-new shares to be issued
Banks DIH Limited (BDIH) has now transitioned to Banks DIH Holdings Inc (BDIHHI) and new shares are to be issued to stockholders
BDIHHI, which has thousands of shareholders, made this disclosure in two advertisements in yesterday’s Stabroek News.
The advertisement addressed to shareholders said that the transition to BDIHHI entails converting all extant BDIH shares to new BDIHHI shares in accordance with the Scheme of Arrangement (SOA) under Section 217 of the Companies Act which was sanctioned by a High Court order dated September 4, 2023.
As a result, current shares in BDIH ceased to be valid with effect from July 19, 2024. An equivalent number of shares in BDIHHI will be issued, thereby maintaining the current level of ownership in BDIH as per the SOA.
Shareholders were instructed to send their old share certificates to the company secretary, Kavorn Kyte-Williams.
“BDIH appreciates your continued support and investment in BDIH and is confident that this transition to BDIHHI will position the group for greater success and deliver enhanced value to you…”, the advertisement said.
A similar advertisement was issued in relation to the shares held in trust or lien.
In a July 4th judgment this year, Justice Fidela Corbin-Lincoln ruled that contrary to contentions made by BDIH Limited, the Guyana Securities Council (GSC) did consider an application it had made to incorporate Banks DIH Holdings Inc) as the new holding company of BDIH shares.
Both BDIH and BDIHHI (the Applicants) had approached the court seeking judicial review of what they argued was the GSC’s refusal to consider its application. The judge had set a timeframe for the GSC to make its decision. It would now appear that the GSC has granted approval though there was no mention of this in the two advertisements yesterday.
