In order to compensate the shareholders, the board of directors of Amtex Limited has resolved to recommend issue bonus shares at 30 percent to be issued in proportion to three shares for every 10 shares held.
According to an information sent to Karachi Stock Exchange (KSE), the board of directors in their meeting held on Wednesday discussed at length the situation arising out of the decision of the members in the annual general meeting held on October 15, 2010.
In line with earlier decision, the board of directors decided to issue these shares to shareholders other than directors, associates and their spouses. The board further added that this dividend is being given to compensate shareholders suffered by the decision of AGM held on October 15, 2010, therefore for justice, equity and to compensate the shareholders who reposed their confidence in the company, the board recommends the issuance of bonus share to the shareholders whose names appeared in the shareholders' register as at October 07, 2010, the date of commencement of book closure for last AGM.
The board was further informed that as a prerequisite to this dividend recommendation, NOC for issuance of 30 percent bonus shares has already been received from the bank on a request made by the company.
However, declaration of the stock dividend will have effect subject to the following:
1. Approval of the Karachi Stock Exchange regarding the book closure and entitlement of stock dividend.
2. Approval of the Securities and Exchange Commission of Pakistan regarding the book closure and entitlement of stock dividend.
3. Approval of the shareholders in the extra ordinary general meeting to be held on November 23, 2010.