Lancor Holdings discusses merger of Lancor G:Corp Properties Ltd

Lancor Holdings Ltd has announced that the Board of Directors of the Company at its meeting held on October 31, 2006, inter alia, has approved the proposal for merger of Lancor G:Corp Properties Ltd with the Company and the following points were taken note of in that connection:

a. Valuation Report prepared by Independent Chartered Accountants M/s Narasimhan and Srinivasan valuing Lancor G:Corp Properties Ltd and the Company to determine the exchange / swap ratio of 5.88 shares of Lancor G:Corp Properties Ltd for every one share of the Company so as to place a monetary value of Rs 323.50 as the value of the Company's share at a premium of 12.32% to the market price prevalent on October 31, 2006, resulting in issuance of fresh equity shares of 8,50,000 of the Company to G:Corp Ltd for the surrender of 50,00,000 shares by G:Corp Ltd in Lancor G:Corp Properties Ltd.

b. The Draft scheme of Amalgamation prepared by Mr P H Arvindh Pandian, Advocate was taken on record and approved.

c. The Managing Director of the Company was empowered to take all matters pertaining to the merger.

Source : Equity Bulls

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