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Dec. 27, 2012 /PRNewswire/ -- Yucheng Technologies Limited (NASDAQ: YTEC, "Yucheng" or the "Company"), a leading provider of IT Solutions to the financial services industry in
China, announced today that, at an extraordinary general meeting of shareholders held today (the "EGM"), the Company's shareholders voted in favor of the proposal to approve the previously announced agreement and plan of merger dated
August 13, 2012 (the "Merger Agreement"), among the Company, New Sihitech Limited ("Parent"), a
British Virgin Islands business company wholly owned by Mr.
Weidong Hong, chairman of the board of directors and chief executive officer of the Company, and New Sihitech Acquisition Limited ("Merger Sub"), a
British Virgin Islands business company wholly owned by Parent, pursuant to which Merger Sub will merge with and into the Company, with the Company continuing as the surviving company and wholly owned by Parent (the "merger").
Approximately 76.44% of the Company's total outstanding ordinary shares were voted in person or by proxy at the EGM. Of the ordinary shares voted in person or by proxy at the EGM, approximately 92.80% were voted in favor of the proposal to approve the Merger Agreement and the transactions contemplated therein, including the merger, and approximately 92.79% were voted in favor of the proposal to authorize the directors of the Company to do all things necessary to give effect to the Merger Agreement.
Each director nominee,
Jeffrey R. Williams,
Yingjun Li, Zhengong Chang and
Ning Jia, was elected to the board of directors by shareholders representing at least a majority of the shares present and voting in person or by proxy at the EGM.