Shanghai Century Acquisition Corp. (AMEX:SHA)
Historical Stock Chart
From Jun 2019 to Jun 2024
Shanghai Century Acquisition Corporation (AMEX:SHA) announced today that
an Annual and Extraordinary Meeting of Shareholders originally scheduled
to be convened on Thursday, April 17, 2008 at 10:00 a.m., New York time,
will be postponed until Thursday, April 24, 2008 at 10:00 a.m., New York
time as SHA continues to seek proxies. The meeting will take place at
its original location, the offices of Loeb & Loeb LLP, 345 Park Avenue,
18th Floor, New York, New York 10154.
SHA also announced today that certain investors have indicated an
interest in purchasing SHA’s outstanding
ordinary shares and using their reasonable efforts to assist brokers in
causing such shares to be voted in favor of SHA’s
proposed acquisition of a Asia Leader Investments Limited, and its
subsidiary New Goal International Limited (the "Proposed Acquisition")
at SHA’s upcoming Annual and Extraordinary
Meeting of Shareholders. These investors have indicated that these
purchases would be conditioned on receiving additional SHA ordinary
shares from SHA’s founders upon the closing of
the Proposed Acquisition. The SHA founders and the investors have not
yet agreed upon the maximum number of SHA ordinary shares that may be
delivered by the founders to the investors. The proposed share
deliveries by SHA’s founders are conditioned
on the investors agreeing to purchase and use their reasonable efforts
to assist brokers in causing SHA ordinary shares to be voted in favor of
the Proposed Acquisition and the other items of business to be
considered at SHA’s Annual and Extraordinary
Meeting of Shareholders to be held on April 24, 2008 and on the approval
by shareholders, and subsequent consummation of, the Proposed
Acquisition.
SHA expects that any purchases by these investors would be effected in
privately negotiated transactions with SHA shareholders who were
shareholders of SHA as of the March 27, 2008 record date and who have
voted against the Proposed Acquisition and have stated their intention
to seek conversion of their shares into a pro rata share of the trust
fund established in connection with SHA’s
initial public offering. These shares would be purchased at prices to be
negotiated between the sellers and the investors. The investors also
would be entitled to certain demand and piggyback registration rights
that were granted to the SHA founders in respect of their pre-IPO shares.
About Shanghai Century Acquisition Corporation
Shanghai Century Acquisition Corporation was formed for the purpose of
acquiring, through a share exchange, asset acquisition or other similar
business combination, or control through contractual arrangements, an
operating business having its primary operations in China.
In April 2006 the Company raised US$115 million through an initial
public offering on the American Stock Exchange. The Company's units
began trading on April 25, 2006 and its ordinary shares and warrants
began trading separately on July 26, 2006. Shanghai Century Acquisition
Corporation’s principal offices are in Hong
Kong.