Mascon Global Ltd has informed that the Board of Directors of the Company at its meeting held on March 11, 2008, considered and approved the following:
I. Acquisition of Overseas Companies:
The Board in its meeting held on October 27, 2007 considered the proposed acquisition of specified Target Companies based in US and referred the matter to the Investment Committee for detailed evaluation as per the mandate of the Board. A note with the final recommendations from the Investment Committee for acquisition of companies was considered by the Board. The Board after considering the recommendations of the Investment Committee along with the valuation reports, from a Category I Merchant Banker approved the acquisition of the following companies
1. Jass & Associates Inc. , USA engaged in providing ERP solution to fortune 100 clients
2. SDG Corporation, USA engaged in providing Identity Management solutions, Digital Media and Broadcast to fortune 100 and fortune 500 clients.
The total consideration for the aforesaid companies has been finalized at USD 55 million, to be settled by issue of GDRs for USD 20 million and balance by cash payment of USD 35 million.
II. Issue of GDRs
a. Final Offering Circular in connection with the proposed GDR Issue:
The Board in their earlier meeting, decided for an issue of USD 50 million for FCCB and GDRs of USD 20 million aggregating to USD 70 million. The Company has completed the FCCB issue for US $ 50 million. After review, the Board considered and approved the issue of GDRs for USD 21 million (USD 20 million towards purchase consideration for acquisition and the balance USD 1 million on cash basis). They approved the Final Offering Circular in connection with the proposed GDR Issue upto US $ 21 Million, to be filed with the Luxembourg Stock Exchange (LSE).
I. Acquisition of Overseas Companies:
The Board in its meeting held on October 27, 2007 considered the proposed acquisition of specified Target Companies based in US and referred the matter to the Investment Committee for detailed evaluation as per the mandate of the Board. A note with the final recommendations from the Investment Committee for acquisition of companies was considered by the Board. The Board after considering the recommendations of the Investment Committee along with the valuation reports, from a Category I Merchant Banker approved the acquisition of the following companies
1. Jass & Associates Inc. , USA engaged in providing ERP solution to fortune 100 clients
2. SDG Corporation, USA engaged in providing Identity Management solutions, Digital Media and Broadcast to fortune 100 and fortune 500 clients.
The total consideration for the aforesaid companies has been finalized at USD 55 million, to be settled by issue of GDRs for USD 20 million and balance by cash payment of USD 35 million.
II. Issue of GDRs
a. Final Offering Circular in connection with the proposed GDR Issue:
The Board in their earlier meeting, decided for an issue of USD 50 million for FCCB and GDRs of USD 20 million aggregating to USD 70 million. The Company has completed the FCCB issue for US $ 50 million. After review, the Board considered and approved the issue of GDRs for USD 21 million (USD 20 million towards purchase consideration for acquisition and the balance USD 1 million on cash basis). They approved the Final Offering Circular in connection with the proposed GDR Issue upto US $ 21 Million, to be filed with the Luxembourg Stock Exchange (LSE).
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