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 operations.
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 Bloomberg.