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News For DATE;KID;NED From The Last 14 Days
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March 3, 2015
13:52 EDTDATEVast Profit Holdings reports 19.6% stake in, submits proposal
On March 3, Vast Profit submitted a preliminary non-binding proposal to the board of directors of the company for the acquisition of all of the outstanding shares of the company not already owned or will be owned by Vast Profit pursuant to the Purchase Agreements at $5.37 in cash per ADS or $3.58 per Ordinary Share. Vast Profit also stated in the Proposal that it is interested only in the Proposed Transaction, and that it does not intend to sell its shares in the company. Vast Profit intends to finance the Proposed Transaction through a combination of debt and equity financing. Vast Profit indicated in the Proposal that it is prepared to negotiate and finalize the terms of the Proposed Transaction in definitive transaction documents, which will provide for covenants and conditions typical and appropriate for transactions of this type. The Proposal also provided that no binding obligation on the part of the company or Vast Profit shall arise with respect to the Proposed Transaction unless and until definitive agreements have been executed. If the Proposed Transaction is completed, the company’s ADSs would become eligible for termination of registration pursuant to Section 12(g)(4) of the Securities Act.
13:48 EDTDATEVast Profit Holdings Limited reports 19.6% stake in
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13:36 upgraded to Buy from Hold at Stifel
09:26 EDTDATEOn The Fly: Pre-market Movers
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06:29 receives 'going private' proposal announced that its board has received a preliminary non-binding proposal letter, dated March 3, from Vast Profit Holdings that proposes a "going-private" transaction involving the acquisition of all of the outstanding ordinary shares of the company not already owned by Vast Profit at a price per share of $3.58, or $5.37 per ADS of the company, in cash. Every two American depositary shares of the company represent three ordinary shares. Vast Profit completed its acquisition of 8,003,763 ordinary shares of the company from Aprilsky on March 2. Aprilsky is an indirect, wholly-owned subsidiary of the trustee of the Pangu Trust, an irrevocable trust established under the laws of the British Virgin Islands. Haiyan Gong is the settlor of the Pangu Trust and Gong and her family members are the beneficiaries. In addition, according to the Proposal Letter, Vast Profit expects to complete the acquisition of an additional 1,805,126 ordinary shares of the company by March 15. A copy of the Proposal Letter is attached hereto as Exhibit A. The board is in the process of forming a special committee of independent directors to consider the Transaction. The company cautions its shareholders and others considering trading in its securities that the board has just received the non-binding proposal from Vast Profit and no decisions have been made with respect to the company's response to the proposal. There can be no assurance that any definitive offer will be made, that any agreement will be executed or that this or any other transaction will be approved or consummated. The company does not undertake any obligation to provide any updates with respect to the Transaction or any other transaction, except as required under applicable law.
February 25, 2015
05:30 surpasses 140M registered user accounts
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