Sri Lanka’s Orient Finance announces amalgamation and payment plan for shareholders

May 26, 2015 (LBO) – Sri Lanka’s Orient Finance, a company to be amalgamated with Bartleet Finance, announced its payment plan for shareholders on Tuesday, the company said in a stock exchange filing.

As per the announcement, every one ordinary voting share held at Orient Finance as at the date of amalgamation, 14.97 rupees will be paid by Bartleet Finance; provided that if any shareholder of Orient Finance opts to have shares in Bartleet Finance issued to him then, one ordinary voting share in Bartleet Finance will be issued for every 9.075 ordinary shares held in Orient Finance.

“Such new ordinary voting shares will rank equal and paripassu in all respects with the existing ordinary voting shares of Bartleet Finance with full voting rights,”

“And the right to participate in any dividend that may be declared after the date of the issue of such shares and the right to an equal share in the distribution of the surplus assets of the company in the event of liquidation.” the company said.

Accordingly Bartleet Finance will issue up to a maximum of 12,741,047 ordinary voting shares to the shareholders of Orient Finance.

The current stated capital of the Bartleet Finance is 306 million rupees comprising 7.6 million fully paid ordinary voting shares.