Alyst Acquisition Corp. (new stock symbol: [t]CRN[/t]), has completed its acquisition of China Networks Media,
Alyst Acquisition Corp. Stockholders Approve Business Combination With China Networks Media, Ltd.
Press Release
Source: Alyst Acquisition Corp.
On Thursday June 25, 2009, 4:30 pm EDT
NEW YORK, June 25 /PRNewswire-FirstCall/ -- (NYSE Amex: AYA) -- China Networks International Holdings, Ltd., a British Virgin Islands company ("CN Holdings") and Alyst Acquisition Corp., a special purpose acquisition company ("Alyst"), today announced that Alyst's stockholders approved its proposed business combination with China Networks Media, Ltd., a British Virgin Islands company. Alyst anticipates the acquisition will close on Friday June 26, 2009 or Monday June 29, 2009. In connection with the business combination, Alyst redomesticated to the British Virgin Islands through a merger with its wholly-owned subsidiary, CN Holdings, effective June 24, 2009. CN Holdings became the surviving entity and its ordinary shares, units and warrants will continue to trade on the NYSE Amex under CNR, CNR.U and CNR.W, respectively.
The business combination was approved by the holders of 6,888,079 common shares, representing 75.7% of the outstanding shares of common stock of Alyst. The holders of 2,146,156 common shares of Alyst elected to exercise their rights to convert their shares into cash, and will receive proceeds from Alyst's trust of $7.85 in cash per converted share of common stock.
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