People’s Finance approves amalgamation

The shareholders of People’s Finance Plc yesterday at an Extraordinary General Meeting approved the amalgamation of the company with People’s Leasing and Finance Plc.

Consequently trading in the shares of People’s Finance (PF) will be suspended with effect from today.

People’s Leasing and Finance will be the continuing entity in terms of Section 239 of the Companies Act No. 7 of 2007.

The amalgamation will take effect on the first day of April 2013 or such other date as shall be approved by the Registrar General of Companies.

All of the minority shareholders of PF as at the end of trading on the date of the Special Resolution will be entitled to receive three shares of the amalgamated company for every one share held in PF as at that date.

PF shall cease to exist as a company upon the amalgamation and will consequently be delisted.