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Lahore: Cordoba Logistics and Ventures Limited has announced that it will convene an Extraordinary General Meeting (EOGM) on August 27, 2024, at the Pakistan Stock Exchange Limited in Lahore, with provisions for virtual participation via video link. The gathering is aimed at addressing significant modifications to a subsidiary loan agreement.
The primary agenda for this meeting is to review and potentially ratify the amendments proposed to the existing loan arrangements between Cordoba Logistics and Ventures Limited and its subsidiary, Cordoba Financial Services Ltd. (formerly known as Cordoba Leasing Limited). The proposed changes are set to convert a substantial loan into equity shares. Specifically, the loan principal amounting to Rs. 113,400,000 is targeted for conversion into 11.34 million shares, each priced at Rs. 10.
According to information available from the Pakistan Stock Exchange (PSX), the amendment will supersede the original loan agreement dated September 28, 2023, facilitating the deferral of markup payments and other related liabilities, initially due from July 2024, to now commence from July 1, 2025. This deferral provides Cordoba Financial Services with the option for early repayment if feasible.
The resolution, contingent upon necessary regulatory approvals, authorizes the company to make this transition in equity in a phased manner, as determined by its Board of Directors. Furthermore, all accrued liabilities as of July 31, 2024, will remain due, extending the financial flexibility of the subsidiary.
In addition to this pivotal decision, the EOGM will confirm the minutes from the previous Annual General Meeting held on October 27, 2023, and address any additional matters with the chair’s approval.
Shareholders are encouraged to participate in the decision-making process through postal ballots or e-voting, which will be available from August 22 to 26, 2024. Those intending to attend the meeting virtually must register by August 23 to receive access details.
The Share Transfer Books of the company will be closed from August 20 to 27, 2024, to finalize the list of eligible participants for this crucial meeting.
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