CANADIAN SOLAR INC.
 
 
FORM 6-K
 
SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549
REPORT OF FOREIGN ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 OF THE
SECURITIES EXCHANGE ACT OF 1934
For the month of June 2008
Commission File Number: 001-33107
 
CANADIAN SOLAR INC.
 
199 Lushan Road
Suzhou New District
Suzhou, Jiangsu 215129
People’s Republic of China
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
Form 20-F þ          Form 40-F o
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): o
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): o
Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes o          No þ
If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b):
82-      N/A     
 
 

 


 

SIGNATURE
     Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
         
  CANADIAN SOLAR INC.
 
 
  By:   /s/ Shawn (Xiaohua) Qu    
  Name:   Shawn (Xiaohua) Qu    
  Title:   Chairman, President and Chief Executive Officer   
 
Date: June 6, 2008

 

EX-20.1 NOTICE OF ANNUAL MEETING OF SHAREHOLDERS
Exhibit 20.1
CANADIAN SOLAR INC.
130 King Street West, Suite 1600, The Exchange Tower
Toronto, Canada M5X 1J5
NOTICE OF ANNUAL AND SPECIAL MEETING OF SHAREHOLDERS
     NOTICE IS HEREBY GIVEN that an annual and special meeting (the “Meeting”) of shareholders of Canadian Solar Inc. (the “Corporation”) will be held at 11-15 Queen’s Gate Place Mews, London, England, SW7 5BG, on Thursday, June 26, 2008 at 10 a.m. (local time) for the following purposes:
  (a)   to receive the audited consolidated financial statements of the Corporation for the financial year ended December 31, 2007 together with the auditors’ report thereon and the notes thereto;
 
  (b)   to elect directors of the Corporation;
 
  (c)   to reappoint Deloitte Touche Tohmatsu CPA, Ltd. as the auditors of the Corporation and to authorize the directors of the Corporation to fix their remuneration;
 
  (d)   to consider and, if thought advisable, to approve a special resolution of shareholders ratifying an amendment to By-Law No. 1 of the Corporation permitting the common shares of the Corporation to be issued, held and transferred in uncertificated form; and
 
  (e)   to transact such other business as properly may be brought before the Meeting or any adjournment thereof.
     The matters to be dealt with at the Meeting are described in the management information circular of the Corporation (the “Circular”) accompanying this Notice.
     Shareholders are entitled to appoint a proxy to attend and act for and on behalf of them at the Meeting. Shareholders who are unable to attend the Meeting in person and who wish to ensure that their common shares are voted at the Meeting are requested to complete, sign and return the accompanying form of proxy in accordance with the instructions set out therein and in the Circular.
     DATED: May 30th, 2008.
         
    BY ORDER OF THE BOARD OF DIRECTORS
 
 
    /s/ Shawn (Xiaohua) Qu  

 
    Shawn (Xiaohua) Qu   
    Chairman, President and Chief Executive Officer   
 

EX-20.2 MANAGEMENT INFORMATION CIRCULAR
Exhibit 20.2
MANAGEMENT INFORMATION CIRCULAR
INFORMATION INCORPORATED BY REFERENCE
     Certain information contained in this management information circular (the “Circular”) has been incorporated in this Circular from the annual report of the Corporation on Form 20-F (“Form 20-F”), which has been filed with the United States Securities and Exchange Commission and is attached hereto.
VOTING INFORMATION
Solicitation of Proxies
     This Circular of Canadian Solar Inc. (the “Corporation”) is furnished in connection with the solicitation of proxies by management of the Corporation for use at the annual meeting of shareholders of the Corporation (the “Meeting”) to be held at the time and place and for the purposes set forth in the notice of meeting accompanying this Circular (the “Notice”).
     The solicitation of proxies will be primarily by mail, but proxies may also be solicited by telephone, in writing or in person by the directors, officers and regular employees of the Corporation. The Corporation may also use the services of a proxy solicitation firm. The cost of the solicitation of proxies will be borne by the Corporation.
Appointment of Proxies
     The persons named in the accompanying form of proxy are directors and/or officers of the Corporation.
     A shareholder has the right to appoint a person (who need not be a shareholder) other than the persons named in the accompanying form of proxy to be the proxy of the shareholder at the Meeting and may exercise this right either by inserting that person’s name in the blank space provided in the accompanying form of proxy or by completing another proper form of proxy. To be effective, completed proxies must be received by BNY Mellon Shareowner Services by mail in the enclosed return envelope, at least 48 hours (excluding Saturdays, Sundays and holidays) before the time of the Meeting or any adjournment thereof or be deposited with the chairman of the Meeting before the commencement of the Meeting or any adjournment thereof.
Revocation of Proxies
     Proxies given by shareholders for use at the Meeting may be revoked at any time before their use. In addition to revocation in any manner permitted by law, a proxy may be revoked by depositing an instrument in writing signed by the shareholder or by the shareholder’s attorney duly authorized in writing with BNY Mellon Shareowner Services by mail or hand delivery to the Proxy Department, 480 Washington Boulevard, Jersey City, New Jersey, 07310-1900 United States of America at least 48 hours (excluding Saturdays, Sundays and holidays) before the time of the Meeting or any adjournment thereof or be deposited with the chairman of the Meeting before the commencement of the Meeting or any adjournment thereof.

