Karachi: We have to inform you that the Board of Directors of our Company in their meeting held on March 9, 2012 at 03.00 p.m. at E-110, Khayaban-e-Jinnah, Lahore Cantt., recommended the following:
(i) Cash Dividend
A financial Dividend for the year ended December 31, 2011 at Rs, 1.5 per share i.e. 15%. This is in addition to interim Dividend already paid at Rs. Nil per share i.e. Nil %.
(ii) Bonus Shares
It has been recommended by the Board of Directors to Issue Bonus Shares in the proportion of Nil shares for every Nil shares held i.e. Nil %. This is in addition to the Interim Bonus Shares already Issued @ Nil %.
(iii) Right Shares
The Board has recommended to issue Nil % Right Shares at par/at a discount /premium of Rs. Nil share in proportion of Nil share for every Nil share.
In order to comply the Covenants of Loan agreement between the Company and its shares, the sponsors have offered to delay the payment of dividend by the Company to them amounting to Rs. 2.7 billion approximately until the Company pays back principal amount of Rs. 10 billion to its lenders. However public shareholders will be paid dividend amounting to Rs. 300 million approximately in time as per. covenants of loan, Law and Listing Regulations of the KSE/LSE and ISE. The Company has planned to repay Loan of Rs. 1.0 billion from its own resources and refinance during the current year.
Sponsors have also offered to delay payment of dividend on preference shares of the Company on similar terms complying the loan covenants.
The Financial Results of the Company for the Year Ended December 31, 2011 are enclosed.
The Annual General Meeting of the Company will be held on Saturday, April 28, 2012 at 10:30 a.m. at Royal Palm Golf and Country Club, 52-Canal Bank Road, Lahore.
The above entitlement will be paid to the shareholders whose names will appear in the register of members on April 20, 2012.
The Share Transfer Books of the Company will be closed from April 21, 2012 to April 28, 2012 (both days inclusive). Transfers received at the office of our Shares Registrar, M/s THK Associate (Pvt.) Limited, Ground Floor, State Life Building-3, Dr. Ziauddin Ahmed Road, Karachi at the close of business on April 20, 2012 will be treated in time for the purpose of above entitlement to the transferees.
Profit and Loss Account for the Year Ended December 31, 2011
|December 31,||December 31,|
(Rupees in thousands)
|Cost of Sales||4,781,491||–|
|Other operating expenses||320,398||–|
|Profit / (loss before taxation)||6,087,568||(121,070)|
|Profit / ( loss) for the year||4,116,975||(163,639)|
|Earnings / (loss) per|
|Share – basic (rupees)||2.06||(0.08)|
|– diluted (rupees)||1.85||(0.07)|
For more information, contact:
Fatima Fertilizer Company Limited
Lahore Cantt, Pakistan
PABX: +92-42-111-FATIMA (111-328-462)