Martin Burn clarifies on news regarding asset sale

With reference to the news item appearing in a leading financial daily titled "Martin Burn rides asset sale wave to circuit filter", Martin Burn Ltd has clarified as follows:

1. Firstly, the land is not Alexandria Park in Kolkata in fact it is Alexandra Court situated at 63 & 64, Chowrignhee Road, Kolkata - 700 020.

2. Secondly, the above Property is not encroached by the slum dwellers in fact the Flats in the said Property are occupied by the tenants for decades.

3. Thirdly, the Company had informed the Exchange that a meeting of the Board of Directors of the Company will be held on August 13, 2007, inter alia, to consider the issue of Share Warrant or any other instrument convertible into equity shares at a later date on preferential basis in accordance with chapter XIII of the SEBI (DIP) Guidelines, 2000 and subsequent amendment there to. The details of Preferential allotment will be informed to the Exchange immediately after the Board Meeting.

4. Lastly, the Company once again clarify that at present the Company has no intension to sale the above Property.

The stock closed the day at Rs.126.05, up by Rs.6 or 5%. The stock hit an intraday high of Rs.126.05 and low of Rs.126.05. The total traded quantity was 1101 compared to 2 week average of 3576.

Source : Equity Bulls

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