May 08, 2024 (MLN): Due to the need for fresh valuation for the determination of the SWAP ratio, the merger petition of LSE Ventures Limited (PSX: LSEVL) has been temporarily withdrawn with the permission of the Honorable High Court.
The company conveyed this information through its latest notice on the Pakistan Stock Exchange (PSX) today.
On March 19, 2024, LSEVL shareholders voted in favor of merging with Digital Custodian Company Limited and resolved to adopt the swap ratio determined by Creston Hyder Bhimji & Co., as previously decided.
The method of effective swap ratio involved three equity components- namely, common shares allocation under basic swap ratio ( of 606 common/ordinary shares of DCCL against every 1000 shares of LSEVL), adjusted shares allocation (of 490 shares to the shareholders of each of the merging companies), and additional securities allocation (of 20% of the post-merger capital of the merging companies comprising of Class B – Redeemable Shares and Perpetual & Convertible Sukuks).
To note, the principal activity of LSEVL is to invest in shares, bonds, stocks, units of mutual funds or any other securities or its related instruments.
