MetaTech Trading Ltd is going to join with Big Bird Foods. The Lahore High Court, in its order dated June 26, 2024, has approved the merger of MetaTech Trading Limited (META) with Big Bird Foods Limited (BBFL) under a Scheme of Arrangement and Reconstruction.
According to Article 4 of the approved Scheme, the Boards of Directors of both companies will hold meetings to decide the date for issuing shares under the swap ratio. Share certificates held by META shareholders will be considered cancelled after this date.
A joint board meeting of MetaTech Trading Limited and Big Bird Foods Limited is scheduled for Monday, July 08, 2024, at 11:00 AM at the registered office of Big Bird Foods Limited in Lahore. The purpose is to approve the entitlement date and closed period, determine when META shareholders should surrender their share certificates, and set the final trading date for META at the Pakistan Stock Exchange (PSX).
Under the Scheme, the swap ratio is set at 0.24 shares of Big Bird Foods Limited for each share of MetaTech Trading Limited. Big Bird Foods Limited will be listed on the Pakistan Stock Exchange (PSX) after completing the merger.
Upon completion of the merger and the issuance of BBFL shares to META shareholders, META will be dissolved as per the Lahore High Court order, without the need for winding up.
META has declared a “Closed Period” from July 01, 2024, to July 08, 2024, during which directors, CEOs, and executives from both companies are prohibited from dealing in META shares, as per Clause 5.6.4 of PSX Regulations.
