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| Exchange Disseminated Time | Lazard India Pvt Ltd ("Manager to the Offer") has submitted to BSE a Copy of the Second Corrigendum to the Equity Shareholders of Andhra Pradesh Paper Mills Ltd ("Target Company").
Lazard India Pvt Ltd ("Manager to the Offer"), on behalf of IP Holding Asia Singapore PTE. Ltd. ("Acquirer") along with International Paper Company ("Person Acting in Concert" or "PAC") has informed this announcement ("Second Corrigendum to the Public Announcement") to the equity shareholders of The Andhra Pradesh Paper Mills Ltd ("Target Company"), which is in continuation of and should be read in conjunction with the Public Announcement ("PA") dated April 01, 2011 & the Corrigendum to the PA dated May 23, 2011, Pursuant to and in compliance with Regulation 10 and Regulation 12 and other applicable provisions of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations 1997 and subsequent amendments thereto ("Regulations").
SEBI vide letter dated August 03, 2011 ("SEBI Observation Letter") has issued its observations in terms of the proviso to Regulation 18(2) of the Regulations on the draft Letter of Offer submitted on April 15, 2011. In said letter SEBI has observed that certain Promoter Group Sellers are ineligible to receive the non-compete fee and has therefore directed that the Open Otter price be revised to include the non-compete fee. The Acquirer, being aggrieved with the above direction, has filed an appeal before the Securities Appellate Tribunal ("SAT") on August 05, 2011 seeking to set aside the above direction contained in the SEBI Observation Letter and the matter is expected to be heard shortly.
On May 18th, 2011, Mr. Paul Brown has been appointed as Nominee Director of the Acquirer on the Board of Directors of the Target Company in accordance with Regulation 22(7) of the Regulations.
Further developments in the matter would be announced by way of an announcement in the newspapers where this Second Corrigendum to the PA and the previous announcements mentioned above, have been published.
Terms used but not defined in this Second Corrigendum to the PA shall have the same meaning as assigned in the PA and Corrigendum to the PA. |
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