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Note 9. Proposed Agreement and Plan of Merger
3 Months Ended
Jun. 30, 2012
Mergers, Acquisitions and Dispositions Disclosures [Text Block]
9.          PROPOSED AGREEMENT AND PLAN OF MERGER.

On June 29, 2012 the Company announced that it had entered into an Agreement and Plan of Merger (the “Merger Agreement”) to be acquired by an affiliate of ArcLight Capital Partners, LLC (“ArcLight”), an energy-focused private equity investment firm.  The Merger Agreement was adopted and approved by the Company’s Board of Directors on June 28, 2012, and is subject to approval by the Company’s stockholders.  If the Merger Agreement is approved by the Company’s stockholders and the merger is consummated, each share of common stock of the Company issued and outstanding immediately prior to the closing (other than (i) any shares held by the Company or any direct or indirect wholly-owned subsidiary of the Company, (ii) any shares held by ArcLight’s affiliates, and (iii) any shares owned by stockholders who have properly demanded, perfected and not withdrawn rights of dissenting stockholders in accordance with the provisions of Chapter 92A of the Nevada Revised Statutes, will convert into the right to receive $0.64, without interest and less any applicable withholdings or deductions.

For additional information, see MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS - Proposed Merger with Affiliate of ArcLight Capital Partners, LLC on page 14 following.