Home / Stock Exchange Announcements / The Karachi Stock Exchange (Guarantee) Limited’s issuance of right shares of Media Times Limited (“the Company”)

The Karachi Stock Exchange (Guarantee) Limited’s issuance of right shares of Media Times Limited (“the Company”)

Karachi: Further to our correspondence on the above subject and telephonic conversation with your Mr. Ali Akbar on the above subject and would like to state as under:

That we shall abide by the CDC and KSE procedures relating to right shares and shall deposit the unpaid tight in De Mat (Book Entry) within time frame as stipulated under the CDC procedures vide CDC letter No. FL/JAN-2011/OPS/010 dated 11 January 2011 as well as the KSE regulations vide their letter No. KSE/C-1126-224 dated 11 January 2011.

That the payment of unpaid right letter will be made by cash or crossed cheque or demand draft or pay order made out to the credit of “Media Times Limited – Right Share Subscription Account” through any of authorized branches of Fayal Bank Limited in Pakistan as per tentative schedule submitted to you vide our above referred letter.

The shareholders holding shares of the Company in physical form should please note that under the CDC applicable right share procedures, the physical shareholder can renounce his Letter of Right (LoR) by routing through his own CDC IAS Account / Sub-Account to a shareholder who is the IAS Account holder or Sub-Account holder with CCC and no credit of right share will be allowed in book entry form against subscription of physical LoRs.

Schedule for Issuance of Letter of Rights

Book closure: from 24 January 2011 to 31 January 2011 (both days inclusive)


Confirmation to CDC about credit of unpaid rights in CDS  18 November 2011


Dispatch of physical Letter of Rights (LoRs) to physical Shareholders (within 3 business days 21 November 2011


Intimation to Stock exchange(s) for dispatch of physical LoR’s (within 3 business days) 24 November 2011


Commencement of trading of unpaid Rights on the Stock Exchange(s)  29 November 2011


Last date for splitting and deposit of Requests into CDS (7 business days) 26 December 2011


Last date for trading of Right Shares (5 business days) 04 January 2012


Last date for acceptance and payment of shares in physical form (30 business days) 11 January 2012
Allotment of Shares and credit of book entry of Shares into CDC 31 January 2012


Ready for dispatch of share certificates 10 February 2012



In accordance with the provisions of Section 88(1) of the Companies Ordinance, 1984, the provisions of the Companies (Issue of Capital) Rules, 1996 and the decision of the Board of Directors of Media Times Limited (“the Company”), we are pleased to inform you that your right offer in the ratio of 1 additional share for every 3 share registered in your name as on 23 January 2011 have been credited into your CDS Account. Thus, Physical letter of right is not required to be issued to you.


CDS Account No.  No. of shares held Right Offer credited


This right offer is now available to trading and settlements in book entry form.

The right offer (at the rate of Rupees 10/- per share) must be accepted and paid for in full to the extent of such subscription on or before January 1012 for the purpose of exercising the right offer, you will have to request the CDC participant/Investor Account Services (IAS) department (on behalf of AS account holders) on initiate Right Subscription Request transaction into CDS on your behalf. Upon execution of right subscription request, CDS participant IAS department will provide two copies of Right Subscription Request printouts to you to make the payment with authorized banker(s) to the right issue as mentioned in the right subscription request printout.

If any right offer is not taken up by the CDS account holder, then these right offers shall be deemed to have declined by you and will be treated as cancelled. In the event these will be offered to and taken up as decided by the Board of Directors of the Company as per requirement of section 86(7) of the companies ordinance, 1984.

The fractional Right entitlement will be consolidated and disposed of on the Stock Exchanges(s) and proceeds of such sale will be distributed in due course by the company in the manner prescribed under the provisions of the applicable laws and its articles of association.

Please note that once the Right Subscription Request has been initiated by CDC Participant/IAS Department into CDS, right offer to the extent included in such request will be blocked and therefore cannot be traded further.

Please also note that ordinary shares against paid Right Subscription Request will be credited into your respective CDC account within 14 days from the last payment date.

Circular under section 88(3) of the Companies Ordinance, 1964 is enclosed.

Payment of Right Offer by CDS Account Holders

Detail of Trading, Subscription and Credit of right securities for CDS Account holders:




Date of commencement of trading of unpaid right at Stock Exchange (s) 29 November, 2011
Last date of trading of unpaid right 04 January, 2012
Subscription of right offer start date 18 November, 2011
Last date of subscription of right after 11 January, 2012
Date of credit of right shares into CDC 31 January, 2012


Payment Procedures:

1) Banker(S) to the Right Issue:

Faysal Bank Limited

2) Exercising the Right Offer in CDS:

(a) For subscription of right offer, CDS account holder will request in writing to his CDC participant / IAS Department to imitate Right Subscription Request into CDS on his behalf and CDC participant / IAS Department will provide him two copies of Right Subscription Request printouts enabling to make the payment with authorized banker(s) to the right issue.

(b) Right Subscription Request can be initiated for full or partial right offer.

3) Payment:

(a) Payment as indicated on Right Subscription Request should be made by cash or crossed cheque or demand draft or pay order made out to be credited of “Media Times Limited Right Shares Subscription Account” through any of the authorized branches of above mentioned bank(s) on or before 11 January 2012 along with Right Subscription Request duly filled in and signed by the subscriber(s).

(b) On case of Non-Resident Pakistani / Foreign shareholder, the demand draft of equivalent amount in Pak Rupees should be sent to the Company Secretary, Media Times Limited at the Registered Office of the Company along with right subscription request (both copies) duly tilled and signed by the subscriber (s) with certified copy of NICOP / Passport well before the last date of payment.

(C) All cheques and drafts must be drawn on a bank situated in the same where right subscription request is deposited. Cheque is subject to realization.

(d) The Bank will not accept Right Subscription Request delivered by post which may reach after the closure of business on 11 January 2012, unless evidence is available that these have been posted before the last date of payment.

4) Acceptance of Payment Through Right Subscription Request

(a) Payment of the amount indicated on Right Subscription Request to the Company’s Banker(s) to the issue on or before on 11 January, 2012 shall be treated as acceptance of Right Offer.

(b) Two copies of Right Subscription Request should be handed over to the Company’s banker(s) to the issue intact. Clients’ Copy of Right Subscription Request will be returned to the subscriber whilst Issuers copy will be retained by the banker for onward transmission to the Company. The Client’s copy must be preserved and retained safely by the subscriber.

For more information, contact:
Karachi Stock Exchange
Tel: (92-21) 111-001122
Fax: (92-21) 3241 0825, (92-21) 3241 5136
Email: info@kse.com.pk
Web: www.kse.com.pk

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