WASHINGTON (dpa-AFX) - Gushan Environmental Energy Limited (GU) said Monday that its shareholders voted in favor of the proposal to approve the earlier announced plan of an amended merger agreement among Trillion Energy Holdings Limited (Parent), Trillion Energy Investments Holdings Limited, wholly-owned by Trillion Energy Holdings (Merger Sub), 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 subsidiary of the Parent.
About 72.26% of the company's total outstanding ordinary shares voted in person or by proxy. Of the ordinary shares voted in person or by proxy, about 90.02% were voted in favor of the proposal to approve the Merger Agreement and the transactions contemplated by the Merger Agreement and about 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 Merger Agreement.
In addition, the proposal to approve and adopt the Merger Agreement was also approved by about 72.85% of the unaffiliated ordinary shares voted in person or by proxy, 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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