Lahore October 19 2022: The Entitlement Date for Issuing shares of GCIL to the shareholders of GTECH will be November 02, 2022, according to the information shared by the company.
The last trading date of GTECH shares will be November 02, 2022 and the opening price of GCIL share as determined by the Auditor's is Rs. 37.55.
Each shareholder of GTECH will receive shares of GC1L, to be credited in scrip less form to their respective accounts.
There would be no change in status of trading of Class B shares announced by the GTECH and on completion of Class B right shares subscription, Ghani Chemical Industries Limited will issue Class B shares to those shareholders who will subscribe the class B shares.
Determination of Date of Entitlement Date of Issuing shares of the Company (i.e. GCIL as a Transferee) to the shareholders of GTECH as per SWAP ratio determined in the approved Scheme. Under Article 4 (Clause III) of the approved Scheme, date of entitlement (as determined by the Board Directors of GOIL) is November 02, 2022 after which shareholders of GTECH ( shall surrender their share certificate for cancellation thereof to GCIL.
New shares being allotted and issued by GCIL to the members of GTECH ( whose names shall appear on the respective register of members on such date, as aforesaid, the share certificate in relation to the shares held them in GTECH shall be deemed to have been duly cancelled.
Thus last trading date of GTECH shall be November 02, 2022. Till such tin the shares of Ghani Chemicals Industries Limited are listed on the Pakistan Stock Exchange Limited, the listed status of G3 TECHNOLOGIES LIMITED shall not be changed.
As GTECH's shares are eligible for Central Depository System (the "CDS") Central Depository Company of Pakistan Limited, the scrip-less shares shall be directly credited by book entries in the CDS in lieu of the scrip-less shares of GTECH to their respective Investors' accounts or Sub accounts with CDC participants.
Effective date of the Scheme is December 31, 2021 and the Sanction Date of the Scheme is October 14, 2022. Thus, all transactions of/related GTECH are being taken up by the GCIL after the Sanction date. Moreover asset, liabilities and related reserves shall be transferred to GCIL. Balance sheet is being prepared by GTECH of the Undertaking and Business including, without limitation, the share capital, capital and gene reserves, revenue reserves, revaluation surplus and accumulated pro and losses of GTECH, as reflected in the books of account of GTECH as the Sanction Date and which is being audited by the Auditors of GTE( (this audit shall be completed within sixty (60) days of the Sanction Date.
Thus, upon finalization of the audit business, undertaking, assets, reserves shall be transferred to GCIL (along with the transaction undertaken by GTECH between the effective date and the Sanction da Shares of GCIL shall be issued to the shareholders of GTECH as per t approved SWAP Ratio and as per the Schedule (to be communicated the shareholders through PUCAR in the meanwhile). Resultant difference transfer shall be recognized as "merger reserves" which shall be treated capital reserves for all purpose.
As per clause X of Article 6 of the approved Scheme, opening price (based on P/E ratio which is determined on the bases of market equivalent share (PAKOXY) and earning potential of the merged balance sheet of be Companies as determined by the Auditors' Certificate after taking impact of swap ratio but it should not be less than the par value of share of GCIL) is Rs. 37.55. This is the opening listed price of GCIL.
On the completion of merger / amalgamation (i.e. assets, under taking business, liabilities reserves etc. are transferred upon conclusion of audit) and after the issuance of shares of GCIL to registered members of GTECH Class B shares of the Company (GTECH) shall be issued in Ghani Chemic Industries Limited (GCIL) as Class B Shares of GCIL.