May 24, 2019 (MLN): For the sake of public and company interest, the Board of Directors of the Avanceon Limited has passed the resolution in their meeting held on 23 May 2019, as per which the board unanimously approved to Demerge After Market Support, (the AMS business segment) with all assets, liabilities, rights, claims and privileges mentioned in the Scheme of Arrangement from “ Avanceon Limited” to “Octopus Digital (PVT) Limited”, without any effect in identity of Avanceon Limited.
As a consequence of this De-Merger activity, 80 million ordinary shares, having nominal value of Rs 10/- each of Octopus Digital (Pvt) Limited is proposed to be issued to Avanceon Limited ( based on valuation report of the AMS business segment ) as consideration for the AMS Business Segment De-Merger from Avanceon Limited to Octopus Digital (Pvt) Limited.
Furthermore, Mr. Ahsan Khalil, Company Secretary and Mr. Saeed Ullah Khan Niazi, Chief Financial Officer are authorized to do or cause to do all acts, deeds and things as may be considered necessary and appropriate, ancillary or incidental on behalf of Avanceon Limited.
