SCHEME OF COMPROMISES, ARRANGEMENT AND RECONSTRUCTION FOR AMALGAMATION/MERGER OF
Part - 1 : Complete Transfer of Business and Undertaking of Modaraba Al-Mali and LSE Proptech Limited with and into LSE Capital Limited
Part - 2 : Partial Transfer (Designated Assets) of LSE Capital Limited with and into LSE Financial Services Limited
02-Jan-24 11:10 AM
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PART-1 Complete Transfer of Assets and Undertakings
MODARABA AL-MALI (AND ITS MEMBERS)
LSE CAPITAL LIMITED
(AND ITS MEMBERS)
LSE PROPTECH LIMITED
(AND ITS MEMBERS)
SCHEME OF COMPROMISES, ARRANGEMENT AND RECONSTRUCTION FOR AMALGAMATION/ MERGER (IN TERMS OF PROVISIONS OF SECTIONS 279 TO 283 AND ALL OTHER ENABLING PROVISIONS OF THE COMPANIES ACT, 2017)
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Salient Aspects Part - 1
Modaraba Al-Mali (MODAM) and LSE Proptech Limited (LSEPL) to merge with and into LSE Capital Limited (LSECAP)
MODAM and LSEPL will be dissolved and the shares of LSECAP shall be issued to the registered members/certificate- holders of LSEPL and MODAM
LSE PL shares held by | |
LSECAP shall be registered | MODAM shall be distributed |
under Shariah Governance | to the certificate-holders of |
Regulations, 2018 | MODAM |
Swap ratio is 0.83 to 1.0 for | Swap ratio is 0.83 to 1.0 for | |
MODAM shares held by | MODAM to LSECAP | LSEPL to LSECAP |
(Every certificate holder | (Every certificate holder | |
LSECAP shall be distributed | ||
owning 1000 certificates of | owning 1000 certificates of | |
to its shareholders | ||
MODAM shall get 830 shares | LSEPL shall get 830 shares of | |
of LSECAP ) | LSECAP ) |
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Salient Aspects Part - 1
Effective date
June 30, 2023
Effective Date within | LSE Capital, being the | No financing |
the limitation of 180 | ||
surviving entity to | activity/portfolio in | |
days from the | ||
assume the listing | LSE Capital, except | |
statement date of | ||
status of LSEPL | legacy transactions | |
last audited accounts | ||
All employees to
become the
employees of the
surviving entity (LSE
Capital)
LSE CAPITAL to operate
under its existing | LSE Capital shall retain |
Memorandum & | its registration as a |
Articles, and any | Modaraba Company and |
needed change to be | will launch new |
made after approval of | Modarabas |
the Registrar Modaraba |
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Allocation Snapshot-MODAM
01. No of Outstanding MODAM Certificates before the merger:
90,816,915
03. No of LSEPL Shares held by MODAM: 16,469,434
Conversion and allocation of
05. LSEPL shares to MODAM Certificate Holders (B): 13,669,630
Pro-rata allocation of LSEFSL
07. shares to MODAM certificate holders (C): 65.03 shares per
1000
02. No of LSECAP shares after merger (.83%) (A): 75,378,039
Pro-rata distribution of LSEPL
04.Shares to MODAM certificate holders: 18.13%
No. of Shares of LSEFSL to be
06. allocated to MODAM certificate holders (for listed status transferability): 5,905,842
Total Allocation to MODAM
08. certificate holders (A+B+C):
LSECAP : 89,047,669
LSEFSL : 5,905,842
Allocation Snapshot-LSEPL & LSEFSL
No of Outstanding LSEPL shares before merger: 90,090,731 | 01 | ||
No of shares of LSEPL after merger (.83%): 74,775,306 | 02 | ||
No of LSECAP shares to be allocated to each shareholder: | 03 |
74,775,306 |
No of LSEFSL shares to be allocated to each LSEPL | 04 |
shareholder: *NIL |
*LSEFSL is acquiring the listing status of MODAM only, hence allocation is being made to MODAM certificate holders only
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LSE Proptech Ltd. published this content on 02 January 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 January 2024 06:51:35 UTC.