Mr. Dusan Berka reports
MEGASTAR UPDATES SHAREHOLDERS REGARDING PLAN OF ARRANGEMENT AND DIVIDEND DISTRIBUTION
Megastar Development Corp. is providing an update for shareholders regarding the status of its recently announced plan of arrangement and dividend distribution of 70 million common shares of Eloro Resources Ltd.
The plan of arrangement was approved by special resolution of the shareholders on Dec. 20, 2010, and received requisite approval of the Supreme Court of British Columbia under Section 288 of the B.C. Corporations Act on Dec. 21, 2010. The plan of arrangement has been initiated and, upon completion, will result in the distribution of 70 million shares of Eloro Resources to Megastar shareholders of record at close of markets on Jan. 7, 2011. Based on a total of 42,127,233 outstanding and issued common shares in the capital stock of Megastar on Jan. 7, 2011, the ratio of distribution will be approximately 1.6616329869 Eloro shares for each Megastar share. The ex dividend date, the date as of which a purchaser of Megastar common shares is no longer entitled to receive Eloro shares pursuant to the arrangement, is Jan. 5, 2011.
The 70 million shares of Eloro Resources to be distributed were received by Megastar in consideration of the sale of its Simkar property to Eloro Resources. The Eloro shares were transferred into escrow on Nov. 18, 2010. Completion of Megastar's plan of arrangement and subsequent release from escrow of the Eloro shares is subject to TSX Venture Exchange acceptance of the sale and acquisition of the Simkar property and registration of title transfer in respect of the property.
Megastar will notify shareholders upon TSX-V acceptance of the transaction and dividend distribution.
We seek Safe Harbor.
Top
Bahnfahrn macht Spaß!!
Piratenpartei nur 2%!?