UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF
THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of Earliest event Reported):
September 15, 2015
CHINA SHENGDA PACKAGING GROUP INC.
(Exact name of registrant as specified in its charter)
Nevada |
333-148232 |
26-1559574 |
(State or other jurisdiction of |
(Commission File Number) |
(IRS Employer Identification No.) |
incorporation or organization) |
|
|
No. 2 Beitang Road
Xiaoshan Economic and
Technological Development Zone
Hangzhou, Zhejiang Province
311215
People's Republic of China
(Address of principal
executive offices)
(86) 571-82838805
(Registrant's telephone
number, including area code)
_______________________________________________
(Former name
or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is
intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions (see General Instruction A.2. below):
[ ] Written communications
pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant
to Rule 14a-12 under the Exchange Act (17 CFR 240.14a -12)
[ ] Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d
-2(b))
[ ] Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e
-4(c))
INTRODUCTORY NOTE
China Shengda Packaging Group Inc., a Nevada corporation (the
Company), announced that on September 15, 2015 it was informed by Mr. Nengbin
Fang, its Chairman, Mr. Wuxiao Fang, Ms. Congyi Fang, its director, Mr. Yueming
Qi, Mr. Baishun Shen, Mr. Guofang Wang, Mr. Zumao Shi, Ms. Lanfang Zhang,
Bigtree Capital Limited, Mr. Zhanggen Xu, Mr. Jinfa Ye, Mr. Huohong Wang, Mr.
Daliang Teng, its Chief Executive Officer, Ms. Haihua Yu, Envision Capital
Partners, L.P., CSV China Opportunities Fund, L.P., Ray Shi China Small Mid Cap
Select Fund, LB Holdings II, LLC and Newberg Road Partners, L.P., representing
certain other shareholders (collectively, the Contributing Stockholders) that,
pursuant to a contribution and subscription agreement (the Contribution
Agreement), dated as of May 21, 2015, by and among the Contributing
Stockholders, Yida International Holdings Limited, a British Virgin Islands
company (Parent), Yida International Acquisition Limited, a newly formed
Nevada company and wholly owned subsidiary of Parent (Merger Sub), and
Eastlake Capital Limited, a British Virgin Islands company wholly-owned by Mr.
Nengbin Fang (Chairman SPV), (i) the Contributing Stockholders contributed all
of their shares of common stock of the Company, par value $0.001 per share (the
Shares) to Parent, which represent approximately 90.8% of the total issued and
outstanding shares of the Company, and (ii) Parent contributed the Shares to
Merger Sub.
As a result of these transactions, Merger Sub acquired
approximately 90.8% of the total issued and outstanding shares of common stock
of the Company. On September 15, 2015, the Company and Merger Sub filed the
Articles of Merger with the Secretary of State of the State of Nevada, pursuant
to which the short-form merger between the Company and Merger Sub (the
Merger) became effective on September 15, 2015. As a result of the Merger,
Merger Sub merged with and into the Company, with the Company continuing as the
surviving corporation in the Merger pursuant to Chapter 92A.180 of the Nevada
Revised Statutes and a wholly owned subsidiary of Parent.
ITEM 2.01. COMPLETION OF ACQUISITION OR DISPOSITION OF
ASSETS
The Information in Item 5.01 below is incorporated herein by
reference.
ITEM 3.01. NOTICE OF DELISTING OR FAILURE TO SATISFY A
CONTINUED LISTING RULE OR STANDARD; TRANSFER OF LISTING.
On September 15, 2015, in connection with the completion of the
Merger, the Company notified the NASDAQ Stock Market LLC (the NASDAQ) of its
intent to remove its common stock, par value US$0.001, from listing on the
NASDAQ Capital Market and requested the NASDAQ to file a delisting application
on Form 25 with the Securities and Exchange Commission (the SEC) to delist and
deregister its common stock. The Form 25 was filed with the SEC by the NASDAQ on
September 15, 2015. The Company expects to file with the SEC a certification on
Form 15 under the Securities Exchange Act of 1934, as amended (the Exchange
Act) on or about September 25, 2015, requesting the deregistration of the
Company common stock and the suspension of the Companys reporting obligations
under Sections 13 and 15(d) of the Exchange Act.
