SPAC1 shareholders unanimously approve merger with NGLE

July 20, 2026 (MLN): Shareholders of LSE SPAC-I Limited (PSX: SPAC1) have unanimously approved the Draft Scheme of Arrangement for the merger of the company with and into Ningbo Green Light Energy Limited (NGLE), pursuant to Sections 279 to 283 of the Companies Act, 2017.

The resolution, passed in an Extraordinary General Meeting held on July 18, 2026, at the company's registered office, covers the reconstitution, reconstruction and adjustment of the share capital, reserves and related equity structure, as well as the issuance of equity capital of NGLE and the inter-company transfer of certain designated assets and liabilities, as detailed in the Scheme's Articles and Schedules.

Shareholders also authorized the Board of Directors of SPAC1 or NGLE, acting through the companies themselves or via their CEO or Company Secretary, to take all steps necessary for implementation of the Scheme once sanctioned by the Lahore High Court (LHC).

Additionally, the Board was empowered to make any subsequent changes, modifications, additions or alterations to the Scheme, including to the distribution ratio, as may be directed by the LHC or the Securities and Exchange Commission of Pakistan (SECP), without requiring further shareholder approval.

The Board was similarly authorized to make required changes to the company's Memorandum and Articles of Association as proposed in the Scheme, or as otherwise directed by the LHC or SECP.

The aforementioned information was disseminated through a notification to Exchange.

Copyright Mettis Link News