LSE SPAC-I Limited has announced the sanctioning of a Scheme of Arrangement by the Lahore High Court, facilitating its merger with Ningbo Green Light Energy Limited (NGLE). This merger will result in SPAC1 being dissolved, with its assets and liabilities transferring to NGLE.
- SPAC1 will merge with NGLE, which will continue as the surviving entity.
- Shareholders of SPAC1 will receive 1.50 NGLE shares for each SPAC1 share held, with a total of 39,000,003 NGLE shares to be distributed.
- The entitlement date for SPAC1 shareholders is set for October 20, 2026, with trading in SPAC1 ceasing on the same day.
- NGLE's authorized share capital will increase to PKR 2,100,000,000 post-merger, reflecting the merger's impact.
- The merger is expected to be completed without winding up SPAC1, as per the court's order.
- NGLE's tentative listing date on the Pakistan Stock Exchange is October 26, 2026, subject to regulatory approvals.
- The merger is anticipated to enhance NGLE's market position in the solar energy sector, potentially benefiting shareholders.