ABL Asset Management Company Limited’s notice for the meeting of the Unit Holders of ABL Islamic Cash Fund
Karachi: This is to inform that the Unit Holders of ABL Islamic Cash Fund (the Fund), a Collective Investment Scheme managed by ABL Asset Management Company Limited (ABLAMC) will be held on Wednesday July 06, 2011 at 4:00 pm at the registered office of ABL AMCL situated at 11-B, Lalazar M. T. Khan Road, Karachi to transact the following business:
1. To consider and If thought fit, approve the change of category of ABL Islamic Cash Fund from money market scheme to Income Scheme.
The decision to change the fund category has been made due to the fact that ABL Islamic. Cash Fund faces Limited investment avenues like TDRs, Islamic bank deposits only which has affected the fund’s returns and growth. The Board of Directors of ABL AMCL approved the change after concluding that it will enhance unit holders’ returns and reduce the risk through diversification into more Shariah compliant instruments.
The management has approached the Securities and Exchange Commission of Pakistan (“the SECP”) for change of category of the scheme from “Money Market Scheme” to “Income Fund Scheme” as defined in circular No.7 of 2009 of the SECP. In this regard the SECP has granted No Objection subject to compliance of the following conditions;
* The unit holders holding 75% units of the Fund in value shall approve the change in the category of the Fund.
* After obtaining approval of requisite number of unit holders and making necessary amendments in the constitutive documents with the consent of trustee and approval of the SECP, ABL AMCL shall give one month of advance notice regarding change in category of the Fund so that dissenting unit holders can exit the Fund without any back end load.
II. To transact any other business with the permission of the Chair.
Closure of Transfer Register
The Unit holders’ Register of the Fund will remain closed during June 25, 2011 to June 28, 2011 (Both clays inclusive). The name of unit holders appearing in the unit holders’ register at the close of business day on June 24, 2011 will be treated in time for determining the entitlement to attend the meeting
Participation in the Unit Holder’s Meeting
All wilt holders of the Fund are entitled to attend the Meeting there at in person or through Proxy. A Proxy, duly appointed, shall have such rights in the Meeting as are available to the unit holder. The proxies shall produce their original CNICs or original Passports at the time of the Meeting.
Unit holder of the Fund may appoint another unit holder as his/her Proxy to attend and vote instead of him/her. A Corporation being a unit holder may appoint any person, whether or not a unit holder of the Fund. In the case of corporate entities, the Board of Directors’ resolution/ power of attorney with specimen signature of the person nominated to represent and vote on behalf of the corporate entity, unless provided earlier, shall be submitted to the company’s at its Registered Office situated at 11-B Lalazar M. T. Khan Road, Karachi along with the Proxy Form.
In order to be effective, Proxy Forms, duly filled and signed, must be received at the Registered Office of the Company, not less than twenty four (24) hours before the Meeting. A blank Proxy is enclosed.
Change of Address
Unit Holders are requested to immediately notify the change of address, if any, to the Head of Registrar Services at 11-B Lalazar M. T. Khan Road, Karachi
For more information, contact:
Faisal Nadeem Mangroria
CFO and Company Secretary
ABL Asset Management Company Limited
11-B, Lalazar, M.T. Khan Road,
Tel: +9221 9207411-13
Fax: +9221 9207407