January 16, 2020 (MLN): Avanceon Limited has informed the Exchange regarding conditions on which the business arrangement contract between Avanceon Limited and Octopus Digital (Pvt) Limited (ODPL), the wholly-owned subsidiary of Avanceon, being made.
According to the contract, Avanceon agreed to sell its after-market engineering and technical services related business segment “AMS Business Segment” to ODPL against the issuance of 81.9 million ordinary shares, having face value of Rs 10/-each by the ODPL in favour of the Avanceon.
In this regard, the right share offer letter contains the following conditions:
Shares to be issued by the ODPL in Physical form only.
The offer may be accepted either in full or in part.
The last date of accepting the offer/ renouncement to reach the Registered Office of the ODPL on or before 25 January 2020.
In case the offer letter completed in all respect is not submitted on or before 25 January 2020, the Avanceon shall have the right for applying/renouncing shares.
If the acceptance is not made, the board of ODPL shall have absolute power to dispose of such shares in the best interest of the ODPL.
The memorandum and articles of association and CNICs of all directors of Avanceon Limited shall be submitted and
The right offer is 81,900,000/- ordinary shares of face value Rs 10 each and made in strict proportion to existing shares.
