ITV

Tag: amalgamation

  • Videocon d2h delists from NASDAQ, merger with Dish TV likely on 22 March

    Videocon d2h delists from NASDAQ, merger with Dish TV likely on 22 March

    MUMBAI: Videocon d2h, which is looking at a merger with Indian direct-to-home (DTH) company Dish TV, has announced that it will be delisting from the US bourse NASDAQ.

    The amalgamation scheme between Dish TV and Videocon d2h is likely to take place on 22 March 2018 after due regulatory approvals from the Maharashtra registrar of companies and the high court. Videocon d2h shareholders will get Dish TV shares through global depositary receipts. Dish TV shares will not be registered in the US.

    Videocon d2h had made its intention to delist in mid-December 2017 but later postponed it because of a change in its plan to amalgamate with Dish TV. 4 April 2018 will be Videocon d2h’s last date of listing and it will be delisted from 5 April. After this, Dish TV will have to file the remaining requirements of US regulator Securities and Exchange Commission (SEC) to terminate Videocon d2h’s reporting obligations. The deregistration will be effective 90 days after Form 15F is filed.

    “Pursuant to the Scheme and following the effectiveness of the amalgamation, all outstanding equity shares of Videocon d2h, including equity shares underlying the ADSs, will be mandatorily exchanged for new equity shares of Dish TV. Dish TV is expected to be subsequently renamed Dish TV Videocon Limited. Videocon d2h ADS holders will receive new global depositary receipts (GDRs), each GDR representing one equity share of Dish TV, exchanged at a rate of approximately 8.07331699 new GDRs for every one Videocon d2h ADS (rounded off up to eight decimal places), unless such holders elect to receive equity shares of Dish TV in lieu of GDRs by cancelling their Videocon d2h ADSs,” a release to the NASDAQ stated.

    The combined company is to be named as Dish TV Videocon and will hold approximately 29 million subscribers, making it the second-largest DTH company in the world. There was a halt in the merger scheme when Dish TV wanted Videocon d2h to clarify some of the insolvency proceedings against it.

    Also Read :

    Dish TV-Videocon d2h merger date postponed

    Dish TV re-evaluating Videocon d2h merger

  • PVR Ltd: HC nod to two subsidiaries’ merger with parent

    PVR Ltd: HC nod to two subsidiaries’ merger with parent

    MUMBAI: PVR Ltd has informed the Bombay Stock Exchange and the National Stock Exchange that the Delhi High Court, vide the formal Order issued on 4 January, 2017, has approved the Scheme of Amalgamation entailing merger of PVR Leisure Limited and Lettuce Entertain You Limited with PVR Limited effective from the appointed date of 1 April, 2015.

    Justice Siddharth Mridul approved the scheme of amalgamation under which PVR Leisure Ltd — which operates in-mall entertainment, food and gaming joints, and Lettuce Entertain You Ltd — which is into the business of operating restaurants items — would merge with PVR Ltd, their parent company, PTI reported.

    In its directive approving the merger, the HC has stated that all the property, rights and powers of the two transferor companies shall be transferred to the transferee company.

    Under the scheme, the court also stated, “the entire paid-up equity and non-cumulative convertible preference share capital of petitioner company No.2 (PVR Leisure) is held by the transferee company directly, and the entire paid-up equity share capital of petitioner company No.1 (Lettuce) is held by transferee company through its wholly owned subsidiary PVR Leisure.”

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  • PVR Ltd: HC nod to two subsidiaries’ merger with parent

    PVR Ltd: HC nod to two subsidiaries’ merger with parent

    MUMBAI: PVR Ltd has informed the Bombay Stock Exchange and the National Stock Exchange that the Delhi High Court, vide the formal Order issued on 4 January, 2017, has approved the Scheme of Amalgamation entailing merger of PVR Leisure Limited and Lettuce Entertain You Limited with PVR Limited effective from the appointed date of 1 April, 2015.

    Justice Siddharth Mridul approved the scheme of amalgamation under which PVR Leisure Ltd — which operates in-mall entertainment, food and gaming joints, and Lettuce Entertain You Ltd — which is into the business of operating restaurants items — would merge with PVR Ltd, their parent company, PTI reported.

    In its directive approving the merger, the HC has stated that all the property, rights and powers of the two transferor companies shall be transferred to the transferee company.

    Under the scheme, the court also stated, “the entire paid-up equity and non-cumulative convertible preference share capital of petitioner company No.2 (PVR Leisure) is held by the transferee company directly, and the entire paid-up equity share capital of petitioner company No.1 (Lettuce) is held by transferee company through its wholly owned subsidiary PVR Leisure.”

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    Films Division shorts in cinema halls: Centre mulling revival

  • Pressman Advertising reports 6 per cent q-o-q revenue growth for Q2-2014

    Pressman Advertising reports 6 per cent q-o-q revenue growth for Q2-2014

    BENGALURU: Pressman Advertising Limited (Pressman), probably the first advertising agency that was listed on the NSE and BSE last month reported a revenue growth of 5.9 per cent for Q2-2014 at Rs10.15 crore as compared to the Rs 9.58 crore for the immediate trailing quarter Q1-2014.

     

    PAT for Q2-2014 was about 1.1 per cent lower at Rs 1.9975 crore than the Rs 2.0198 crore for Q1-2014. The company reported revenue of Rs 46.96 crore and a PAT of Rs 6.29 crore for FY-2013 and paid a dividend of 40 per cent.

     

    In Q1-2014, the company had released Rs 1.461 crore that had been earlier written off and this amount helped in inflating the profit for that quarter. This year the company has added Rs 0.6 crore to exceptional items – write back of liability provided for earlier year no longer required.

     

    Expenditure for Q2-2014 at Rs 8.89 crore was 3.2 per cent lower than the Rs 9.18 crore for Q1-2014. Cost or services for Q2-2014 at Rs 7.49 crore was 4 per cent lower than the Rs 7.8 crore for Q1-2014.

     

    For the half year ended 30 September 2013, the company’s gross income (including  exceptional items) stood at Rs 22.089 crore and PAT at Rs 4.02 crore. As on 31 March 2013, the company had Reserves and Surplus (excluding revaluation reserves) of Rs13.75 crore on a paid up capital of Rs 4.6966 crore.

     

    Notes: (1) The name of the company has changed from Nucent Estates Limited to Pressman Advertising Limited with effect from 22 August 2013.

     

    (2) Current quarter/half-year’s figures are not comparable for those of last year on account of effect of amalgamation
    (3) Please read the attached financial results