First National Equities Limited’s approval of right shares

Karachi, June 13, 2013 (PPI-OT): We are pleased to inform you that the Securities and Exchange Commission of Pakistan vide their letter no. EMD/233/659/2004-1182 dated June 12, 2013 has wanted its approval for the issuance of 242% Right Shares of First National Equities Limited (FNEL) (“the Company”) at a discount of Rs 7.00 per share (i.e. issue price Rs. 3.00 per share).

You may please inform the TREC Holders of the exchange accordingly.

Application under Section 84 of the Companies Ordinance, 1984 for Issue of Shares at Discount and for Relaxation of Sub-Rule (v) of Rule 5 of Companies (Issue of Capital)

Please refer to your application dated May 22, 2013 regarding issuance of shares at discount by way of right under Section 84 of the Companies Ordinance, 1984 (“the Ordinance”) and relaxation from the requirements of Rule (v) of the Companies (Issue of Capital) Rules, 1996 (“the Rules”).

2. In this connection, I am pleased to inform you that the competent authority on the basis of special resolution passed by the shareholders of First National Equities Limited (“the Company”) in the Extraordinary General Meeting (“EOGM”) held on May 15, 2013 keeping in view the circumstances of the case, has allowed the Company under Section 84 of the Ordinance to issue 333,960,000 ordinary shares at Rs. 3.00 per share, i.e. at a discount of Rs. 7.00 pre share, total amounting to Rs. 1.002 billion, by way of right issue. This approval is however, subject to following conditions:

i) The aforementioned right issue at discount shall be governed by the terms and conditions as approved by the shareholders in the aforesaid EOGM and information provided to the Commission;

ii) The Company is advised to submit a report to the Commission within 15 days of the completion of rights issue process reflecting shares subscribed by shareholders.

iii) The Company will keep the Commission informed about its restructuring arrangements with creditor banks within fifteen days of such arrangements, as referred in its letter dated June 12, 2013.

3. Please note that your request for relaxation of provisions of Rule 10 of the Companies (Issue of Capital) Rules, 1996 will be considered by the competent authority, decision in which matter will also be communicated in due course.

For more information, contact:
Usman Amjad Khan
Company Secretary
First National Equities Limited
Fine House: 19-C,
Sunset Lane-6, Phase II, Extension,
D.H.A., Karachi.
PABX: (92-21) 35395901-5
Fax: (92-21) 35395920

Leave a Reply