Pentasoft Technologies - Record Date for Amalgamation

Pentamedia Graphics Ltd has informed BSE that September 15, 2009 has been fixed as the Record Date on behalf of Pentasoft Technologies Ltd for the purpose of Scheme of Arrangement, Amalgamation and Compromise (Scheme), as sanctioned by the Hon'ble High Court of Judicature at Chennai.

The summary of the provisions of the Scheme relating to allotment of shares are given below:

As per the provisions of the Scheme, PMGL will issue and allot equity shares of Re 1/- each credited as fully paid up in the capital of PMGL (New Equity shares) to the shareholders of PSTL, whose names appears in its Register of Members on the Record Date, in the proportion of 1 (one) fully paid up equity share of Re 1/- each of the PMGL for every 5 (Five) equity shares of the face value of Rs 10/- each held by the said shareholders in the PSTL. The cross holding of shares between the PSTL and PMGL shall be cancelled and be no effect on and from the Record Date.

Further, with effect from the Appointed Date, the revised principal outstanding in respect of agreed Secured Creditors of PSTL shall be converted into equity shares of Re 1/- each as per the provisions of this scheme. After conversion, as per the Scheme aforesaid, the balance amount payable, if any, to any of the creditors, then the same will be settled separately by PMGL as per the MOU arrived at / to be arrived separately.