NTB proposes merger with Mercantile Leasing Limited
THE Board of Directors of Nations Trust Bank (NTB) has resolved to
propose to the Board of Mercantile Leasing Limited (MLL) a merger
between the two Companies under the provisions of the Companies Act
No.17 of 1982.
The proposed merger, if approved by the Central Bank, the Board and
shareholders of MLL and if sanctioned by Court, will be effected by the
issue and allotment of NTB shares to MLL shareholders at a swap ratio of
two (2) NTB shares for every one (1) MLL share, with the surviving
entity being NTB.
The aforesaid swap ratio is based on an independent valuation of NTB
and MLL conducted by the NDB Investment Bank.
The Board of Directors of NTB believes the merger will create
significant value addition to the shareholders of both NTB and MLL. The
John Keells Group holds a 25% stake in NTB and a 75.36% stake in MLL. |