In the end of October, BVI-registered Pansoft Company Limited filed its merger agreement and the related board resolutions with the Corporate Registry of British Virgin Islands, to complete the merger with other BVI companies Timesway Group Limited and its direct wholly-owned subsidiary Genius Choice Capital Limited. The agreement and the plan of merger were approved by the shareholders of Pansoft Limited, at the extraordinary meeting held on September 26, 2012.
The merger will become effective upon the completion of the merger registration with the BVI Corporate Registry, which should be confirmed during a week. After merger, Pansoft intends to commence the payment of merger considerations to its stockholders.
As a part of the merger registration process with the BVI Corporate Registry, independent directors of the Board of Directors of Pansoft were required to resign. Their resignations were accepted, being effective as of October 23,2012.