 


 

Voting and Discretion of Proxies
     The common shares represented by the proxies solicited by management pursuant to this Circular will be voted in accordance with the directions contained therein.
     If no directions are given, the common shares will be voted FOR:
  (a)   the election of the six proposed nominees for election as directors named in the Circular;
 
  (b)   the appointment of Deloitte Touche Tohmatsu CPA, Ltd. as the auditors of the Corporation and the authorization of the directors of the Corporation to fix their remuneration; and
 
  (c)   the approval of a special resolution of shareholders ratifying an amendment to By-Law No. 1 of the Corporation permitting the common shares of the Corporation to be issued, held and transferred in uncertificated form.
     The accompanying form of proxy confers discretionary authority on the persons named therein in respect of amendments or variations to the matters referred to in this Circular and in respect of other matters that may properly come before the Meeting, or any adjournment thereof. Management of the Corporation knows of no such amendments or variations or other matters that may properly come before the Meeting but, if any such amendments or variations or other matters properly come before the Meeting, the persons named in the accompanying form of proxy will vote thereon in accordance with their best judgement.
Voting Shares
     Shareholders of record on Tuesday, June 3, 2008 are entitled to receive notice of and vote at the Meeting.
     The authorized capital of the Corporation consists of an unlimited number of common shares. As of April 30, 2008, there are 27,774,818 common shares outstanding. All of the outstanding common shares may be voted at the Meeting. Shareholders are entitled to one vote for each common share held by them.
Principal Shareholders
     To the knowledge of the directors and executive officers of the Corporation, the only persons who beneficially own, directly or indirectly, or exercise control or direction over voting securities of the Corporation carrying 5% or more of the voting rights attached to any class of voting securities of the Corporation are set out in Item 6E “Share Ownership” of Form 20-F.
Required Approval
     All matters to be dealt with at the Meeting require the approval of a majority of the votes cast on the matter, other than the special resolution of shareholders ratifying an amendment to By-Law No. 1 of the Corporation permitting the common shares of the Corporation to be issued, held and transferred in uncertified form, which requires the approval of at least two-thirds of the votes cast on the matter.

 


 

BUSINESS OF MEETING
Consolidated Financial Statements
     The audited consolidated financial statements of the Corporation for the financial year ended December 31, 2007, together with the auditors’ report thereon and the notes thereto, accompany this Circular and will be submitted to the Meeting. Receipt of the audited consolidated financial statements will not constitute approval or disapproval of any matters referred to therein.
Election of Directors
     The articles of the Corporation require that the Corporation have a minimum of three directors and a maximum of ten directors. The articles also provide that the actual number of directors within the specified minimum and maximum may be determined from time to time by resolution of the directors. The board of directors of the Corporation (the “Board”) has by resolution fixed the number of directors of the Corporation, within the specified minimum and maximum, at six. The term of office of each of the current directors expires on the election of directors at the Meeting.
     Management of the Corporation intends to nominate the individuals named below for election as directors of the Corporation. The Corporation has not received notice, and management of the Corporation is not aware, of any other nominees for election as directors of the Corporation.
     The following table sets out the name and province or state and country of residence of each person proposed to be nominated for election as director at the Meeting and his current position with the Corporation. See Item 6A. “Directors and Senior Management”, Item 6C. “Board Practices — Committees of the Board of Directors” and Item 6E. “Share Ownership” of Form 20-F for the following additional information with respect to each person proposed to be nominated for election as director at the Meeting: the period during which he has served as a director, the Board committees of which he is a member, his principal occupation and the number of common shares beneficially owned, directly or indirectly, or controlled or directed by him.
     
