Pansoft Shareholders Vote to Approve Going Private Transaction
Pansoft Company Limited (NASDAQ: PSOF) today announced that the Company has completed extraordinary meeting of stockholders (the "2012 Special Meeting") for the fiscal year ended June 30, 2012 on Wednesday, September 26, 2012, at 9:15 a.m. Eastern Daylight Time (EDT), by web conference.
The following proposals have been voted and approved by the shareholders.
To adopt the agreement and plan of merger, dated as of May 16, 2012 (the "Merger Agreement"), by and among Pansoft Company Limited, Timesway Group Limited and Genius Choice Capital Limited as it may be amended from time to time, and approve the transactions contemplated by the Merger Agreement, including the Merger. During the 2012 Special Meeting, 72.08% of the total outstanding shares of Pansoft exercised their voting rights. Of the shares that were voted, 3,915,156 (99.88%) voted "FOR" versus 4,551 (0.12%) that were voted "AGAINST" the above proposal. Therefore, the Special Committee and Board of Directors of Pansoft have declared the agreement of merger is adopted, which results in the Company becoming a privately held company. Once the modification of its business registration at British Virgin Islands is completed, its shares will no longer be listed on the NASDAQ Capital Market. Public shareholders of Pansoft will receive cash payments of $4.15 per share in return for their shares.
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