Macmillan Publishers India Limited
In a very surprising and complicated legal move Macmillan Publishers Limited has extinguished old Equity Shares and has given its shareholders 3 Options :-
1 ) Cash option of Rs. 69 per Share ( same rate as was offered 6 years ago !! )
2 ) Opt for Redeemable Preference Shares ( RPS ).
3) Continue as Equity Shareholder of the Transferee Company ( through Macmillan Equity Shares Trust ).( in terms of Clause 18 . 04 )
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Kindly note :-
1 ) The above Options are to be exercised within a period of 60 days from Record Date i.e. before 13 -04-2014
2 ) The Default Option is No 1 Option i.e. cash offer of Rs.69 per Share
3 ) The Shareholder if he receives a Cheque for Cash Option can return the un encashed cheque with in 30 days and can opt for other two options i.e. Preference Shares / Equity Shares.
3 ) RTA are Cameo Corporate Services Limited ,
Chennai
Tel : 044 -28460390 to 28460395
email : investor@cameoindia.com
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Blog Comments :
It seems the management is desperate to kick out its Equity shareholders at fraction of NAV of Company.
The net worth / prospects seems to have improved greatly ( please recheck this point independently ) with the merger of wholly owned subsidiary , i.e.Frank Brothers And Company ( Publishers ) Limited with Macmillan Publishers ( India ) Limited .
3 ) Regarding our holdings in Macmillan Publishers ( India ) Limited we have opted , on immediate basis , for the Equity Option.
4 ) No worry about Liquidity - Please Recheck independently -( We have Rare Indian Shares site )
1 ) Cash option of Rs. 69 per Share ( same rate as was offered 6 years ago !! )
2 ) Opt for Redeemable Preference Shares ( RPS ).
3) Continue as Equity Shareholder of the Transferee Company ( through Macmillan Equity Shares Trust ).( in terms of Clause 18 . 04 )
=====================================
Kindly note :-
1 ) The above Options are to be exercised within a period of 60 days from Record Date i.e. before 13 -04-2014
2 ) The Default Option is No 1 Option i.e. cash offer of Rs.69 per Share
3 ) The Shareholder if he receives a Cheque for Cash Option can return the un encashed cheque with in 30 days and can opt for other two options i.e. Preference Shares / Equity Shares.
3 ) RTA are Cameo Corporate Services Limited ,
Chennai
Tel : 044 -28460390 to 28460395
email : investor@cameoindia.com
========================
Blog Comments :
It seems the management is desperate to kick out its Equity shareholders at fraction of NAV of Company.
The net worth / prospects seems to have improved greatly ( please recheck this point independently ) with the merger of wholly owned subsidiary , i.e.Frank Brothers And Company ( Publishers ) Limited with Macmillan Publishers ( India ) Limited .
3 ) Regarding our holdings in Macmillan Publishers ( India ) Limited we have opted , on immediate basis , for the Equity Option.
4 ) No worry about Liquidity - Please Recheck independently -( We have Rare Indian Shares site )
1 comment:
the only problem is that by continuing as an equity shareholder one becomes a beneficiary of a trust which holds the shares ! does this not dilute from the rights of an equity shareholder ?
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