This announcement details the progress of the major asset restructuring involving the acquisition of assets by Panzhihua New Steel & Vanadium Co., Ltd. The restructuring was approved by the China Securities Regulatory Commission on December 25, 2008. As of the date of this announcement, the transfer procedures for the assets involved are still underway. The company plans to release further announcements regarding the share exchange and cash option by April 3, 2009.
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Panzhihua New Steel & Vanadium Co., Ltd.'s major asset restructuring plan (hereinafter referred to as "this major asset restructuring") has been approved by the China Securities Regulatory Commission (CSRC) on December 25, 2008, under the approval document [2008]1445. The company hereby announces the progress of this major asset restructuring following the CSRC's approval:
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