- Stock Code: 000569 Stock Abbreviation: Changcheng Co., Ltd. Announcement No.: 2009-011
Announcement on the Cash Option for the Share Swap Absorption Merger of Panzhihua New Steel Vanadium Co., Ltd., Panzhiyu Titanium Industry Co., Ltd., and 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 Panzhihua New Steel Vanadium, Panzhiyu Titanium Industry, and Changcheng Co., Ltd. to declare the exercise of cash options and does not constitute a recommendation for declaring the exercise of 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 Implementation of Cash Options for the Share Swap Absorption Merger of Panzhihua New Steel Vanadium Co., Ltd., Panzhiyu Titanium Industry Co., Ltd., and Sichuan 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, 2009, 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 can be exercised from April 25, 2011, to April 29, 2011. For details of the above announcement, please refer to 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 this announcement, Angang Group determined the exercise price for the second cash option and committed that:
- Shareholders of Panzhihua Steel Vanadium who did not fully declare their cash options by the deadline of the first declaration period will obtain the right to a second cash option and may exercise this option at a price of 10.55 CNY per share during a specific period two years after the deadline of the first declaration period, selling their shares to Angang Group at this price. The number of rights obtained by shareholders of Panzhihua Steel Vanadium for the second cash option equals the number of shares they hold that were not declared during the first declaration period.