LAN-tech shareholder approves 22.60-dollar privatisation agreement

Beijing time August 1 Evening news, LAN-Tech (Nasdaq:mont) today announced the July 31 special shareholder meeting results.

At yesterday's shareholder meeting, shareholders approved LAN-tech and Shanghai Pudong Science and Technology Investment Co., Ltd. (hereinafter referred to as "Pdsti") June 12 of the common shares of 22.60 U.S. dollar privatisation agreement.

At the shareholders ' meeting, the shareholder of 66.55% shares in the technology issue shares voted for the privatisation agreement, 99.4% of which voted in favour.

LAN Technology announced March 10 this year, the company's board of directors received the Shanghai Pudong New area under the Government of the state-owned limited liability company Pdsti Initial non-binding privatization offer. According to the offer, Pdsti will buy all the shares of the technology in the LAN with a cash of $21.5 per share.

June 12, the LAN technology and PDSTI jointly announced that the two sides have reached a privatization agreement, PDSTI will be a common stock of 22.60 U.S. dollars to buy the LAN technology all the circulation of shares.

Gravity, a research institute, reported in February this year that LAN-tech has overstated its real financial performance and that its real revenues are well below its earnings figures. Moreover, the LAN-tech largest distributor LQW Technology Co., Ltd. is a company for the production of financial performance and the establishment of shell companies.

LAN Technology said the privatisation agreement has yet to be approved by the regulatory authorities. (Li Ming)