Friday, July 3, 2009

Alyst Acquisition closes merger transaction with BVI-domiciled China Networks Media

British Virgin Islands company China Networks International Holdings, Ltd. and special purpose acquisition company Alyst Acquisition Corp. have completed the redomestication merger of Alyst in the British Virgin Islands, and the subsequent merger of China Networks subsidiary China Networks Media Ltd., also registered in BVI. The deal was announced in December 2008 as the plan of the acquisition of all the shares of the BVI company by Alyst Acquisition and the business combination merger.

The special stockholder meeting for voting on the proposed merger was held on June 24, 2009, when holders of over 70% of Alyst's stock voted in favor of the transaction. The closing of the business combination merger occured on June 30 immediately after the BVI authorities confirmed the acceptance of the Articles and Plan of Merger effecting the business combination merger. During the meeting, Alyst's stockholders also approved the 2009 Omnibus Securities and Incentive Plan, pursuant to which the directors, officers, employees and consultants of CN Holdings or its subsidiaries may be granted options to purchase up to 2,500,000 ordinary shares of the BVI company.

Initially, the ordinary shares, units and warrants of BVI-based CN Holdings will continue to be traded on the NYSE Amex under the ticker symbols CNR, CNR.U and CNR.WS, which were used earlier.