50% Dividend by Pressman
Merger with Signpost India Ltd. on track
Signpost Consolidated FY23 Highlights:
Total Income: Rs.326.67 crore, PAT:
Rs.30.42 crore
Kolkata/Mumbai, 30th
May, 2023:
For the year ended 31st
March, 2023, Pressman Advertising Ltd. posted a Total Income of Rs.1632.90 lakh
(Rs.1636.76 lakh). The Profit Before Tax
for the year stood at Rs.574.71 lakh (Rs.539.58 lakh) while Profit After Tax
for the year was Rs.444.69 lakh (Rs.450.75 lakh). The Board of Directors has
recommended a dividend of 50% (i.e. Rs.1) per equity share of Rs 2.
For the year ended 31st
March, 2023, Signpost India Ltd. posted a Total Income of Rs.326.67 crore
(Rs.168.89 crore). Signpost’s Profit
Before Tax for the year stood at Rs.43.75 crore (Rs.10.14 crore) while Profit
After Tax for the year was Rs.30.42 crore (Rs.8.03 crore).
The Board of Directors of Pressman
Advertising Ltd. (Pressman) and Signpost India Ltd. (Signpost) had earlier
approved the Scheme of Arrangement on 24th June, 2022 wherein
Pressman will merge with Signpost. The equity
shareholders of Pressman at the meeting convened on 25th May, 2023 as
per order of Hon’ble NCLT, Kolkata Bench have approved the scheme of
arrangement between Pressman and Signpost.
Pressman will now file a petition with the Hon’ble NCLT, Kolkata Bench
for necessary orders.
Signpost has filed a petition with
the Hon’ble NCLT, Mumbai Bench and the hearing has been fixed for 15th June, 2023. On receipt
of approvals from Hon’ble NCLT, Mumbai Bench and Hon’ble NCLT, Kolkata Bench,
Pressman and Signpost will take necessary steps to comply with the orders.
Further, subject to such statutory and other approvals required, the merger
will become effective.
Since the appointed date as per
the Scheme is 1st April 2022, the merged financial statement for the
financial year 2022-2023 shall be presented to the shareholders of the merged
entity for their approval.
Under the Scheme of Arrangement,
the shareholders of Pressman will receive one Share of Signpost of face value
of Rs 2 in exchange for every share in Pressman of face value of Rs 2. As per
the Scheme, the equity share capital of the merged entity will be Rs.10.69
crore.
Post the merger, the promoters of
Pressman will become co-promoters in the merged entity along with the existing promoters
of Signpost. The merger will bring two
of India’s well-known brands to deliver unmatched bouquet of services.
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