Lahore: The Lahore High Court has sanctioned the Scheme of Arrangement for the merger of LSE SPAC-I Limited (SPAC1) with Ningbo Green Light Energy Limited (NGLE), according to a report dated October 13, 2026. The court's order, issued on September 30, 2026, facilitates the merger under Sections 279 to 283 of the Companies Act, 2017, allowing for the transfer of SPAC1’s assets and liabilities to NGLE, which will remain as the surviving entity.
According to the sanctioned Scheme, SPAC1 will dissolve without winding up, and its shareholders will receive NGLE shares at a swap ratio of 1.50 NGLE shares for each SPAC1 share held. The entitlement date for SPAC1 shareholders is set for October 20, 2026, which is also the last trading day for SPAC1. The book closure period for SPAC1 is scheduled from October 21 to October 22, 2026.
For NGLE, the entitlement date is October 15, 2026, with a book closure from October 16 to October 17, 2026. NGLE shareholders will be allotted 186,310,947 additional shares, distributed at a ratio of 10.04816 additional shares for each existing share.
Following the merger, NGLE’s issued share capital will increase significantly. The sponsors' shares will rise from 15,011,800 to 165,852,744 shares, and SPAC1’s shares will increase from 3,530,000 to 39,000,003 shares. The total post-scheme issued shares of NGLE will be 204,852,747. According to information available from the Pakistan Stock Exchange (PSX), these adjustments reflect a very large or significant move of 1,004.82% in additional shares allotted.
The tentative listing date for NGLE, with the trading symbol "NGLE," is set for October 26, 2026, contingent upon the necessary approvals from the Securities and Exchange Commission of Pakistan (SECP), PSX, and the Central Depository Company (CDC). The opening price will be determined by the closing price of SPAC1 on the entitlement date.
The authorized share capital of NGLE is set to increase to PKR 2.10 billion, divided into 210 million ordinary shares of PKR 10 each, post-scheme implementation. This increase includes the merger of SPAC1's authorized capital and additional capital with necessary filings.
SPAC1 shareholders will receive a total entitlement of 1.50 NGLE shares for each share held, subject to rounding adjustments outlined in the sanctioned Scheme. Existing NGLE shareholders will benefit from an aggregate entitlement of 165,852,744 shares, following the addition of 150,840,944 shares under the Scheme.
The Scheme provides a comprehensive framework for the merger and subsequent listing, aligning with regulatory standards and ensuring equitable distribution among stakeholders.