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The Karachi Stock Exchange (Guarantee) Limited’s increase in paid up capital by issuance of shares under employees stock option scheme

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Karachi: JDW Sugar Mills Limited

We are pleased to inform you that the Securities and Exchange Commission of Pakistan had approved Employees Stock Option Scheme of JDW Sugar Mills Limited (“the Company”) vide its letter no. SMD/CIW/ESOS/5/2008 dated July 16, 2010 (“the Scheme”) under the second proviso to sub-section (1) of Section 86 of the Companies Ordinance, 1984 read with Public Companies (Employees Stock Option Scheme) Rules, 2001. Pursuant to the Scheme the company can issue shares to its employee upto 1% on of the issued and paid up capital, Salient features of the Scheme are as under:

 

1.Total paid up capital of the company before issue shares under the Scheme 59,276,661 ordinary shares of Rs. 10 each shares1% of the total paid up capital 592,766
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2.Total No. of shares issued under the Scheme500,000
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3.One year Minimum Vesting Period(from January 1, 2011 to December31, 2011)
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4.Date of Grant of Options/sharesJanuary 01, 2011
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5.Date of Commencement of Exercise PeriodJanuary 01, 2012
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6.Lesser of 30 % of the average market price of Shares during 3 months prior Price at which stock option grantedDate of Grant of option and 30 % of the average of market price of shares during 3 months prior to date pt exercise of option

 

All stock options granted to employees under the Scheme wore accepted by the employees and they also have deposited with the Company their due amounts as per price formula of the Scheme and board of Directors of the Company has decided in their meeting held on January 5, 2012 to allot total 500,000 shares against the stock options. In this respect following documents are attached;

1. Certified copy of Form-3 dated 05-01-2012 along with copy of acknowledgement of filling issued by SECP;

2. Certified copy of extract of minutes of board of directors meeting held on January 5, 2012 for issuance of shares under the Scheme;

3. Copy of JDW Sugar Mills Limited Employees Stock Option Scheme duly approved by SECP; and

4. A Cheque of Re. 5,000 being the additional fee for increase in paid up capital @ one tenth of 1% of increased paid up capital i.e. Rs. 5,000,000/-.

We hope you will find the above documents in order and do the needful for increase of our paid up capital as per prescribed procedure at your earliest.

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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