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| Sunday, 11 September 2005 |
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Business |  |
| News Business Features Editorial
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Nations Trust Bank proposes merger with MLL The Board of Directors of Nations Trust Bank (NTB) has resolved to propose to the Board of Mercantile Leasing Limited (MLL) a merger between the two companies under the provisions of the Companies Act No.17 of 1982. The proposed merger, if approved by the Central Bank, the Board and shareholders of MLL and if sanctioned by Court, will be effected by the issue and allotment of NTB shares to MLL shareholders at a swap ratio of two NTB shares for every MLL share, with the surviving entity being NTB. The swap ratio is based on an independent valuation of NTB and MLL conducted by the NDB Investment Bank. The Board of Directors of NTB believes the merger will create significant value addition to the shareholders of both NTB and MLL. If the proposed merger receives the approval of the Board of MLL and the Central Bank, the shareholders of NTB and MLL will receive a detailed communique, from their companies, regarding the benefits of the proposed merger and appropriate notices including the manner in which the merger is to be implemented. The John Keells Group holds a 25% stake in NTB and a 75.36% stake in MLL. |
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