LSE SPAC-I, Ningbo Green Light Energy merger gets Lahore High Court nod

October 13, 2026 (MLN): LSE SPAC-I Limited (PSX:SPAC1) will merge into Ningbo Green Light Energy Limited (NGLE) after the Lahore High Court sanctioned the scheme of arrangement, with SPAC1 shareholders set to receive 1.5 NGLE shares for every one share held.

Trading in SPAC1 will end on October 20, 2026, while NGLE is tentatively scheduled to list on October 26, 2026, subject to an increase in authorised capital and approvals from the SECP, PSX and CDC.

The Lahore High Court sanctioned the scheme between SPAC1 and NGLE and their respective members under Sections 279 to 283 of the Companies Act, 2017, through an order dated September 30, 2026, in C.O. No. 36477 of 2026.

The company shared the details in a letter dated October 13, 2026, to the PSX.

Under the scheme, NGLE will remain the surviving entity, the net assets and liabilities of SPAC1 will vest in NGLE, and SPAC1 will be dissolved without winding up once the scheme’s actions are completed.

October 20, 2026, is both the entitlement date and the last trading day in SPAC1, and its books will stay closed from October 21 to October 22, 2026, both days inclusive.

Shareholders on record at the close of business on the entitlement date will be eligible for NGLE shares.

NGLE has set October 15, 2026 as its own entitlement date, with its books closed from October 16 to October 17, 2026, both days inclusive.

NGLE shareholders on record on that date will receive 186,310,947 additional shares, or 10.04816 shares for each existing share. 

NGLE will trade under the symbol NGLE, with its opening price set at SPAC1’s closing price on October 20, 2026.

NGLE’s authorised share capital will rise to Rs2.1bn from Rs200mn, divided into 210mn ordinary shares of Rs10 each.

The increase comprises Rs300mn vesting from SPAC1 under the scheme and Rs1.6bn of additional authorised capital, subject to requisite fees and filings.

SPAC1 shareholders will receive a total of 39,000,003 NGLE shares, comprising 3,530,000 distribution shares and 35,470,003 additional shares.

Existing NGLE shareholders (excluding SPAC1) hold 15,011,800 shares and will be entitled to a further 150,840,944 shares under the scheme, taking their aggregate holding to 165,852,744 shares. After the scheme, NGLE’s total issued shares will stand at 204,852,747.

These figures remain subject to the rounding mechanism and consequential adjustments permitted under the scheme.

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