Grand Game privatisation progress: Chen out of board seats

Grand Game privatisation progress: Chen out of board seats

November 27 News, Shanda Games announced this morning, Shanda Interactive Entertainment Group will be its current holdings of 18% of the equity portion (48,759,187 Class B Common) sold to the China Cashmere Shengda Investment Holdings (Hong Kong) Limited (Ningxia China Silver Velvet Industry International Group Co., Ltd., or referred to as the group controlled by the company in Ningxia, the other part (48,759,187 Class B common stock) is sold to billion Li Shengda investment Holding (Hong Kong) Limited (Shanda Game incumbent CEO Zhang Yi is the representative of the core management team controlled by the company).

Prior to the September, Ningxia China Silver Velvet Industry Group has bought a grand game 80,577,828class A's common stock.

This transaction means:

1, Shanda Interactive Entertainment Group no longer holds a grand game of shares;

2, Ningxia China Silver Velvet Industry Group was awarded a total of 24% of the equity (ClassA and CLASSB total) and about 40.1% of the voting rights;

3, the management team represented by Zhang Yi obtained 9% equity and 34.5% voting rights.

After the deal, Shanda Interactive Entertainment Group also announced the withdrawal of the privatization consortium, Ningxia China Silver Velvet Industry Group and Zhang Yi said it will continue to promote the privatization process.

The announcement also announced changes to the board and the remuneration committee, the Enterprise Development and Finance Committee and the audit Committee:

1, Chen Tianqiao officially withdrew from the Grand game board seat, and resigned from its grand game chairman and remuneration committee, Enterprise Development and Finance Committee chairman of the Office.

2, appointed Zhang Yi as chairman of the Grand Game board, chairman of the remuneration Committee, Enterprise Development and Finance Committee.

3, add Mr. Massenming as a grand game director.

4, add Shanda Game director Yiuli, member of remuneration committee and Enterprise Development and Finance Committee