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|Thursday, December 14, 2000, updated at 08:50(GMT+8)|
Explanatory Announcement of ST Zhengzhou BaiwenZhengzhou Baiwen (Group) (SSE: 600898) promulgated the explanatory announcement of the restructuring principle motion of its capital and debts.
The first point to explain was about counter purchase. According to the third article of the restructuring principle motion, those shareholders who did not agree to transfer about 50 percent of their shares to Sanlian Group will be given the chance to sell their shares to the company at a fair price. The counter purchase at a fair price means that the company buys back all the shares held by the above-mentioned shareholders.
The second point was about resuming. The company would keep an eye on the progress of the restructuring and would hold a director's meeting as early as the first month of 2001. The meeting would concentrate on the details and agreements of the restructuring plans, and at the same time apply for the resuming of the negotiable shares. During the period of resuming and the first interim shareholder's meeting, the shareholders could decide on their own will whether to hold their shares or to take part in the restructuring of the company. (Panorama)
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