Name and    
Municipality of Residence   Current Position(s) with the Corporation
Shawn (Xiaohua) Qu
Suzhou, People’s Republic of China
  Chairman, President and Chief Executive Officer and Director
Arthur Chien
Beijing, People’s Republic of China
  Vice President, Finance and Secretary
On June 7, 2008, Mr. Chien will become a Director and Chief Financial Officer of the Corporation replacing Mr. Bing Zhu who has resigned from those positions effective June 7, 2008
Robert McDermott
Toronto, Ontario, Canada
  Lead Independent Director
Lars-Eric Johansson
London, The United Kingdom
  Director
Michael G. Potter
Pleasanton, California, United States of America
  Director
Yan Zhuang
Beijing, People’s Republic of China
  Director

 


 

Appointment of Auditors
     Management of the Corporation proposes that Deloitte Touche Tohmatsu CPA, Ltd. be re-appointed auditors of the Corporation and that the directors of the Corporation be authorized to fix their remuneration. Deloitte Touche Tohmatsu CPA, Ltd. have been auditors of the Corporation since December, 2005.
Amendment to By-Law No. 1
     Management of the Corporation is seeking approval of a special resolution of shareholders ratifying an amendment to By-Law No. 1 of the Corporation permitting the common shares of the Corporation to be issued, held and transferred in uncertified form. The amendment was approved by the directors on December 12, 2007 so that the Corporation would comply with the listing requirements of the Nasdaq Global Market, which require all securities listed thereon to be eligible for listing and transfer through the Direct Registration System. In order for the common shares to be eligible for listing and transfer through the Direct Registration System, the Corporation must be authorized to issue its common shares in uncertificated form.
     A copy of the special resolution is attached to this Circular as Schedule A.
Other Business
     Management of the Corporation knows of no other matters that may properly come before the Meeting.
STATEMENT OF EXECUTIVE COMPENSATION
General
     See Item 6B. “Compensation of Directors and Executive Officers — Cash Remuneration and Share Based Remuneration” and Item 6C. “Board Practices — Directors’ Agreements” of Form 20-F.
Employment and Management Contracts
     See Item 6C. “Board Practices — Employment Agreements” of Form 20-F.
Compensation of Directors
     See Item 6B. “Compensation of Directors and Executive Officers — Cash Remuneration” and Item 6C “Board Practices — Directors’ Agreements” of Form 20-F.
RELATED PARTY TRANSACTIONS
     See Item 7. “Major Shareholders and Related Party Transactions” of Form 20-F.
INTEREST OF INSIDERS IN MATERIAL TRANSACTIONS
     See Item 6C. “Board Practices — Interested Transactions” and Item 7B. “Related Party Transactions” of Form 20-F.

 


 

MATERIAL CONTRACTS
     See Item 10C. “Material Contracts” of Form 20-F.
OTHER MATTERS
Shareholder Proposals
     Shareholders must submit any shareholder proposal that they wish to be considered at the annual meeting of shareholders of the Corporation in respect of the year ending December 31, 2008 to be held in 2009 no later than February 28, 2009. All shareholder proposals must comply with Section 137 of the Canada Business Corporations Act.
Glossary
     The term shareholder refers to a registered holder of common shares. The term common shares refers to common shares in the capital stock of the Corporation excluding any restricted shares, which are subject to restrictions on voting, dividend rights and transferability.
Date of Information
     Except where noted, all information in this Circular is as of May 30, 2008.
APPROVAL OF CIRCULAR BY BOARD
     The contents and the sending of this Circular have been approved by the Board.
DATED at Toronto, Canada this 30th day of May, 2008.
     
 
  BY ORDER OF THE BOARD OF DIRECTORS
 
   
 
  /s/ Shawn (Xiaohua) Qu
 
   
 
  Shawn (Xiaohua) Qu
Chairman, President and Chief Executive Officer

 


 

SCHEDULE A
CANADIAN SOLAR INC.
(the “Corporation”)
SPECIAL RESOLUTION OF SHAREHOLDERS RATIFYING AN
AMENDMENT TO BY-LAW NO. 1 OF THE CORPORATION
RESOLVED AS A SPECIAL RESOLUTION THAT the amendment of By-Law No. 1 of the Corporation to permit the common shares of the Corporation to be issued, held and transferred in uncertificated form by adding thereto “Article Ten — Share Certificates, Registration and Transfer” in the form attached hereto as Exhibit 1 is ratified.

