MUMBAI: UTV Software Communications plans to de-list its UK motion pictures subsidiary UMP Plc in January next year.
“Cancellation is expected to occur at 7 am on 8 January, 2010,” UTV said in a filing to BSE.
UTV, which currently owns 76.82 per cent, has also approved the scheme of arrangement to acquire the remaining 23.18 per cent stake in the company, valuing the overseas subsidiary entity at $271.92 million (Rs 13.1 billion).
As reported earlier by Indiantelevision.com, in July this year the board of UTV had approved the scheme to acquire the remaining in UMP Plc to consolidate its motion picture business.
UTV said, "If the scheme becomes effective, UMP will be dissolved (without winding up). Application will be made to the London Stock Exchange for the cancellation of the UMP shares from admission to trading on AIM (Alternative Investment Market)."
Under the proposal, holders of every 3.75 UMP shares will get one new UTV share. The proposal values each UMP share at $2.61, based on the Indian closing price of Rs 475 per UTV share on 11 September.
UMP would convene a court meeting of shareholders pursuant to the approval received from the High Court of the Isle of Man for the purpose of approving the said scheme, the filing said.
UMP Plc, formerly UTV Motion Pictures Plc, is a holding company for UTV (Mauritius). Under the proposed plan, there would also be a merger of UTV (Mauritius), which is UMP‘s subsidiary, into UTV pursuant to the Indian scheme and a scheme of arrangement under Mauritius law between UTV (Mauritius).
