Shanghai Century Acquisition Corporation (AMEX:SHA) announced
today that an Annual and Extraordinary Meeting of Shareholders
originally scheduled to be convened on Thursday, April 17, 2008 at
10:00 a.m., New York time, will be postponed until Thursday, April 24
2008 at 10:00 a.m., New York time as SHA continues to seek proxies.
The meeting will take place at its original location, the offices of
Loeb & Loeb LLP, 345 Park Avenue, 18th Floor, New York, New York
10154.
SHA also announced today that certain investors have indicated an
interest in purchasing SHA´s outstanding ordinary shares and using
their reasonable efforts to assist brokers in causing such shares to
be voted in favor of SHA´s proposed acquisition of a Asia Leader
Investments Limited, and its subsidiary New Goal International Limited
(the "Proposed Acquisition") at SHA´s upcoming Annual and
Extraordinary Meeting of Shareholders. These investors have indicated
that these purchases would be conditioned on receiving additional SHA
ordinary shares from SHA´s founders upon the closing of the Proposed
Acquisition. The SHA founders and the investors have not yet agreed
upon the maximum number of SHA ordinary shares that may be delivered
by the founders to the investors. The proposed share deliveries by
SHA´s founders are conditioned on the investors agreeing to purchase
and use their reasonable efforts to assist brokers in causing SHA
ordinary shares to be voted in favor of the Proposed Acquisition and
the other items of business to be considered at SHA´s Annual and
Extraordinary Meeting of Shareholders to be held on April 24, 2008 and
on the approval by shareholders, and subsequent consummation of, the
Proposed Acquisition.
SHA expects that any purchases by these investors would be
effected in privately negotiated transactions with SHA shareholders
who were shareholders of SHA as of the March 27, 2008 record date and
who have voted against the Proposed Acquisition and have stated their
intention to seek conversion of their shares into a pro rata share of
the trust fund established in connection with SHA´s initial public
offering. These shares would be purchased at prices to be negotiated
between the sellers and the investors. The investors also would be
entitled to certain demand and piggyback registration rights that were
granted to the SHA founders in respect of their pre-IPO shares.
About Shanghai Century Acquisition Corporation
Shanghai Century Acquisition Corporation was formed for the
purpose of acquiring, through a share exchange, asset acquisition or
other similar business combination, or control through contractual
arrangements, an operating business having its primary operations in
China.
In April 2006 the Company raised US$115 million through an initial
public offering on the American Stock Exchange. The Company´s units
began trading on April 25, 2006 and its ordinary shares and warrants
began trading separately on July 26, 2006. Shanghai Century
Acquisition Corporation´s principal offices are in Hong Kong.