China Unistone Acquisition Corp. on November 6 announced the date of its special meeting of stockholders to be November 24. The first date announced previously was November 21, 2006. During this special meeting the stockholders will be entitled to vote on three proposals. The first proposal is the approval the acquisition of two companies – Beijing e-Channels Century Technology Co., Ltd. and Beijing Sihitech Co., Ltd. with its subsidiaries. The second proposal is the approval of the China Unistone 2006 Performance Equity Plan. The third one is the merger of China Unistone into its wholly owned subsidiary registered in the British Virgin Islands, with the purpose of re-domestication of the corporation.
China Unistone Acquisition Corp. is a public company organized for the purpose of acquiring businesses in China. Pursuant to the company’s certificate of incorporation, each China Unistone stockholder who holds shares of common stock issued in China Unistone’s initial public offering has the right to vote against the acquisition proposal and demand that, if the acquisition is consummated, China Unistone convert such stockholder’s shares into cash.
If the holders of 20% common stock shares vote against the acquisition proposal and properly exercise their conversion rights, China Unistone will not finish the business combination.