Exceed Company Ltd., one of the leading domestic sportswear brands in China, announced that it intends to further adjourn its extraordinary general meeting of shareholders that was called to authorize and approve the proposed Agreement and Plan of Merger (the "Merger Agreement"), dated December 2, 2013, by and among the Company, Pan Long Company Limited ("Parent"), an exempted company with limited liability incorporated under the laws of the Cayman Islands and wholly owned by Mr. Shuipan Lin ("Mr. Lin"), the Company's Chairman and Chief Executive Officer, and Pan Long Investment Holdings Limited, a wholly owned subsidiary of Parent.
The extraordinary general meeting was originally scheduled to take place in Hong Kong on April 16, 2014. It was subsequently adjourned to July 29, 2014 following Mr. Lin's advice to the Company that he required additional time to obtain the contemplated financing for the proposed transaction. At the extraordinary general meeting, shareholders will consider and vote on the proposal to authorize and approve the Merger Agreement.
On July 28, 2014, the independent committee and the board of directors of the Company determined that a further adjournment of the meeting would be in the best interests of its shareholders because Mr. Lin had advised the Company that he required additional time to obtain the contemplated financing for the proposed transaction. The Company intends to hold the extraordinary general meeting of shareholders on July 29, 2014 but to immediately adjourn the meeting without conducting any business.
Apart from the motion to adjourn, no other business will be conducted at the extraordinary general meeting of shareholders on July 29, 2014. The resolutions set out in the notice of the extraordinary general meeting dated July 10, 2014 will be considered and voted on at such time as the adjourned extraordinary general meeting is resumed.
The Company intends to resume the adjourned extraordinary general meeting of shareholders as soon as practicable following confirmation from Mr. Lin that financing is on deposit in an account outside of the People's Republic of China and available at the closing of the transaction. The Company will give notice to shareholders of the date on which the adjourned extraordinary general meeting will be resumed as soon as a date is selected, and in any event not less than seven calendar days prior to such resumed meeting.