For the year ended 31st March, 2023, Pressman Advertising Ltd. posted a Total Income of Rs.1632.90 lakh (Rs.1636.76 lakh). The Profit Before Tax for the year stood at Rs.574.71 lakh (Rs.539.58 lakh) while Profit After Tax for the year was Rs.444.69 lakh (Rs.450.75 lakh). The Board of Directors has recommended a dividend of 50% (i.e. Rs.1) per equity share of Rs 2.
For the year ended 31st March, 2023, Signpost India Ltd. posted a Total Income of Rs.326.67 crore (Rs.168.89 crore). Signpost’s Profit Before Tax for the year stood at Rs.43.75 crore (Rs.10.14 crore) while Profit After Tax for the year was Rs.30.42 crore (Rs.8.03 crore).
The Board of Directors of Pressman Advertising Ltd. (Pressman) and Signpost India Ltd. (Signpost) had earlier approved the Scheme of Arrangement on 24th June, 2022 wherein Pressman will merge with Signpost. The equity shareholders of Pressman at the meeting convened on 25th May, 2023 as per order of Hon’ble NCLT, Kolkata Bench have approved the scheme of arrangement between Pressman and Signpost. Pressman will now file a petition with the Hon’ble NCLT, Kolkata Bench for necessary orders.
Signpost has filed a petition with the Hon’ble NCLT, Mumbai Bench and the hearing has been fixed for
15th June, 2023. On receipt of approvals from Hon’ble NCLT, Mumbai Bench and Hon’ble NCLT, Kolkata Bench, Pressman and Signpost will take necessary steps to comply with the orders. Further, subject to such statutory and other approvals required, the merger will become effective.
Since the appointed date as per the Scheme is 1st April 2022, the merged financial statement for the financial year 2022-2023 shall be presented to the shareholders of the merged entity for their approval.
Under the Scheme of Arrangement, the shareholders of Pressman will receive one Share of Signpost of face value of Rs 2 in exchange for every share in Pressman of face value of Rs 2. As per the Scheme, the equity share capital of the merged entity will be Rs.10.69 crore.
Post the merger, the promoters of Pressman will become co-promoters in the merged entity along with the existing promoters of Signpost. The merger will bring two of India’s well-known brands to deliver unmatched bouquet of services.