The Lahore High Court, in its order dated June 26, 2024, has approved the Scheme of Arrangement and Reconstruction for the full merger of MetaTech Trading Limited (META) with Big Bird Foods Limited (BBFL),
The Scheme will take effect in terms of the relevant clauses of the approved Scheme to form part of the Judgement of the Honorable High Court.
Under Article 4 of the approved Scheme, the Board of Directors of respective companies have to convene meetings to determine the date (after the Sanction date) for the issuance of shares under the SWAP ratio (after this date the share certificates held by the shareholders in META shall be deemed canceled).
The Board Meeting (combined meeting) of MetaTech Trading Limited and Big Bird Foods Limited, is scheduled to be held on Monday, July 08, 2024, at 1100 hours at the registered office of Big Bird Foods Limited at 2-A Ahmad Block New Garden Town Lahore, to approve the entitlement date/closed period to determine the dates whereby shareholders of META to surrender their share certificates and to determine the last trading date for META at PSX.
The approved Scheme is to take effect as under:
| Effective Date of the Scheme | March 31, 2023 |
| Sanction Date of the Scheme | June 26, 2024 |
SWAP Ratio under the Scheme is 0.24 shares of Big Bird Foods Limited against One share of MetaTech Trading Limited and Big Bird Foods Limited shall be listed at Pakistan Stock Exchange Limited (PSX).
Upon the completion of the merger/amalgamation through the intended Scheme and the issuance of shares of BBFL to the registered members of META and the transfer of its listing status to BBFL, META will be dissolved under the Order of the Honorable Lahore High Court without winding up.
META has declared the “Closed Period” from July 01, 2024, to July 08, 2024 (both days inclusive) as required under Clause 5.6.4 of PSX Regulations. Accordingly, no Director, CEO, or Executive (of both Companies) shall, directly or indirectly, deal in the shares of the META in any manner during the Closed Period.
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