- Wednesday, October 16, 2024
VivoPower International has announced that its board of directors has given the green light to a plan that will see the majority of its Caret business unit's portfolio spun off. This spinoff will include up to 10 solar projects, with a total capacity of 586 megawatts, at various stages of development.
It is worth noting that this spinoff does not include two solar projects that have already been committed to a joint venture valued at $7.7 million.
Shareholders of VivoPower had previously approved the spinoff of Caret, either in whole or in part, during the Annual General Meeting held in November 2022. As a result of this spinoff, it is expected that shareholders will receive a special dividend in the form of stock in the spun-off entity.
In order for shareholders to receive this special dividend stock, the approval of VivoPower shareholders will be sought at the next general meeting of shareholders. This meeting is expected to take place no later than December 2023.
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