PEKING (dpa-AFX) - Gushan Environmental Energy Ltd. (GU) said it has entered into an amendment to its formerly announced agreement and plan of merger with Trillion Energy Holdings Ltd. ('Parent'), Trillion Energy Investments Holdings Ltd. and Mr. Jianqiu Yu, the company's chairman and principal executive officer ('Buyer'). The merger is currently expected to close in the fourth quarter of 2012.
Parent is wholly-owned by the Buyer. The Buyer beneficially owns around 34.8% of Gushan's issued and outstanding ordinary shares and plans to finance the merger and the other transactions contemplated by the Amended Merger Agreement with his own funds.
Pursuant to the Amendment, the consideration payable to ordinary shareholders is increased to $0.165 from $0.162 per ordinary share in cash without interest.
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