Under the terms of the Amended Merger Agreement, which was approved by the Company's shareholders at an extraordinary general meeting of shareholders held on October 15, 2012, each ordinary share of the Company issued and outstanding immediately prior to the effective time of the merger [...] has been cancelled in exchange for the right to receive US$0.165 per Share and each American depositary share (ADS), each representing 10 Shares, represents the right to receive US$1.65 per ADS (less US$0.05 per ADS cancellation fees), in each case, in cash without interest and net of any applicable withholding taxes. The Company also announced today that it requested that trading of its ADSs on the New York Stock Exchange be suspended.
The high-end segment of China's oilfield service industry has opened more to private companies, and we believe there are opportunities for Chinese oilfield services companies, especially experienced companies that can provide all-in-one solutions for customers. As a small company, Recon now is more focused on oilfield automation and production stimulation-related services. But we also seek to extend our business on the industrial chain by providing more integrated services and incremental measures and growing our business from a predominantly up-ground business to include some down-hole services as well. We believe our experience and reputation will help us remain competitive in this arena.