Allcargo Global - Outcome Of Board Meeting

Allcargo Global Logistics Ltd has informed that the Board of Directors of the Company
at their meeting held on April 24, 2008, inter alia, has considered and approved the following :

1. Divestment of shareholding of ACM Lines (Pty) Ltd, an Associate Company, in favour of F.T. International, the wholly owned subsidiary Company.

2. Divestment of shareholding of ECU Hold N.V., the subsidiary of the Company, in favour of Allcargo Belgium N.V, the wholly owned subsidiary of the Company.

Allcargo Global - Outcome Of EGM

Allcargo Global Logistics Ltd has informed that the members at the Extra Ordinary General Meeting (EGM) of the Company held on March 19, 2008, inter alia, have accorded to the following:
1. Issue of following securities of the Company to Blackstone Group entities on preferential basis in accordance with the provisions the Companies Act, 1956 and Chapter XIII of SEBI (DIP) Guidelines, 2000:
a. 1,000 (One Thousand) Equity Shares of a nominal value of Rs 10 each for cash at a price of Rs 934 per Equity Share (including premium of Rs 924 per Equity Share) (Subscription Equity Shares).
b. 1,081,081 (Ten Lacs Eighty One Thousand Eighty One) Fully and Compulsorily Convertible Debentures of a nominal value of Rs 10/- each for cash at a price of Rs 934 per Equity Share (including premium of Rs 924 per Equity Share), carrying a coupon of 6% per annum (FCCDs).
c. 1,513,514 (Fifteen Lacs Thirteen Thousand Five Hundred Fourteen) Warrants, entitling the warrant holders from time to time one or more tranches at their option to convert the warrants into, and apply for, equal number of Equity Shares of a nominal value of Rs 10 each for cash at a price not less than Rs 934 per Equity Share (including premium of at least Rs 924 per Equity Share) (Warrants).
d. Equity Shares arising from the conversion of the FCCDs and / or the Warrants.
2. Appointment of remuneration of Mr. Umesh Shetty as Whole Time Director of the Company w.e.f. February 01, 2008.
3. Increase in remuneration payable to Mr. Adarsh Hegde, Whole Time Director of the Company, in the form of commission out of profits of the Company.