- Stock Code: 000569 Stock Abbreviation: Changcheng Co., Ltd. Announcement No.: 2009-009
Pangang Steel Vanadium Co., Ltd. announces the progress of the cash option for the share exchange merger with Pangang Group Chongqing Titanium Industry Co., Ltd. and Pangang Group Sichuan Changcheng Special Steel Co., Ltd. The company and all members of the board guarantee the truthfulness, 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 procedures and related matters for shareholders of Pangang Steel Vanadium, Pangang Group Chongqing Titanium Industry, and Pangang Group Sichuan Changcheng Special Steel to declare the exercise of cash options and does not constitute a recommendation for exercising cash options. The cash option declaration period is from April 9, 2009, to April 23, 2009. The cash option implementation has now entered the declaration period, with 9 trading days remaining until the declaration deadline on April 23, 2009. The relevant listed companies involved in this merger officially released the "Announcement on the Implementation of Cash Options for the Share Exchange Merger" on April 3, 2009. 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). Unless otherwise specified, the interpretations in this advisory announcement are consistent with those in the cash option implementation announcement.
I. Overview of the Cash Option Implementation Plan
The cash option consists of two parts: the first cash option and the second cash option. The first cash option was provided by Ansteel Group in May 2008, upon the entrustment of Pangang Steel Vanadium, to shareholders of Pangang Steel Vanadium, Pangang Group Chongqing Titanium Industry, and Pangang Group Sichuan Changcheng Special Steel. Shareholders with options can declare this cash option during the first declaration period (April 9, 2009, to April 23, 2009). The second cash option is an additional cash option commitment made by Ansteel Group in October 2008, which will automatically grant the second cash option to shareholders who did not declare the first cash option during the first declaration period. These shareholders will have the right to exercise the second cash option from April 25, 2011, to April 29, 2011.