Shareholders of LSE SPAC-I Limited have unanimously approved the Draft Scheme of Arrangement for the company’s merger with and into Ningbo Green Light Energy Limited, carried out under Sections 279 to 283 of the Companies Act, 2017. The resolution was passed at an Extraordinary General Meeting held on July 18, 2026, at the company’s registered office, marking a formal step toward completing a merger that will require further judicial sanction before it can take full effect.
The approved resolution covers a fairly broad set of structural changes, including the reconstitution, reconstruction, and adjustment of the company’s share capital, reserves, and related equity structure, alongside the issuance of equity capital by Ningbo Green Light Energy and the inter-company transfer of certain designated assets and liabilities, as detailed within the Scheme’s accompanying Articles and Schedules. Shareholders also authorised the boards of directors of both SPAC1 and Ningbo Green Light Energy, acting either through the companies themselves or through their respective chief executive officers or company secretaries, to take all steps necessary to implement the Scheme once it receives sanction from the Lahore High Court.
Beyond authorising implementation, shareholders granted the Board fairly wide latitude to make subsequent changes, modifications, additions, or alterations to the Scheme, including adjustments to the distribution ratio, as may be directed by either the Lahore High Court or the Securities and Exchange Commission of Pakistan, without requiring a further round of shareholder approval. The Board was similarly authorised to make any required changes to the company’s Memorandum and Articles of Association as proposed under the Scheme, or as otherwise directed by the Court or the regulator, giving the companies flexibility to accommodate regulatory or judicial requirements as the merger process moves forward.
The information regarding the shareholder approval was disseminated through a formal notification to the Exchange, following standard disclosure practice for corporate actions of this nature on the Pakistan Stock Exchange. With shareholder approval now secured, the merger’s completion will depend on sanction from the Lahore High Court, after which the reconstituted equity structure and asset transfers outlined in the Scheme can be formally executed.
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