February 15, 2022 (MLN): The Board of Directors (BoD) of Janana De Malucho Textile Mills Limited, in the meeting held on February 15, 2022, has resolved that 2.13 million ordinary shares of the company be issued to the shareholders of Babri Cotton Mills Ltd. (BCML)on a swap ratio of 1 share of the company for every 1.438266 shares of BCML as per the scheme of arrangement for the merger, the company filing on PSX showed today.
It was further resolved that as per the approved scheme, the fractional shares, however, shall not be issued. All fractions less than a share shall be consolidated into whole shares, which shall be allotted to any one of the directors of the company upon trust to sell such shares and to pay the net sale proceeds realized (less the expenses of sale) to those of the registered holders of the Ordinary Shares in BCML who are entitled to fractions in proportion to their respective fractional entitlements.
It was also resolved that the Company shall take all requisite steps to fulfil the requirements / post-merger completion steps in terms of the Scheme along with all action's ancillary thereto.
To recall, the honourable Peshawar High Court passed the order on February 4, 2022, to make the scheme of arrangement merge BCML into JDMT.
