Gushan Environmental Energy Limited Announces Shareholders Vote To Approve Going Private Transaction
NEW YORK, Oct. 15, 2012 /PRNewswire/ -- Gushan Environmental Energy Limited ("Gushan" or the "Company"; NYSE: GU), a manufacturer of copper products and a producer of biodiesel in China, announced today that, at an extraordinary general meeting of shareholders held today (the "EGM"), the Company's shareholders voted in favor of the proposal to approve and adopt the previously announced agreement and plan of merger dated June 4, 2012, as amended on September 13, 2012 (the "Amended Merger Agreement"), among Trillion Energy Holdings Limited ("Parent"), a British Virgin Islands business company limited by shares, Trillion Energy Investments Holdings Limited, a Cayman Islands exempted company wholly-owned by Parent ("Merger Sub"), Mr. Jianqiu Yu, the Company's Chairman and Principal Executive Officer and the Company, pursuant to which Merger Sub will merge with and into the Company, with the Company continuing as the surviving company and a wholly-owned subsidiary of Parent. Approximately 72.26% of the Company's total outstanding ordinary shares voted in person or by proxy at the EGM. Of the ordinary shares voted in person or by proxy at the EGM, approximately 90.02% were voted in favor of the proposal to approve and adopt the Amended Merger Agreement and the transactions contemplated by the Amended Merger Agreement and approximately 90.01% were voted in favor of the proposal to authorize the directors of the Company to do all things necessary to give effect to the Amended Merger Agreement. In addition, the proposal to approve and adopt the Amended Merger Agreement was also approved by approximately 72.85% of the unaffiliated ordinary shares voted in person or by proxy at the EGM, satisfying the "majority of the minority" voting requirement set forth in the Amended Merger Agreement.
The parties expect to complete the merger as soon as practicable, subject to the satisfaction or waiver of the conditions set forth in the Amended Merger Agreement. If completed, the merger would result in the Company becoming a privately held company wholly-owned by Parent and the Company's American depositary shares would no longer be listed on the New York Stock Exchange.
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