LSE Proptech Limited merges with LSE Capital Limited
MG News | November 27, 2023 at 03:35 PM GMT+05:00
November 27, 2023 (MLN): The Board of Directors (BoD) of LSE Proptech Limited (PSX: LSEPL) has approved the Scheme of Compromises, Arrangement and Reconstruction for the amalgamation/merger of LSEPL and Modaraba Al-Mali with and into LSE Capital Limited (LSECAP), according to the notice issued by the company on the PSX.
The designated assets of LSECAP will be partially transferred into LSE Financial Services Limited (LSEFSL) as approved by the BoD of all relevant companies and duly filed with the Lahore High Court along with the swap ratio.
Accordingly, the swap ratio would be 0.83:1, i.e. 83 shares of LSECAP against 100 shares of LSEPL.
Furthermore, the swap ratio for Modaraba Al-Mali shareholders would also be the same, i.e., 0.83:1.
Upon the completion of the merger/amalgamation through the intended Scheme, Modaraba Al-Mali and LSEPL will be dissolved without winding up, and the shares of LSECAP will be issued to the registered members/certificate-holders of Modaraba Al-Mali and LSEPL as per the SWAP Ratio, the company added.
The designated assets that will be transferred to LSEFSL by LSECAP will be against the following distribution ratio.
|
To the Shareholders/ |
No. of Shares |
Distribution Ratio |
|---|---|---|
|
LSE Capital Limited |
19,771,736 |
941.51 shares of LSEFSL against 1,000 shares of LSECAP |
|
Modaraba Al-Mali |
5,905,842 |
65.03 shares of LSEFSL against 1,000 certificates of MODAM |
The listing status of LSEPL will be transferred to LSECAP and the listing status of MODAM will be transferred to LSEFSL under the scheme.
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