September 30, 2019 (MLN):Gatron Industries Limited via notification to PSX, has announced that the Board of Directors of Gatron (Industries) Limited has approved the draft scheme of arrangement, as per which, all shares owned by the Company in Novatex Limited shall be cancelled.
In lieu of such cancellation new shares in Novatex will be issued to the shareholders of the company pro-rata based on the number of shares held by them in the Company as of the book closure date.
In this respect, 56,700,000 ordinary shares of Novatex held by the company shall be cancelled and Novatex shall issue same no. of ordinary shares to the shareholders of the Company pro-rata based on total 38,364,480 shares of the company held by the respective shareholders.
Consequently, based on the ratio, 1.47793 ordinary shares of Navatex will be issued for each share of the Company held the respective shareholders of the company as of the book closure date.
The scheme shall be effective on the day on which the same is sanctioned by the Order of the High Court of Baluchistan and order is filed with the registrar of Companies, Securities and Exchange Commission of Pakistan, Quetta.
The Petition with regard to the proposed Scheme will be files with the Honorable High Court of Baluchistan at Quetta in due course. Furthermore, the scheme will be circulated to the PSX and the members in due course.
