Karachi: We are pleased to inform you that the Securities and Exchange Commission of Pakistan vide their letter dated August 11, 2011 has granted its approval for the issuance of 140% Right Shares of First National Equities Limited (‘The Company’) at a discount of Rs 7.50 per share (i.e.) issue price Rs. 2.50 per share).
The Shares Transfer Books of the company will remain closed from August 18, 2011 to August 24, 2011 (both days inclusive) to enable the Company to determine entitlement of Right Shares, Transfer received in order at office of the Company’s Shares Registrar, Technology Trade (Pvt.) Ltd. Dagia House, 241-C, P.E.C.H.S. Block – 2, Karachi by the close of business hours on, August 17, 2011 will be treated in time for the entitlement of Right Shares.
Application of First National Equities Ltd for 1, Commission’s Approval for Right Issue at Discount and 2, Relaxation from Underwriting Requirement under Rule 5(v) on the basis of Underwriting by the Directors
Please refer to your application submitted to this office by your Authorized Representative M/s RS Corporate Advisory (Private) Limited, vide his letter July 6, 2011, seeking approval of the Securities and Exchange Commission of Pakistan (“the Commission”) for issuance of 80.50 million shares at 75% discount (Rs. 7.50 per share) by way of right issue under Section 84(2) of the Companies Ordinance, 1984 (“the Ordinance”): along with relaxation from the requirements of Sub-rule (v) of the Companies (Issue of Capital) Rules, 1996 (the “Rules”) and subsequent correspondence exchanged with your Authorized Representative on the aforesaid issues.
2. In this connection, I am pleased to inform you that the competent authority, on the basis of special resolution passed by the shareholders of First National Equities Limited (“the Company”) in the Extra Ordinary General Meeting (“ROGM”) of the Company held on May 23, 2011, and keeping in view the circumstances of the case, has allowed the Company, under Section 84 of the Ordinance, to issue 80.50 million ordinary shares at Rs. 2.50 per share i.e. at 75% discount (Rs. 7.50 per share), by way of right issue. This approval is however, subject to following conditions:
i. The aforementioned right issue at discount shall be governed by the terms and conditions as approved by the share holders in the aforesaid EOGM and information provided to the commission:
ii. The Company shall submit a report to the Commission within 15 days of the completion of right issue process reflecting shares subscribed by shareholders.
3. Moreover, conditions has also related the requirements of the aforementioned Rule by Virtue of powers conferred under Rule 10 of the Rules and has allowed the Company to issue 140% right shares i.e. 80.50 million ordinary shares without making arrangements for underwriting. The approval is however, subject to the condition that the proceeds from the aforementioned right issue shall be utilized with the purposes as Identified in announcement of right and information provided to the Commission in addition all other requirement of applicable laws will be complied with.
For more information, contact:
Karachi Stock Exchange
Tel: (92-21) 111-001122
Fax: (92-21) 3241 0825, (92-21) 3241 5136