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| Exchange Disseminated Time | Logix Microsystems Ltd has informed BSE that the Board of Directors of the Company have decided to seek the Approval of the Shareholders once again for the issue and allotment of 125000 Equity Shares of Rs 10/- each at a price of Rs. 320/- per Share to Add-on-Auto LLC, USA.
Further the Company has informed that the Shareholders at the Annual General Meeting held on September 30, 2008 had already passed this Special Resolution according approval to Issue 125000 Equity Shares to Add-on-Auto LLC, USA, of nominal value of Rs. 10/- (Rupees Ten Only) at a price of Rs. 320/ (Rupees Three Hundred Twenty Only) per share, which includes a premium of Rs. 310/- (Rupees Three Hundred Ten Only) towards stock swap to provide for the acquisition of 51% common stock and/ or common stock equivalents of AOA Izmo LLC, USA, by Homestar Systems Inc, USA a Subsidiary of the Company, as per the Membership Interest Purchase Agreement.
However, due to certain technical and compliance issues, the same Special Resolution is being proposed to be passed through Postal Ballot under Section 192A of the Companies Act, 1956. There are NO alterations in any terms and conditions of the proposal from those enumerated in the Resolution already passed on September 30, 2008. |
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