LSE SPAC-I Limited has submitted a Court Order regarding the sanctioned Scheme of Compromise, Arrangement, and Reconstruction, which facilitates its merger with Ningbo Green Light Energy Limited (NGLE).
- The Lahore High Court has sanctioned the merger, allowing SPAC1 to dissolve without winding up, with NGLE continuing as the surviving entity.
- Shareholders of SPAC1 will receive 1.50 shares of NGLE for each share held, as per the approved entitlement ratio.
- The merger aims to consolidate assets and liabilities, enhancing market visibility and access to capital for NGLE, which will become a listed entity on the Pakistan Stock Exchange (PSX).
- The Scheme is subject to compliance with all applicable legal and regulatory requirements, including approvals from the Securities and Exchange Commission of Pakistan (SECP) and the Competition Commission of Pakistan (CCP).
- The transaction is expected to create a public/free float of up to 40% in NGLE post-merger.