The Karachi Stock Exchange Limited’s issuance of 25% right shares of Century Paper and Board Mills Limited at premium of Rs. 10/- per share
Karachi, March 27, 2013 (PPI-OT): With reference to our application for issuance of right shares we hereby further confirm as under:
We shall abide by the CDC and KSE procedures relating to right shares and shall deposit the unpaid right in De Mat (Book Entry) within the time frame as stipulated under the CDC procedures vide CDC letter No. CDC/CS/LC-FJS/011/13 dated 19 March 19 2013 as well as KSE regulations KSE/C-666-934 dated 25 February 2013.
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 “Century Paper and Board Mills Limited – Right Shares Subscription Account” through any of the branch of NIB Bank Limited, Allied Bank Limited and Habib Metropolitan Bank Limited in Pakistan as per tentative schedule submitted to you.
The shareholders holding shares of the Company in physical form should please note that under the CDC applicable right shares procedure, the physical shareholders 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 CDC and no credit of right shares will be allowed in bock entry form against subscription of physical Letter of Right (LOR).
Tentative Schedule for Issuance of Letter of Rights Books Closure: From 28 March, 2013 to 07 April 2013 (both days inclusive)
|1.||Date of credit of unpaid Rights into CDC in Book Entry Form||Monday||08.04.2013|
|2.||Dispatch of Letter or Right (LOR) to physical shareholders||Thursday||11.04.2013|
|3.||Intimation to Stock Exchange (s) for dispatch of physical Letter of Rights||Friday||12.04.2013|
|4.||Commencement of trading of unpaid Rights on the Karachi Stock Exchange (G) Limited||Monday||15.04.2013|
|5.||Last date for splitting and deposit of Requests into CDC||Wednesday||08.04.2013|
|6.||Last date of trading of Rights Letter||Friday||17.05.2013|
|7.||Last date of acceptance and payment of shares in physical/ CDC form||Friday||24.05.2013|
|8.||Allotment of shares and credit of book entry of Shares into CDC||Thursday||13.06.2013|
|9.||Date of dispatch of physical shares certificates||Monday||24.06.2013|
In accordance with the provisions of Section 86 of the Companies Ordinance, 1984 and the provisions of the Companies (Issue of Capital) Rules, 1996 and the decision of the Board of Directors of the Company, we are pleased to inform you that your right Offer in the ratio of Sixty (60) Rights Shares for every Hundred four Shares registered in your name as of 27-03-2013, have been credited into your CDS Account. Thus, physical letter of Rights is not required to be issued to you.
|CDS Account No.||No. of shares Held||Rights Offer Credited|
This Rights Offer is now available for trading and settlements in book entry form as per scheduled dates of trading i.e. from April 15, 2013 to May 17, 2013.
The Rights Offer (at the rate of Rupees 20/- per share) must be accepted and paid for in full to the extend of such subscription on or before 24-05-2013. For the purpose of exercising the Rights Offer, you will have to request the CDC Participant/ Investor Account Services (IAS) Department (on behalf of IAS account holders) to initiate Rights Subscription Request transaction into CDS on your behalf. Upon execution of Rights Subscription Request, CDC Participant/ IAS Department will provide two copies of Rights Subscription Request printouts to you to make the payment with authorized banker to the Rights Issue for share as mentioned in the Rights Subscription Requested printout.
If any Rights Officer is not taken up by the CDS account holder on or before May 24, 2013, then these Rights Officer shall be deemed to have been declined by you and will be treated as cancelled. In that 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 Rights Entitlements will be consolidated and disposed off on the Stock Exchanges 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 Participants/ IAS Department into CDS, Rights Offer to the extend included in such request will be blocked and therefore cannot be tread further.
Please also note that ordinary shares against paid Rights Subscription Request will be credited into your respective CDS account within 14 business days from the last payment date.
Circular under Section 88(3) of the Companies Ordinance, 1984, along with trading and payment details are enclosed.
Payment of Right Offer by CDS Account Holders
Details of Trading, Subscription and Credit of Rights Securities for CDS Account Holders:
|Date of commencement of trading of unpaid Rights at Stock Exchange(s)||
|Last date of trading of unpaid Rights||
|Subscription of rights offer start date||
|Last date of subscription of rights offer||
|Date of credit of rights shares into CDS||
1. Banker to the Right Issue:
(a) Allied Bank Limited (b) Habib Metropolitan Bank Limited (c) NIB Bank Limited
2) Exercising the Rights Offer in CDS:
a) For subscription of rights offer, CDS account holder will request in writing to his/her CDC participant/ IAS Dept to initiate right subscription request into CDS on his/her behalf and CDC participant/ IAS Department will provide him/ her two copies of Right Subscription Request printouts enabling him/ her to make the payment with authorized banker to the rights issue.
b) Rights Subscription request can be initiated for full or partial rights offer.
a) Payments as indicated on Rights Subscription request should be made by cash or crossed cheque or demand draft or pay order made out to the credit of “Century Paper and Board Mills Limited- Rights Subscription Account” through any branches of above mentioned Bank, on or before 24-05-2013 along with Rights Subscription Request duly filed in and signed by the subscriber(s).
b) In case of Non-Resident Pakistani/ Foreign shareholder, the demand draft of equivalent, amount in Pak Rupees should be sent to the Company Secretary, Century Paper and Board Mills Limited at the Registered Office of the Company along with Rights Subscription Request (both copies) duly filed 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 city where Rights Subscription Request is deposited, cheque is subject to realization.
d) The Bank will not accept Rights Subscription Requests delivered by post which may reach after the closure of business on 24-05-2013, unless evidence is available that these have been posted before the last date of payment.
4) Acceptance of Payment through Rights Subscription Request:
a) Payment of the amount indicated on Rights Subscription Request to the Company’s Banker to the issue on or before 24-5-2013 shall be treated as acceptance of the Rights Offer.
b) Two copies of Rights Subscription Request should be handed over to the Company’s Banker to the issue intact. Client’s copy of Rights Subscription Request will be returned to the subscriber whilst issuer’s 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