 Dear Members,In year 2010-11, our company has achieved few milestones and among them the most significant one is the commencement of new business of Commodities Trading, by acquiring Green Fire Agri Commodities Limited, in November 2010. Within six months of acquisition, the commodities trading business has shaped very well and we are sure that in coming years 'Green Fire" will become a prominent player in commodities trading. Hence, we decided to list both businesses of the Company i.e. Commodities Trading and Internet Business separately to unlock the value for all the stakeholders of the Company. Post restructuring, shareholders of Northgate will hold the same number of shares as they hold in Northgate in both the Companies i.e. Green Fire and Northgate Com Tech. The face value of Northgate Com Tech will be Rs.10 and Green Fire will be Re.1. We request all the shareholders of the company to accord your consent to the proposed restructuring at the ensuing EGM to be held today. Our Internet Business is also progressing very well. All our web properties are attracting more than 10 million audiences every month led by bharathstudent.com. We are committed to scale up our web properties to new level in coming years in terms of audience, revenues and profitability. We intend to raise funds within six months through public offerings in India or overseas depending on the value and the time. Thanks once again, Venkat S Meenavalli Chairman & Managing Director |
