GE Shipping announces book closure for demerger to form Great Offshore Ltd

Great Eastern Shipping Company Ltd (GE Shipping) has announced that the Register of Members & Share Transfer Books of the Company will remain closed from November 15, 2006 to November 16, 2006 (both days inclusive) for the purpose of Scheme of Arrangement.

Great Eastern Shipping Company Ltd (GE shipping) has announced that as the conditions stipulated under clause 35 of the Scheme of Arrangement being demerger (scheme) of the Offshore Services business of the Company into Great Offshore Ltd to make the Scheme effective having complied with, the effective date of the Scheme shall be October 16, 2006. Accordingly the Scheme has become effective on October 16, 2006 and the transfer of assets and liabilities of the Offshore Business of the Company shall stand vested pursuant to the provisions of the scheme with effect from the Appointed Date i.e. April 01, 2005.

Pursuant to clause 30 of the Scheme the appointment of Mr. Vijay K Sheth as Managing Director shall stand transferred from the Effective Date i.e. October 16, 2006 and shall deem to be continued in the Resulting Company, Great Offshore Ltd on the same remuneration and on the same terms and conditions on the basis of continuity in services without any hiatus; consequent upon which he shall cease to be a Managing Director of the Company.

The shareholders will get the Equity shares of the Resulting Company i.e. Great Offshore Ltd in the ratio of 1 equity share of Rs 10/- each credited as fully paid-up in cash for every 5 equity shares of Rs 10/- each held by the members of the Company. Simultaneously pursuant to clause 16 (c) of the Scheme the issued, subscribed and paid-up share capital of the Company shall stand reduced to the extend of assets transferred and accordingly the issued, subscribed and paid-up share capital of the Company shall stand reduced by Rs 381,746,110/-, Rs 380,686,250/- and Rs 380,671,790/- respectively and that such reduction shall be effected by reducing the paid up Equity share capital of the Company by Rs 2/- per Equity share of Rs 10/- each. Consequently 5 Equity shares so reduced shall be consolidated into 4 Equity shares of Rs 10/- each.

Source : Equity Bulls

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