Karachi, Azgard Nine Limited has made a significant announcement regarding the settlement plan for its outstanding/overdue preference shares. A meeting of the preference shareholders, held on January 18, 2024, led to the unanimous passage of modified resolutions aimed at resolving the outstanding share issues.
The key points of the resolution include:
Settlement Plan Approval: The plan to settle outstanding/overdue preference shares was approved. It includes the payment of the outstanding dividend amount within 10 working days of the plan's approval by preference shareholders.
Payment Terms for Shareholders with Up to 2,500 Shares: Preference shareholders holding up to 2,500 outstanding/overdue shares will receive payment of the outstanding principal amount and markup on the first principal installment date.
Payment Terms for Shareholders with More Than 2,500 Shares: Those holding more than 2,500 shares will be paid the principal amount in bi-annually equal installments over two years from the plan's approval date. The markup amount will be paid in bi-annually equal installments over the next three years, following the principal amount's payment.
Markup Calculation Stoppage: Calculation of markup on the principal amount will cease following the plan's approval.
Option to Waive Markup for Larger Shareholders: Shareholders with more than 2,500 outstanding/overdue preference shares have the option to waive their markup amount and receive their principal payment in full on the first principal installment date. This option requires written notification to the company within 30 days of the plan's approval or up to an extended date as determined by the CEO or Company Secretary.
Authority to CEO and Company Secretary: The CEO and/or Company Secretary are authorized to take necessary actions to implement these resolutions, including making amendments or corrections as required by regulatory or competent authorities, without the need for fresh resolutions from preference shareholders.
This announcement marks a crucial step in addressing the concerns of preference shareholders of Azgard Nine Limited, providing a clear framework for the settlement of their overdue shares.