The merger/amalgamation of Gulshan Spinning Mills Limited and Gulistan Spinning Mills Limited with and into Paramount Spinning Mills Limited shall be effective by way of a Scheme Of Arrangement for Amalgamation in accordance with the provisions of Sections 284 to 288 of the Companies Ordinance, 1984 and on the basis of the valuation calculated by M, Yousuf Adil Saleem and Co., Chartered Accountants, pursuant to their report dated April 1, 2011.
The swap ratio as recommended by the Board of Directors of Paramount Spinning Mills Limited for the purposes of the merger/amalgamation,
(i) 1 ordinary share of Rs, 10/-, each fully paid up of Paramount Spinning Mills Limited shall be issued to the shareholders of Gulshan Spinning Mills Limited in exchange for every 1.1981 ordinary share of Rs, 10/-, each fully paid up of Gulshan Spinning Mills Limited held by them and
(ii) 1 ordinary share of Rs,10/-, each fully paid up of Paramount Spinning Mills Limited shall be issued to the shareholders of Gulistan Spinning Mills Limited in exchange for every 1.7677 ordinary share of Rs. 10/-, each fully paid up of Gulistan Spinning Mills Limited held by them
Source: Pakistan Company News
