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| Exchange Disseminated Time | Saffron Capital Advisors Pvt Ltd ("Manager to the Offer"), on behalf of Goldstone Exports Ltd ("Acquirer"), has issued this Corrigendum to the Public Announcement to the Shareholders of Goldstone Infratech Ltd ("Target Company"), which is in continuation of & should be read in conjunction with the Public Announcement ("PA") dated November 04, 2008, in compliance with Regulation 11 (1) of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations 1997 and subsequent amendments thereto ("SEBI (SAST) Regulations").
The shareholders of the Target Company are requested to note the following developments with respect to the said open offer.
SEBI vide its letter dated December 16, 2008 (the SEBI observation letter) has issued observations in terms of the proviso to regulation 18(2) of the SEBI (SAST) Regulations on the Draft Letter of offer submitted to SEBI on November 17, 2008, advising the Acquirer to take the reference date for the purpose of computing the offer price as October 29, 2008, the date of the board meeting when the shares were allotted.
The Acquirer being aggrieved by the above direction, has preferred an appeal before the Honourable Securities Appellate Tribunal (the Tribunal) asking to set aside the above direction contained in the SEBI Observation Letter. The Tribunal, vide an order dated February 16, 2009, has admitted the appeal. The Tribunal has also directed that in the meantime the Acquirer shall not come out with the open offer in pursuance of the public announcement already made. Further, the Tribunal, vide the above order has also Specified that in the event the Acquirer were to fail in the appeal, they shall pay interest to the public shareholders for the period during which the appeal remains pending with the Tribunal.
Consequently, the schedule of activity mentioned in the original PA, stands delayed. Further material developments pertaining to the Open Offer shall be communicated to the shareholders of the target Company.
All other terms and conditions of the offer remain unchanged. |
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