@Melstacorp Ltd wrote:Hi all
Sorry for the long delay.
1. As slstock stated above Melstacorp is a 100% owned subsidiary of DCSL PLC. Hence the transfer of Spence or any other holding of DCSL PLC to Melstacorp do not have an impact on the NAV or the effective holding of the DCSL PLC shareholders.
2. This kind of transactions are common in the companies. However we do not have a mechanism to make these transfers free of costs. CSE do not usually allow private transfers. Even the CSE allows it private transfers attract stamp duty. Apart from the buying/selling brokerage , the Cess, SEC fees, CSE fees are enormous. Therefore only saving we can do is to transfer at the lowest price possible at at the lowest brokerage allowed by the CSE. CSE allows crossings below 5% of the market price. This is the reason for the transfer at a 5% lower price that day.
3. While the basis of making Melstacorp the ultimate holding company remains the objective, the mode of getting there is not finalized yet. The share swap mentioned by The Alchemist is one of the options. However such a direct swap may not comply with a certain section in the Companies Act. Therefore once the method is determined by the company based on the legal advise naturally it will be known. So please forgive us for not speculating on it.
Thank you all for the interest and I apologize for the long delay in responding.
Thank you Melstacorp for your forthright and candid comments. I am fairly certain that when Melstacorp is good and ready to go (list), it will earn a pre-eminent place as a truly Blue Chip Diversified Conglomerate / Investment Holding Company in the Colombo Stock Exchange.
All the very best.