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Stock Market & Financial Investment News

News Breaks
June 26, 2014
17:11 EDTEDSExceed Co. updates transaction financing
Exceed Company announced that it has received updated information regarding the availability of the financing contemplated to be received by Mr. Shuipan Lin, the company's Chairman and CEO, in order to fund the consideration payable pursuant to the proposed Agreement and Plan of Merger, dated December 2, 2013, by and among the company, Pan Long Company Limited, an exempted company with limited liability incorporated under the laws of the Cayman Islands and wholly owned by Mr. Lin, and Pan Long Investment Holdings Limited, a wholly owned subsidiary of Parent. On April 16 the company adjourned the extraordinary general meeting of shareholders that was called to authorize and approve the Merger Agreement. The board of directors of the company determined that the adjournment was in the best interests of its shareholders because Mr. Lin had advised the company that he required additional time to obtain the contemplated financing for the proposed transaction, which he anticipated receiving by May 31. On June 3 the company issued a press release announcing that Mr. Lin anticipated needing additional time to obtain the contemplated financing for the merger, which he anticipated receiving by June 20 and that two of the Rollover Shareholders named in the proxy statement had agreed to invest an aggregate of US$5M in the Parent in order to fund a portion of the transaction consideration. Mr. Lin has provided the company with the following additional updates:$5M will be deposited in the Parent's account outside of the People's Republic of China on or about June 27; An additional $5M will be deposited in the Parent's account outside of the People's Republic of China on or about July 2; and the remaining approximately $5M of the contemplated financing is expected to be available by mid-July. Mr. Lin has also agreed to deliver an irrevocable undertaking to the bank to the effect that any cash deposits made to the Parent's account cannot be withdrawn except with the consent of the company.
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October 21, 2014
08:10 EDTEDSExceed enters into an amendment to the merger with Pan Long
Exceed Company announced that on October 20 it entered into an amendment to the Agreement and Plan of Merger, dated December 2, 2013, by and among the Company, Pan Long Company, an exempted company with limited liability incorporated under the laws of the Cayman Islands and wholly owned by Shuipan Lin, the Company's Chairman and CEO and Pan Long Investment Holdings Limited, a wholly owned subsidiary of Parent. Under the terms of the Merger Agreement, either the Company or Parent could terminate the Merger Agreement without payment of a termination fee if the merger contemplated by the Merger Agreement was not consummated by the termination date of September 2. The Merger Agreement Amendment extends the Termination Date to December 31. The Merger Agreement Amendment also increases the fee payable by Parent to the Company to $2.5M if the Merger Agreement is terminated under circumstances where a termination fee of $2M would previously have been payable and provides that the Company is no longer obligated to pay a termination fee to Parent if the Merger Agreement is terminated under circumstances where a termination fee of $1M would previously have been payable.

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