.

someone else will have to advise how dilutary(?) this issue is

Cynic, from the RNS:

The number of New Shares to be allotted and issued by the Company on full
conversion of the Convertible Bonds is approximately 10,485,683 based on the
Conversion Price, which represents approximately 9.49 per cent of the current
issued shares of the Company following the Offering. The Company has undertaken
to make a block listing application to AIM in respect of the 10,485,683 New
Shares which may be issued and allotted following conversion of the Convertible
Bonds.

I think the word is "dilutive" :o)

What will happen is that the bondholder will be able to swap his bonds for shares when the SP hits 588p. The swap will reflect the face value of the bonds as if they were cash (and implies, I think a one-to-one pegging of bonds to new shares), so if you held 1,000,000-worth of bonds, you'd get 170,068 shares. At least, that's how it seems to me.

Plus and lets not forget this the company is in discussions with Bankers for a source of 'working capital'.

I admit the company is growing like topsy but that doesnt mean to say its a safe bet.

Many a 'would be good company' as gone under because of cash flow problems.

Worth looking at the 3rd 1/4tr cash flow statement and paying paticular interest to the increasing inventory and also the negative out flow of cash for working capital and the increase in debtors.

Clearly this cannot go on for ever. The 4th 1/4tr results which have been 'put back', should tell us what the state of play is.

Good luck to holders.

The 4th 1/4tr results which have been 'put back' ..... if that is so, then watch out; it's never good news

From trading update...

2006 Results

The Board is pleased to announce that Deloitte Touche Tohmatsu, which has
extensive experience in the solar industry in China, has commenced work on the
audit of the consolidated accounts for the year ended 31 December 2006. It is
anticipated that the preliminary announcement of the results will be released
by 16 April 2007.

The Company now expects that the preliminary results for the year ended 31
December 2006 will be announced during the week commencing 23 April 2007.

which has extensive experience in the solar industry in China, ..... why would a company post that sort of thing?

Possibly to give the market in general confidence that the final figures will be accurate, given that chinese accounting procedures can be 'flexible'.?

Just great! Had a 'sell' on the system to trigger at 495p as the sp had struggled past the 500p mark for a while. Current bid 517, offer 524p.
Not heard any news either to warrant such a rise.

The confirmation of the bond issue completion ends with " the company intends to use the net proceeds from the Offering for capital expenditure, working capital and general corporate purposes". From what I understand they have said they would only do this as and when certain expansion plans had been met so I guess this is viewed as a positive (if this is the reason?).

chart on post 735 is worth viewing .... sp now just nudging underside of 25 dma with 50 dma only fractionally above

& what does that mean exactly, please, cynic?

it means what it says .... go and look at it (page 37) and draw your own conclusions!

Apologies. I should have said that I have already had a look at the chart on page 37. The sp has already passed up through the 25 dma & is now heading for the 50 dma. But, until now the two dma's have followed much the same trail. Now they have converged, so that the 50 dma is higher than the 25 dma. Previously the sp have moved through the 50 dma but then retreated.
Without imposing upon you, can we assume that the graph now works in reverse, with the sp retreating below the 25 dma & having to break through that to show an 'up' trend? Thus a fall is very likely?