- Stock Code: 000515 Stock Abbreviation: Panzhiyu Titanium Industry Announcement No.: 2009-8
Announcement on the Cash Option for the Share Swap Absorption Merger of Panzhihua New Steel Vanadium Co., Ltd., Panzhiyu Titanium Industry Co., Ltd., and Changcheng Special Steel Co., Ltd.
The company and all members of the board guarantee the authenticity, accuracy, and completeness of the announcement content and bear joint liability for any false records, misleading statements, or significant omissions. This announcement serves only as an explanation of the specific operational procedures and related matters for shareholders of Panzhihua New Steel Vanadium, Panzhiyu Titanium Industry, and Changcheng Special Steel to declare their cash options and does not constitute a recommendation for exercising the cash options. Unless otherwise specified, the relevant interpretations of this announcement are consistent with the cash option implementation announcement. Investors wishing to understand the details of this cash option should refer to the relevant documents on the Shenzhen Stock Exchange website (http://www.szse.cn) and the Giant Tide Information Network (http://www.cninfo.com.cn).
The relevant listed companies involved in this merger officially released the "Announcement on the Cash Option Implementation for the Share Swap Absorption Merger of Panzhihua New Steel Vanadium Co., Ltd., Panzhiyu Titanium Industry Co., Ltd., and Changcheng Special Steel Co., Ltd." on April 3, 2009 (hereinafter referred to as the "Cash Option Implementation Announcement"). The announcement states that shareholders with options can declare their cash options during the first declaration period (from April 9 to April 23, 2009). Shareholders who do not declare their cash options during the first declaration period will automatically receive a second cash option, which they can exercise from April 25 to April 29, 2011. Details of the above announcement can be found in Appendix 1.
Additionally, the relevant listed companies involved in this merger released an announcement on November 5, 2008, regarding the determination of the exercise price for the second cash option and the cash dividend commitment of Panzhihua Steel (Group) Co., Ltd. In that announcement, Anshan Iron and Steel Group determined the exercise price for the second cash option and committed to:
- Shareholders of Panzhuhua Steel Vanadium who did not fully declare their cash options by the deadline will obtain the right to a second cash option and may exercise it at a price of 10.55 CNY per share during a specific period two years after the first declaration period ends, meaning they can sell their shares of Panzhuhua Steel Vanadium to Anshan Iron and Steel Group at this price. The number of rights obtained for the second cash option equals the number of shares not declared during the first declaration period.