ITEM 3.03. MATERIAL MODIFICATION TO RIGHTS OF SECURITY
HOLDERS.
As of the effective time of the Merger (the Effective Time),
each share issued and outstanding immediately prior to the effective time (other
than the shares owned by Parent, Merger Sub and the Contributing Stockholders
and the shares held in treasury) will be automatically cancelled and converted
into the right of its holder to receive $7.25 in cash, without interest. In
addition, within 45 days after the Merger, each of Envision Capital Partners,
L.P., CSV China Opportunities Fund, L.P., Ray Shi China Small Mid Cap Select
Fund, LB Holdings II, LLC and Newberg Road Partners, L.P. (each, an Other
Contributing Stockholder and collectively, the Other Contributing
Stockholders) will have the right (the Put Right) to require Chairman SPV to
purchase all but not less than all of the ordinary shares of Parent owned by
such Other Contributing Stockholder at a price of $7.25 per share. The Other
Contributing Stockholders are granted the Put Rights instead of simply being
paid for their shares of the Company together with the other unaffiliated
stockholders of the Company at a price of $7.25 per share.
ITEM 5.01. CHANGES IN CONTROL OF REGISTRANT.
On September 15, 2015, as a result of the Merger, the Company
becomes a wholly owned subsidiary of Parent.
The aggregate consideration to be paid in connection with the
Merger is US$11,693,452.50, including (i) payments in a total amount of
US$5,192,181.75 as the consideration to the stockholders of the Company other
than holders of the Shares and (ii) payments in a total amount of
US$6,501,270.75 to the Other Contributing Stockholders to acquire their ordinary
shares of Parent if all of them decide to exercise their Put Rights. The
consideration is funded through the proceeds from the loan in an amount of
US$14,000,000 pursuant to the facility agreement, dated as of May 21, 2015, by
and between Chairman SPV and Primelink Investment Limited, a Cayman Islands
company.
ITEM 5.02. DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS;
ELECTION OF DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY AGREEMENTS
OF CERTAIN OFFICERS.
Effective as of September 15, 2015, Mr. Daliang Teng resigned
as Chief Executive Officer, Mr. Ken He resigned as Chief Financial Officer, Ms.
Congyi Fang, Mr. Yaoquan Zhang, Mr. Zhen Yuan and Ms. Angel Yanki Wong resigned
as members of the board of directors of the Company.
As of the Effective Time, Mr. Nengbin Fang is the sole member
of the board of directors of the Company.
ITEM 8.01. OTHER EVENTS
On September 15, 2015, the Company issued a press release
relating to the announcement of the closing of the going private transaction. A
copy of the press release is attached hereto as Exhibit 99.1 and is incorporated
herein by reference.
ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS.
(d) Exhibits
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
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China Shengda Packaging Group Inc.
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Date: September 15, 2015 |
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/s/
Daliang Teng |
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Name: Daliang Teng |
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Title: Chief Executive Officer
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Exhibit 99.1
China Shengda Packaging Group Goes Private as a Result of a
Short-form Merger by a Consortium of its Existing Shareholders
HANGZHOU, China, September 15, 2015 /PRNewswire-FirstCall/ --
China Shengda Packaging Group Inc. (NASDAQ: CPGI) ("Shengda" or the "Company"),
a leading Chinese paper packaging company, today announced that on September 15,
2015 it was informed by Mr. Nengbin Fang, its Chairman, Mr. Wuxiao Fang, Ms.
Congyi Fang, its director, Mr. Yueming Qi, Mr. Baishun Shen, Mr. Guofang Wang,
Mr. Zumao Shi, Ms. Lanfang Zhang, Bigtree Capital Limited, Mr. Zhanggen Xu, Mr.
