April 20, 2014

Macmillan Publishers Share Holders Can Still Return Their Cheques

Macmillan Publishers India Limited

In a very surprising and complicated legal move Macmillan Publishers Limited has extinguished old Equity Shares and has given its shareholders 3 Options :-

1 ) Cash option of Rs. 69 per Share ( same rate as was offered 6 years ago !! )

2 )  Opt for Redeemable Preference Shares    ( RPS ).

3) Continue as Equity Shareholder of the Transferee Company  ( through Macmillan Equity Shares Trust ).( in terms of Clause 18 . 04 )
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Kindly note :-


1 ) The above Options are to be exercised within a period of 60 days from Record Date i.e. before 13 -04-2014

 2 )  The Default Option is No 1 Option i.e. cash offer of Rs.69 per Share

3 ) The Shareholder if he receives a Cheque for Cash Option can return the un encashed cheque with in 30 days and can opt for  other two options i.e. Preference Shares / Equity Shares.

3 ) RTA are Cameo Corporate Services Limited ,

      Chennai

Tel : 044 -28460390 to 28460395
email : investor@cameoindia.com

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Blog Comments :

It seems the management is desperate to kick out its Equity shareholders at fraction of NAV of Company.

The net worth / prospects  seems to have improved greatly ( please recheck this point independently ) with the merger of wholly owned subsidiary , i.e.Frank Brothers And Company ( Publishers ) Limited with Macmillan Publishers ( India ) Limited  .

3 ) Regarding our holdings in Macmillan Publishers ( India ) Limited we have opted , on immediate basis , for the Equity Option.

4 ) No worry about Liquidity - Please Recheck independently  -( We have Rare Indian Shares site )

1 comment:

Anonymous said...

the only problem is that by continuing as an equity shareholder one becomes a beneficiary of a trust which holds the shares ! does this not dilute from the rights of an equity shareholder ?