Stock Code: 000569
Stock Abbreviation: Changcheng Co.
Announcement Number: 2009-016
Panzhihua New Steel Vanadium Co., Ltd. announces the cash option distribution for the second time following the share exchange absorption merger with Panzhihua Group Chongqing Titanium Industry Co., Ltd. and Panzhihua Group Sichuan 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 in the announcement.
Major Issues and Risk Warnings
- After the completion of the second cash option distribution, investors who purchase Panzhihua Steel Vanadium shares will not be able to obtain the second cash option.
- The rights to the second cash option will be locked to the shareholders' accounts. Except for the circumstances explicitly stated in this announcement, these rights cannot be transferred. Investors must hold Panzhihua Steel Vanadium shares to exercise the second cash option, which cannot exceed the number of shares held and the number of cash options. Investors may sell shares during the option's validity period and repurchase before exercising, but if [(selling price - related taxes) - (repurchase price + related taxes)] < 0, investors will incur investment losses. If investors sell shares during the validity period and do not hold an equal number of Panzhihua Steel Vanadium shares at the time of declaration, the excess cash option rights will not be exercisable.
- During the validity period of the second cash option, all parties related to the cash option may buy and sell Panzhihua Steel Vanadium shares without violating relevant laws and regulations and fulfilling information disclosure obligations.
- The second cash option is guaranteed by Panzhihua Steel (Group) Company.
- The second cash option can only be declared during the exercise period; holders cannot request early exercise or early redemption from the company or third parties.
- Rights and obligations of the second cash option holders: Holders have the right to declare the exercise of the second cash option according to the terms and conditions of this announcement during the exercise period at the determined exercise price. If a holder only holds the second cash option without holding the corresponding number of company shares, they cannot claim any rights against the company or its affiliates. If a holder sells all or part of their shares during the validity period and fails to repurchase sufficient shares before the declaration period ends, the unexercised cash options will automatically expire and be canceled.