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The Karachi Stock Exchange (Guarantee) Limited’s conversion of preference shares into ordinary shares

Karachi: Maple Leaf Cement Factory Limited

With reference to the subject, please be informed that the Company has cancelled 71,770 Preference (Non-voting) – Series “A” of Rs. 10/- each as requested by the Preference Shareholders upto November 22, 2011 (i.e. last date for partial conversion) through Central Depository System (CDS) of Central Depository Company of Pakistan Ltd. (CDC) and / or physical from, as the case may be, and consequently 87,664 ordinary shares of Rs. 10/- each have been issued / allotted / credited to them at determined ratio i.e. @ 1.2215 ordinary shares for every one preference share held as on October 18, 2011 (book closure date) including accumulated dividend for 183 days effective April 08, 2011 to October 07, 2011 and such Ordinary Shares shall rank pari passu with the existing Ordinary Shares of Rs. 10/- each of the Company in all respect including the voting rights.

Accordingly, we are pleased to enclose herewith a certified true copy of the Statutory Auditors’ Certificate towards paid-up capital position of the Company as under:-

 

Description of Paid up Capital Preference Shares No. of Preference
 Amount (Rs.)  Share of Rs. 10/-each
Paid-up capital / Total Issue (before cancellation)   536,328,050 53,632,805
Less: Number of securities cancelled  717,700  71,770
  ————-  ———–
Paid-up capital / Total Issue (after cancellation) 536,610,350 53,561,035

 

 

 Ordinary Shares  No. of Ordinary Shares
 Amount (Rs.)  of Rs. 10/-each
  ————-    ———–
Paid-up capital / Total Issue (before conversion) 5,267,129,290 526,712,929
Add: Number of securities (issued in lieu of conversion) 876,640  87,664
  ————-  ———–
Paid-up capital (after conversion)  5,268,005,930 626,800,593

 

Maple Leaf Cement Factory Limited (“the Company”) Statutory Auditors Certificate on Conversion of Preference Shares into Ordinary Shares

As requested in your letter no. MLCF/PS/KPMG/C-2/08, dated 25 November 2011, we have received the relevant records maintained by die Company regarding conversion of preference shares into ordinary shares and report that as on 7 December 2011:

1. 71,770 redeemable preference shares have been cancelled in accordance with Articles of Association of the Company and terms of issue of these shares.

2. Pre and Post factual position of paid-up capital (number of redeemable preference shares) is as under:

 

Paid-up capital / total issue (before cancellation)  53,632,805
Less: Number of securities cancelled  71, 770
Paid-up capital / total issue (after cancellation)  53,561,035

 

3. All relevant formalities have been duly complied with and ordinary shares are to be issued in lieu of the cancellation of the redeemable preference shares. 70,615 shares will be recorded in the name of CDC while 17,049 shares will be issued in the physical form. Accordingly, the pre and post factual position of paid-up capital (number of ordinary shares) due to conversion will be as follows:

 

Paid-up capital (before conversion) 526,712,929
Add: Number of securities (issued in lieu of conversion)  87,664
———–
Paid-up capital (after conversion)   526,800,593

 

4. The Company has completed all the required regulatory Exchanges with respect to cancellation and conversion of the securities.

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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