Exceed Company Ltd. Chairman and CEO Shuipan Lin has still not lined up financing to take the company, which is one of China’s leading domestic sportswear brands, private.
Beijing-based Exceed announced Monday that it intends to further adjourn an extraordinary shareholders meeting scheduled for Tuesday, July 29 to authorize and approve a proposed agreement of merger among Exceed, Pan Long Company Limited (“Parent”), wholly owned by, and Pan Long Investment Holdings Limited, a wholly owned subsidiary of Parent.
The extraordinary general meeting was originally scheduled to take place in Hong Kong on April 16, 2014. It was subsequently adjourned to July 29, 2014 following Mr. Lin's advice to the company that he required additional time to obtain the contemplated financing for the proposed transaction. At the extraordinary general meeting, shareholders will consider and vote on the proposal to authorize and approve the Merger Agreement.
On July 28, 2014, the independent committee and the board of directors of the company determined that a further adjournment of the meeting would be 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. The company intends to hold the extraordinary general meeting of shareholders on July 29, 2014 but to immediately adjourn the meeting without conducting any business.
Exceed intends to resume the adjourned extraordinary general meeting of shareholders as soon as practicable following confirmation from Lin that financing is on deposit in an account outside of the People's Republic of China and available at the closing of the transaction.