Jinfa Ye, Mr. Huohong Wang, Mr. Daliang Teng, its Chief Executive Officer, Ms.
Haihua Yu, Envision Capital Partners, L.P., CSV China Opportunities Fund, L.P.,
Ray Shi China Small Mid Cap Select Fund, LB Holdings II, LLC and Newberg Road
Partners, L.P., representing certain other shareholders (collectively, the
"Contributing Stockholders") that, pursuant to a contribution and subscription
agreement, dated as of May 21, 2015, by and among the Contributing Stockholders,
Yida International Holdings Limited, a British Virgin Islands company
("Parent"), Yida International Acquisition Limited, a newly formed Nevada
company and wholly owned subsidiary of Parent ("Merger Sub"), and Eastlake
Capital Limited, a British Virgin Islands company wholly-owned by Mr. Nengbin
Fang, (i) the Contributing Stockholders contributed all of their shares of
common stock of Shengda, par value $0.001 per share (the "Shares") to Parent,
which represent approximately 90.8% of the total issued and outstanding shares
of Shengda, and (ii) Parent contributed the Shares to Merger Sub.
As a result of these transactions, Merger Sub acquired
approximately 90.8% of the total issued and outstanding shares of common stock
of Shengda. On September 15, 2015, Shengda and Merger Sub filed the Articles of
Merger with Shengda and Merger Sub (the Merger) became effective on September
15, 2015. As a result of the Merger, Shengda became a wholly owned subsidiary of
Parent. The Company also announced today that at its request, on September 15,
2015, the NASDAQ Stock Market LLC filed a delisting application on Form 25 with
the Securities and Exchange Commission (the SEC) to delist and deregister the
Companys common stock. Shengda expects to file a Form 15 with the SEC to
terminate its reporting obligations as a public company under the U.S.
securities laws on or about September 25, 2015. The Companys obligations to
file with the SEC certain reports and forms, including Form 10-K, Form 10-Q and
Form 8-K, will be suspended immediately as of the filing date of the Form 15.
Existing stockholders of the Companys common stock will be notified by mail of
the cancellation of their shares and their right to receive $7.25 in cash per
share upon the submission of their stock certificates in accordance with proper
procedures.
About Shengda
Shengda is a leading paper packaging company in China. It is
principally engaged in design, manufacturing and sale of flexo-printed and
color-printed corrugated paper cartons in a variety of sizes and strengths. It
also manufactures corrugating medium paper and corrugated paperboards, which are
used for the production of flexo-printed and color-printed cartons. The Company
provides paper packaging solutions to a wide variety of industries, including
food, beverage, cigarette, household appliance, consumer electronics,
pharmaceuticals, chemicals, machinery and other consumer and industrial sectors
in China.
Safe Harbor Statements
This press release may contain forward-looking statements
within the meaning of the safe harbor provisions of the U.S. Private Securities
Litigation Reform Act of 1995. Any statements set forth above that are not
historical facts are forward-looking statements that involve risks and
uncertainties that could cause actual results to differ materially from those in
the forward-looking statements. Such factors include, but are not limited to,
the Company's ability to expand to new markets, the ability to grow business
through vertical integration and geographical expansion, the ability to access
capital for expansion and continued investment in R&D, the ability to
acquire other companies, changes from anticipated levels of sales, changes in
national or regional economic and competitive conditions, current or future
volatility in the credit market and future market conditions, changes in
relationships with customers, changes in profit margins of principal product and
other factors discussed from time to time in the Company's filings with the SEC.
The Company undertakes no obligation to update or revise any forward-looking
statements, whether as a result of new information, future events, or otherwise,
except as required by law.
Company Contact:
China Shengda Packaging Group Inc.
Cindy Hu, Board Secretary
Tel: +86-571 8283 8770
E-mail:
cindy.hu@cnpti.com
Website: http://www.cnpti.com
Investor Relations Contact:
Weitian Group LLC
Tina Xiao
Tel: +1-917-609-0333
Email:
tina.xiao@weitian-ir.com
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