May 02, 2023 (MLN): The merger deal between LSE Ventures Limited (LVL), LSE Proptech Limited (LPL), and Data Textiles Limited (DATM) has been finalized on Tuesday, involving the dissolution of DATM and the transfer of its assets and liabilities to LVL and LPL.
The deal also involves the demerger of LSE Financial Services Limited (LSEFSL).
Swap ratio for the issuance of LPL shares to the shareholders of LSEFSL, DATM, LVL are 0.35 per share, 0.025 per share, and 0.15 per share respectively.
Shareholders of DATM and LSEFSL will receive shares of LVL and LPL according to this predetermined swap ratio.
The entitlement date for issuing shares of LVL and LPL to the shareholders of Data Textiles Limited (DATM) and LSE Financial Services Limited (LSEFSL) is May 15, 2023.
Tentative listing schedule/dates of LPL and LVL are given in the Information Memorandum of the transmission posted today on PSX.
Discontinuation of the trading business of DATM is due to a conflict with the principal line of business of the surviving entities. However, related assets and liabilities, if any, shall be taken up by LVL.
This also involved the demerger of LSE Financial Services Limited being the transferor, with LSE Ventures Limited and LSE Proptech Limited being the transferees.
It also involves the merger of Data Textiles Limited being the transferor, with LSE Ventures Limited and LSE Proptech Limited being the transferees.
LPL shares issued to shareholders of:
Total no. of shares issued
Swap ratio per 1000 shares
LSEFSL
62,890,094 shares
350.17
DATM
247,740 shares
25.00
LVL
26,952,897 shares
150.07
The effective date of the Scheme is July 31, 2022, the sanction date is April 26, 2023, and the completion date is within 120 days of the Sanction Date.
