LSVL shareholders approve merger with Digital Custodian

By MG News | March 19, 2024 at 09:23 AM GMT+05:00

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March 19, 2024 (MLN): The shareholders of LSE Venture Limited (PSX: LSVL) voted in favour of merging with Digital Custodian Company Limited, the company's filing on PSX revealed today.

This is pursuant to the provisions of Section 279 to 283 of the Companies, Act, 2017 and all other applicable provisions, if any, and subject to the sanction by the Honorable Lahore High Court, Lahore.

The shareholders further resolved that over and above the swap ratio determined by 'Creston Hyder Bhimji & Co.

The method of effective swap ratio involves three equity components- namely, common shares allocation under basic swap ratio (of 0.606, i.e., 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).

The principal activity of the company is to invest in shares, bonds, stocks, units of mutual funds or any other securities or its related instruments.

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