Karachi: We have to inform you that the Board of Directors of Pakgen Power Limited (PGPL) in their meeting held on Tuesday the 20th of March, 2012, at 02:00 P. M. at 1-B, Aziz Avenue Canal Bank, Gulberg-V, Lahore, recommended the following:
A Final Cash Dividend @ Rs. 1.50 per share i.e. 15% for the year ended December 31, 2011.
Bonus Shares Nil
Right shares Nil
Any Other Entitlement Nil
Any Other Price-Sensitive Information Nil
The profit and loss account of the Company is as follows:
|(Rupees in Thousands)|
|Cost of sales||(28,989,780)||(17,958,606)|
|Other operating expenses||(57,018)||(189,849)|
|Other operating income||65,072||353,203|
|Profit from operations||2,174,770||2,408,849|
|Profit before taxation||1,368,223||1,551,001|
|Provision for Taxation||–||(13,557)|
|Profit after taxation||1,368,223||1,537,444|
|Other comprehensive income||–||–|
|Total comprehensive income for the year||1,368,223||1,537,444|
|Earnings per share – basic and diluted (Rupees)||3.68||4.13|
Annual General Meeting:
The Annual General Meeting of the Company will be held on April 30, 2012 (Monday) at 11:00 A.M. at Nishat House, 53-A Lawrence Road, Lahore. The notice of Annual General Meeting of the Shareholders is also enclosed.
Book Closure Notice For Entitlement of Final Cash Dividend @ 15% for the year Ended December 31, 2011
The Share Transfer Books of Ordinary Shares of the Company will remain closed from 23-04- 2012 to 30-04-2012 (both days inclusive) for entitlement of 15% Final Cash Dividend (i.e. Rs. 1.50 Per Ordinary Share) and attending of Annual General Meeting. Physical transfers / CDS Transactions IDs received in order up to 1:00 p.m. on 20-04-2012 at Share Registrar Office, Central Depository Company of Pakistan, CDC House, 99-B, Block `B’, S.M.C.H.S., Main Shahrah-e-Faisal, Karachi, will be considered in time for entitlement of 15% Final Cash Dividend and attending of meeting.
We will be sending you the requisite copies of printed accounts for distribution amongst the members of the Exchange in due course of time.
Notice of Annual General Meeting
Notice is hereby given that the Annual General Meeting (the “AGM”) of Pakgen Power Limited (“the Company”) will be held on Monday, April 30, 2012 at 11:00 a.m. at Nishat House, 53-A, Lawrence Road, Lahore-Pakistan, to transact the following business:
1. To confirm minutes of the last General Meeting of the shareholders.
2. To receive, consider and adopt the audited financial information of the Company for the year ended December 31, 2011 together with the Directors’ and Auditors’ reports thereon.
3. To approve Cash Dividend @ 15% (i.e. Its. 150 Per Ordinary Share) as recommended by the Board in addition to the Interim Cash Dividend @50% (i.e. Rs. 5/- per share) already paid.
4. To appoint statutory Auditors for the year 2012 and fix their remuneration. The retiring Auditors M/s. Riaz Ahmad and Co., Chartered Accountants, Lahore, being eligible offer themselves for re-appointment
5. Special Business:
To pass the following resolution with or without modification(s):-
THAT the consent of the Company be and is hereby granted to place the quarterly accounts of Pakgen Power Limited (“the Company”) on the website of the Company, pursuant to the Securities and Exchange Commission of Pakistan (“SECP”) Circular No. 19 of 2004 dated 14 Apr11 2004.
THAT that the Chief Executive and the Company Secretary be and are hereby singly authorized to apply SECP for its consent for such placing of the quarterly accounts on the website of the Company and to do all necessary acts, deeds and things in connection therewith and ancillary thereto including consolation with the Stock Exchanges on which the Company is listed.
6. Any other matter with the permission of the Chair.
1. Book Closure Notice;
The Share Transfer Books of Ordinary Shares of the Company will remain closed from 23-04-2012 to 30-04-2012 (both clays inclusive) for entitlement of 15% Final Cash Dividend (i.e. Rs. 1.50 Per Ordinary Share) and attending of Annual General Meeting. Physical transfers / CDS Transactions IDs received in order up to 1:00 p.m. on 20-04-2012 at Share Registrar Office, Central Depository Company of Pakistan, CDC House, 99-B, Block “B”, S.M.C.H.S., Main Shahrah-e-Faisal, Karachi, will be considered in time for entitlement of 15% Final Cash Dividend and attending of meeting.
A member eligible to attend and vote at this meeting may appoint another member his / her proxy to attend and vote instead of him/her. Proxies in order to be effective must reach the Company’s Registered office not less than 48 hours before the time for holding the meeting. Proxies of the Members through CDC shall be accompanied with attested copies of their CNIC. In case of corporate entity, the Board’s Resolution/power of attorney with specimen signature shall be furnished along with proxy form to the Company. The shareholder through CDC are requested to bring original CNIC, Account Number and Participant Account Number to produce at the time of attending the meeting.
3. Shareholders are requested to immediately notify the change in address, if any.
Statement Under Section 160(1)(b) of the Companies Ordinance, 1984
This statement sets out the material facts concerning the Special Business, given in agenda item No.5 (Placement of Quarterly Accounts on Website) to be transacted at the Annual General Meeting of the Company to be held on April 30, 2012.
The Securities and Exchange Commission of Pakistan (“SECP”) vide Circular No.19 of 2004 has allowed the listed Companies to place the quarterly accounts on their websites instead of sending the same to each shareholder by post. We appreciate this decision which would ensure prompt disclosure of information to the shareholders, besides saving of costs associated with printing and dispatch of the accounts by post.
Prior permission of the Securities and Exchange Commission of Pakistan would be sought for transmitting the quarterly accounts through Company’s website after the approval of the shareholders. The Company, however, will supply the copies of accounts to the shareholders on demand at their registered address, free of cost, within one week of receiving such request.
The Directors of the Company have no interest in the above resolution that would need a further disclosure.
For more information, contact:
Pakgen Power Limited
1, B, Aziz Avenue, Canal Bank,
Gulberg V, Lahore