Dowslake Venture Ltd

euro adhoc: Dowslake Venture Ltd
Mergers - Acquisitions - Takeovers
Ad hoc disclosure pursuant to Art. 10 para 3 WpÜG August 2, 2007 BaFin revokes exemption for Dowslake Venture Ltd.

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Hannover, August 2, 2007. In  the  context  of  its  exemption   proceedings  for Dowslake Venture Ltd., Santa Clara, California as well as for Dr. Dan  Yang  and Mr. Zibin Lu, Shanghai, BaFin's (German federal  financial  supervisory  agency) notice of 31 July 2007 revoked its notice  of  17  January  2006,  according  to which the same are exempted from making a mandatory takeover  bid   according  to Art. 35 WpÜG. Basically,  BaFin  states  that  said   revocation  is  ex  officio admissible, because it was reserved under Number 3 of the definitive  notice  of 17 January 2006. According to BaFin, the revocation is well founded, whereas the right to  revoke results from two provisions of the notice of 16  January  2006.   Further,  BaFin insists that the only precondition for the existence of the right to  revoke  is the failure to execute a  capital   increase  in  kind  of  Pandatel  AG's  share capital by contribution of all or  at  least  95%  of  the  shares  in  Dowslake Microsystems Corp. until 31 December 2006 into the  commercial  register  or  if the applicants of Pandatel AG were not able to  otherwise  obtain   ownership  in all or at least 95% of the shares in  Dowslake   Microsystems  Corp.  until  this date. This precondition is complied with,  because  entry  into  the  commercial register of the local court Hanover was  made  only  concerning  annual  general meeting's resolution of 27 March 2006 regarding share capital increase  but   not execution of share capital increase. Also, the notice was  issued on  condition to immediately proof BaFin entry of the share capital increase's  execution  for contributing aforementioned shares in Dowslake Microsystems Corp.  based  on  an annual general meeting's resolution of Pandatel AG. Because execution  of  share capital increase was not  entered  into  the  commercial  register,  such   proof cannot be supplied. In the end,  executing  the  right  of   revocation  is  also  adequate,  because revoking is a suitable measure to eventually  enable  minority  shareholders  of Pandatel AG to make a desinvestment decision within  a  mandatory  takeover  bid who received no mandatory takeover bid according to Art.  35  WpÜG   due  to  the exemption of the applicants. To grant minority shareholders this opportunity  to decide is also necessary. Because, based on the fact of the legal initial  state of Art. 35 WpÜG the remaining shareholders are to be made a  mandatory  takeover bid in case of change of control, from which the  applicants  were  exempted by the notice of 16  January  2006.  According  to  today's  facts,   the  basis  of exemption no longer applies and therefore the mandatory  situation  of  Art.  35 WpÜG hast to be reestablished as it would have applied without exemption.

About Dowslake Headquartered in Santa  Clara  California,  with  a   manufacturing  facility  in Shanghai China, Dowslake offers to  its   customers  the  best  of  the  world  - advanced product design and low cost manufacturing.  The  product  portfolio  of Dowslake includes a series of cost-effective building  blocks  for  fiber   optic transport technology. Recently Dowslake has acquired   Rullingnet  (Hongkong)  to develop advanced Ethernet-over-Sonet/SDH solutions. Dowslake  customers  include major telecom system makers with more  than  65%  of  revenue  from  the  United States, with remaining  from  Japan,  China,  and  Israel.  Dowslake  sells  its products mainly through a  network  of  independent  sales  partners. For  more information about Dowslake, please visit

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ots Originaltext: Dowslake Venture Ltd
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Further inquiry note:
insignis GmbH
Raik Packeiser
Phone: +49 511 33 65 15 31

Branche: Technology
Börsen:  Börse Frankfurt / regulated dealing/prime standard

Weitere Meldungen: Dowslake Venture Ltd

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