On May 15, a special purpose acquisition company Alyst Acquisition Corp. announced that June 23, 2009 was approved by its Board of Directors as the date for a special meeting of company's shareholders for voting on the proposed merger with China Networks Media Ltd. - a television advertising company formed in 2007 in the British Virgin Islands. Alyst signed an agreement and plan of merger to acquire full stock of joint venture provider of broadcast television services in China in August 2008, and confirmed its intention in January 2009.
By means of merging with its wholly-owned subsidiary, China Networks International Holdings, Ltd., also registered in the British Virgin Islands, Alyst plans to redomesticate to the jurisdiction prior to consummating its transaction with China Networks Media Ltd.
On January 30, 2009, Alyst filed a preliminary proxy statement/prospectus in connection with the proposed business combination, and filed amendments to it on April 16 and May 14, 2009. Alyst intends to file the definitive proxy statement/prospectus and related registration statement, filed by China Networks International Holdings, Ltd., Alyst's wholly-owned BVI subsidiary and intended surviving corporation after consummation of the proposed merger.