 


 

EXHIBIT 1 TO SPECIAL RESOLUTION OF SHAREHOLDERS RATIFYING AN AMENDMENT TO BY-LAW NO. 1 OF THE CORPORATION
ARTICLE TEN — SHARE CERTIFICATES, REGISTRATION and TRANSFER
10.1 Share Certificates. Shares in the capital stock of the Corporation may be certificated or uncertificated. Shareholders shall be entitled, at their option, to a share certificate, or to a non-transferable written acknowledgement of their right to obtain a share certificate, stating the number and class or series of shares held by them as shown on the securities register of the Corporation. All share certificates and written acknowledgements shall be in such form as the Board shall approve from time to time and signed in accordance with Section 2.02 but need not be under the corporate seal of the Corporation. Unless the Board otherwise determines, share certificates in respect of which a transfer agent and/or registrar has been appointed shall not be valid unless countersigned by or on behalf of the transfer agent and/or registrar. The signatures of the signing officers of the Corporation and, where required, the authorized signatories of the transfer agent and/or registrar on share certificates or written acknowledgements may be printed or mechanically reproduced. Every printed or mechanically reproduced signature shall for all purposes be deemed to be the signature of the person whose signature is printed or reproduced.
10.2 Registration of Transfer. Subject to the provisions of the Act, no transfer of shares shall be registered in a securities register except upon presentation of the certificate representing such shares with a transfer endorsed thereon or delivered therewith duly executed by the registered holder or by his attorney or successor duly appointed, or upon proper instructions from the holder of uncertificated shares, in each case with such reasonable assurance or evidence of signature, identification and authority to transfer as the Board may from time to time require, and upon payment of all applicable taxes and any fees required by the Board.

 

EX-99.1 PRESS RELEASE
Exhibit 99.1
(CANADIAN SOLAR INC. LOGO)
Passing the First Year Sarbanes-Oxley 404 Compliance Requirements
JIANGSU, China, June 5 /Xinhua-PRNewswire/ — Canadian Solar Inc. (“the Company,” “Canadian Solar,” or “we”) (Nasdaq: CSIQ) announced today that it filed its annual report on Form 20-F for the fiscal year ended December 31, 2007 with the Securities and Exchange Commission (the “SEC”) on June 3, 2008, and has implemented internal controls over financial reporting in compliance with the requirements for public companies per Section 404 of the Sarbanes- Oxley Act of 2002.
Dr. Shawn Qu, Chairman and CEO of Canadian Solar Inc. commented: “2007 was an excellent year for CSI. During the year we saw significant revenue growth, expanded our customer base, and improved our market penetration. In line with this growth, we worked hard throughout 2007 to ensure that our internal control processes were positioned well for both the current state of business and future expansion. Our first year of Sarbanes-Oxley compliance implementation has been a challenging but rewarding process. We are pleased with our own management testing results. Our efforts in maintaining an effective internal control structure will undoubtedly pay off in a long run.”
About Canadian Solar Inc. (Nasdaq: CSIQ)
Founded in 2001, Canadian Solar Inc. (CSI) is a vertically integrated manufacturer of solar cell, solar module and custom-designed solar application products serving customers worldwide. CSI is incorporated in Canada and conducts all of its manufacturing operations in China. Backed by years of experience and knowledge in the solar power market and the silicon industry, CSI has become a major global provider of solar power products for a wide range of applications. For more information, please visit http://www.csisolar.com.
For more information, please contact:
     
In Jiangsu, P.R. China
  In the U.S.
Alex Taylor, IR Director
  Tyler Wilson
Canadian Solar Inc.
  The Ruth Group
Tel: +86-512-6690-8088
  Tel: +1-646-536-7018
Email: ir@csisolar.com
  Email: twilson@theruthgroup.com
Safe Harbor/Forward-Looking Statements
Certain statements in this press release including statements regarding expected future financial and industry growth are forward-looking statements that involve a number of risks and uncertainties that could cause actual results to differ materially. These statements are made under the “Safe Harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by such terms as “believes,” “expects,” “anticipates,” “intends,” “estimates,” the negative of these terms, or other comparable terminology. Factors that could cause actual results to differ include general business and economic conditions and the state of the solar industry; governmental support for the deployment of solar power; future shortage or availability of the supply of high-purity silicon; demand for end-use products by consumers and inventory levels of such products in the supply chain; changes in demand from significant customers, including customers of our silicon materials sales; changes in demand from major markets such as Germany; changes in customer order patterns; changes in product mix; capacity utilization; level of competition; pricing pressure and declines in average selling price; delays in new product introduction; continued success in technological innovations and delivery of products with the features customers demand; shortage in supply of materials or capacity requirements; availability of financing; exchange rate fluctuations; litigation and other risks as described in the Company’s SEC filings, including its annual report on Form 20-F originally filed on May 29, 2007. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee future results, level of activity, performance, or achievements. You should not place undue reliance on these forward-looking statements. All information provided in this press release is as of today’s date, unless otherwise stated, and Canadian Solar undertakes no duty to update such information, except as required under applicable law.