People’s Leasing, People’s Finance amalgamation moves forward

The Board of Directors of People’s Leasing & Finance PLC and People’s Finance PLC (PF) have resolved that an amalgamation will be effected and the former will continue as the amalgamated company in terms of Section 239 of the Companies Act No. 7 of 2007.

 An Extraordinary General Meeting of the shareholders of the company is to be held at 2 p.m. on Wednesday, 20 March 2013 at the People’s Bank Staff Training College Auditorium located at 38, D.R. Wijewardene Mawatha, Colombo 10, to pass the Special Resolution in respect of the above amalgamation.

Upon the Special Resolution for the amalgamation of the two companies being approved the following will ensue:

i. The said amalgamation will take effect on the first day of April 2013 or such other date as shall be approved by the Registrar General of Companies.

ii. All of the minority shareholders of PF as at the end of trading on the date of the Special Resolution will be entitled to receive three shares of the amalgamated company for every one share held in PF as at that date.

iii. Trading of shares of PF will be suspended immediately after the date of the Special Resolution until PF is amalgamated with PLC. Which event PF shall cease to exist as a company upon the amalgamation and will consequently be de-listed.