Sino Dragon New Energy Holdings (HKG:0395) announced that the 129.606 million shares allotted and issued to Peter Wang Xiaoping by the company on 11 November 2011 shall be cancelled by the company. The cancellation constitutes an off-market share repurchase by the company. The issue price of the cancellation shares is HK$0.787 per share when issued and the total value of the cancellation shares is approximately HK$102 million.

The company stated that the share repurchase will not materially affect the financial position of the group as no monetary amount will be payable by the company for the cancellation of the shares. Apart from holding the cancellation shares, Wang does not hold any other shares, derivatives or options of the company.

In addition, the company has discharged the injunction order against Wang made on 9 March 2012. The inter partes summons filed by the company and Kanway on 14 March 2012 was also withdrawn.

Source:chinesestock.org