MetaTech reveals merger plan with Big Bird Foods

June 14, 2023 (MLN): MetaTech Trading Limited (PSX: META) revealed its plan to merge with/into Big Bird Foods (Private) Limited (as a transferee) in its meeting held today (10:30pm PST) at the Corporate Office of the Company.

Upon the completion of merger/amalgamation through the intended Scheme, META will be dissolved under the Order of the Honorable Lahore High Court, Lahore without winding up, and the shares of Big Bird Foods Limited shall be issued to the registered members/shareholders of META.

Until the sanction date, which refers to the approval from the honorable Court, the Company would continue its operations as a going concern and carry out its trading business activities under its principal line of business.

Moreover, in the meeting, it was discussed that a merger consultant would be appointed to prepare the Scheme of Compromises, Arrangement, and Reconstruction for the amalgamation/merger. The consultant would also determine the SWAP ratio under the Scheme.

A petition would be filed at the Honorable Lahore High Court in Lahore to seek sanctioning of the Scheme of Merger once all the related corporate and legal formalities were completed.

The effective date of the Scheme was set to be March 31, 2023, unless the honorable Court approved an alternative date upon the request of the parties involved in the Scheme.

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