QualityStocks'  Instablog

Pansoft Company Limited, a leading provider of ERP software to the gas and oil industry throughout China, announced that the company has completed what was referred to as an "extraordinary meeting of stockholders" (known as the "2012 Special Meeting") to close out the fiscal year, which ended June 30, 2012. The meeting was conducted on Wednesday, September 26, 2012, at 9:15 a.m. Eastern Daylight Time (EDT), and was held via web conference.

The following details the proposals voted on and approved by Pansoft 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.

The meeting marked a major milestone for the company, as a measure was voted on and enacted, resulting in Pansoft becoming a privately held entity. During the 2012 Special Meeting, a total of 72.08% of all outstanding shares of Pansoft voted on the measure. Of the total shares voted, an overwhelming 3,915,156 (or 99.88%) voted "FOR," while only 4,551 (0.12%) voted "AGAINST" the aforementioned proposal. As such, the Special Committee and Board of Directors of Pansoft have declared that the proposed agreement of merger was approved, and that Pansoft Company Limited is now a private company.

Following the modification of Pansoft's businesses registration at British Virgin Islands, its shares will be removed from NASDAQ Capital Market. All remaining public shareholders will receive payment for their shares in the amount of $4.15 per share.

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