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June 20, 2014
12:44 EDTCMGEChina Mobile Games announces restructuring, says committee to probe allegations
China Mobile Games and Entertainment announces the implementation of organizational restructuring and personnel changes in its game publishing business. The purpose of the restructuring is to streamline the company's operations to better position it for profitable long-term growth. Since Mr. Shuling Ying was asked to oversee the company's publishing business in October 2013, its publishing business has grown significantly, and now has teams of over 700 employees located in Beijing, Shanghai, Shenzhen and Chengdu. However, the company's rapid growth has also created operational challenges that it must carefully manage, including redundancies within its businesses which have resulted in inefficiencies. To make the company more efficient and competitive and to continue producing high quality and innovative products, and to ensure the company is positioned to be profitable and achieve sustainable growth, the chief executive officer has been tasked with conducting organizational reviews and structural realignments. As part of the organizational restructuring of its publishing business, on June 19, the company removed nine employees from their positions in the publishing business, including Ying. The company notes that these employees are awaiting reassignments within the company. The company does not expect this restructuring, including the personnel changes, to have a material adverse impact on the company's overall operations. The company expects the restructuring will enhance its productivity, helping to strengthen its leading market position. China Mobile Games said, "The company is aware of market speculations about the reasons for the restructuring, including allegations of employee misconduct, which have led to significant fluctuations in its ADS price. The company announces that today its board of directors has authorized an independent committee, consisting solely of independent directors, to look into the market speculations. In order to provide a high level of transparency to its shareholders, the company will update shareholders on the results of its findings."
News For CMGE From The Last 14 Days
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May 20, 2015
07:14 EDTCMGEChina Mobile Games announces strategic restructuring of subsidiary
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May 18, 2015
08:34 EDTCMGEChina Mobile Games receives non-binding proposal to be acquired for $21.50/ADS
China Mobile Games announced that its board has received a preliminary non-binding proposal from Orient Hongtai Investment Management, a subsidiary of Orient Securities Company, to acquire all of the outstanding shares of the company, including ordinary shares represented by American depositary shares, for $1.54 in cash per Class A or Class B ordinary share, or $21.50 in cash per ADS. A copy of the proposal letter is attached hereto as Exhibit A. Orient Investment has separately indicated to the Company that it has secured committed equity financing from certain of its affiliates and co-investors in an aggregate amount of RMB 5B. The proposal letter did not state any information pertaining to Orient Hongtai's or Orient Investment's current ownership of the company's ordinary shares or ADSs. The company is not aware through public filings or other documents that Orient Hongtai or Orient Investment may beneficially own 5% or more of the company's ordinary shares. In addition, no members of the Board are affiliates of Orient Hongtai or Orient Investment.
08:32 EDTCMGEChina Mobile Games receives non-binding proposal to be acquired for $21.50/ADS
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