WUXI, China, Feb. 3, 2012 /PRNewswire via COMTEX/ — WSP Holdings restricted WH -2.20% (“WSP Holdings” and therefore the “Company”), variety one Chinese manufacturer of API (American Petroleum Institute) and non-API seamless casing, tubing and drill pipes found in oil and propane exploration, drilling and extraction (“Oil Country Tubular Goods” or “OCTG”), and alternative pipes and connectors, nowadays announced that the corporate can modification the amount of its yankee Depositary Shares (“ADSs”) to standard shares (“Shares”) from 1:2 to a single:10 (“Ratio Change”), effective adjusted February fifteen, 2012.
Pursuant to the Ratio modification, the holders within the Company’s ADSs can doubtless be entitled to receive one (1) new ADS, every representing 10 (10) Shares, starting last month fifteen, 2012 to accumulate each 5 (5) ADSs, every representing 2 (2) Shares, currently held by them. No new Shares are issued in association with the Ratio modification. JPMorgan Chase Bank, N.A. can request the exchange in their current ADSs for innovative ADSs. owing to this Ratio modification, the ADS expense is needed to automatically increase proportionally. E.g., assuming a value per ADS of $0.45, representing trade worth of the ADSs at the time of February two, 2012, upon completion of the Ratio modification, the value per ADS are $2.25. This company will offer no assurance, however, the post-Ratio modification ADS worth can in all probability be cherish or over the pre-Ratio modification ADS worth multiplied with the ratio.
The corporation believes the Ratio modification can enable it to regain compliance using the continued listing normal on the big apple Stock Exchange (“NYSE”) regarding minimum average stock worth, at the mercy of ongoing regular oversight and monitoring. NYSE Listed Company Manual Rule 802.01C necessitates that a company’s shares trade at a median closing tariff of no but $1.00 per share over any consecutive thirty trading-day amount. though aim of this Ratio modification ought to be to take care of continued set of the ADSs round the NYSE, the corporate can offer no assurance that this strategy are successful.
About WSP Holdings restricted
WSP Holdings develops and manufactures seamless Oil Country Tubular merchandise (OCTG), together with seamless casing, tubing and drill pipes utilized for on-shore and off-shore coal and oil exploration, drilling and extraction, similarly as alternative pipes and connectors. Founded as WSP China in 1999, the business comes with a vast quantity API and non-API seamless OCTG merchandise, together with merchandise that are widely-used in extreme drilling and extraction conditions. Their things are found in China’s major oilfields and so are exported to grease manufacturing regions round the world. For any data, visit WSP Holdings’ web site at http://ir.wsphl.com/ .
Safe Harbor Statements
Safe Harbor Statement Within the personal Securities Litigation Reform Act of 1995: Any statements expound higher than that don’t seem to be historical truth is forward-looking statements that entail risks and uncertainties that may cause actual brings concerning differ materially from those within the forward-looking statements. These forward-looking statements may be identified by terminology like “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and alternative alike statements. Among alternative things, their outlook with this announcement contains forward-looking statements. Quite a couple of factors may cause actual brings concerning differ materially from those at intervals the forward-looking statement. Such factors embody, however are not restricted by, changes in anticipated a better level sales, modifications in national or regional economic and competitive conditions, modifications within the Company’s relationships with customers, the Company’s capability to develop and market new merchandise, their capability to access capital for growth, changes in principal product revenues, their probability to take care of its listing standing within the Lse and alternative factors detailed often within the Company’s filings with the U . s . Securities and Exchange Commission similarly as alternative regulatory authorities. The organization undertakes no obligation to update or revise towards the general public any forward-looking statements, whether or not owing to new data, future events or else. This pr unharness originated by the corporate, and is additionally meant solely for informational functions and isn’t being construed for provide or solicitation of your provide to accumulate or sell send out stock. This handout additionally contains statements or projections which could be considering data open to the population, and varied data from sources that management believes to induce reliable, but it’s not guaranteed as a result of the corporate to be correct, nor will WSP Holdings purport in order that it’s complete. Opinions expressed herein are the sort of management since the date of publication and also are ruled by modification without notice.