To: Glenn Petersen who wrote (2355 ) 8/22/2011 9:17:45 AM From: Glenn Petersen Respond to The shareholders of Funtalk have voted to accept an offer to take the company private:Funtalk China Holdings Limited Shareholders Vote to Approve Going Private Transaction Press Release Source: Funtalk China Holdings Limited On Monday August 22, 2011, 8:30 am Company " or "Funtalk ") (Nasdaq: FTLK News Parent "), a newly-formed entity jointly owned by ARCH Digital Holdings Ltd., Capital Ally Investments Limited, GM Investment Company Limited, Sinowill Holdings Limited, which is controlled by the chairman of the board of directors of the Company, Mr. Kuo Zhang, Huge Harvest Enterprises Limited, which is wholly owned and controlled by the chief executive officer of the Company, Mr. Dongping Fei, Kingstate Group Limited, which is wholly owned and controlled by Mr. Hengyang Zhou, executive president of Beijing Funtalk Century Technology Group Company Limited, an indirect wholly owned subsidiary of the Company, and Trend Focus Limited, which is wholly owned and controlled by Mr. Francis Kwok Cheong Wan, senior vice president of corporate investor relations of the Company, Fortress Merger Sub Limited, a wholly owned subsidiary of Parent ("Merger Sub ") and the Company (the "Agreement "), pursuant to which the Company will be the surviving entity in the going private transaction as a wholly owned subsidiary of Parent and approve the transactions contemplated by the Agreement. Approximately 91.90% of the Company's total outstanding ordinary shares voted in person or by proxy at today's extraordinary general meeting. Of the ordinary shares voted in person or by proxy at the extraordinary general meeting, approximately 98.76% were voted in favor of the proposal to adopt the Agreement and approve the transactions contemplated by the Agreement. The parties currently expect to complete the transaction by the end of August 2011 , subject to the satisfaction or waiver of the conditions set forth in the Agreement. In connection with the closing of the proposed transaction, PAG Asia I LP will subscribe for equity-linked securities of Parent, subject to the satisfaction or waiver of the conditions set forth in a subscription agreement, dated May 31, 2011, by and among PAG Asia I LP, Parent and the other parties listed therein, the proceeds of which shall be used in part by Parent to provide financing for the transaction. If completed, the proposed transaction would result in the Company becoming a privately held company and its ordinary shares would no longer be listed on the NASDAQ Global Market. finance.yahoo.com
