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Karachi, June 05, 2012 (PPI-OT): With reference to the subject, please be informed that the Company has cancelled 734,732 Preference Shares (Non-voting)- Series “A” of Rs. 10/- each as requested by the Preference Shareholders upto May 22, 2012 (i.e. last date for partial conversion) through Central Depository System (CDS) of Central Depository Company of Pakistan Ltd (CDC) and / or physical form, as the case may be, and consequently 933,333 ordinary shares of Rs. 10/- each have been issued / allotted / credited to them on June 04, 2012 at determined ratio in accordance with the terms and conditions of the Issue of Preference Shares i.e. @1.2703 ordinary shares for every one preference share held as on April 23, 2012 (book closure date) including accumulated dividend for 183 days effective from October 05, 2011 to April 07, 2012 and such Ordinary Shares shall rank pari passu with the existing Ordinary Shares of Rs. 10/- each of the Company in all respect including the voting rights.
Accordingly, we are pleased to enclose herewith a certified true copy of the Statutory Auditors’ Certificate towards revised paid-up capital position of the Company as under:-
Description of Paid up Capital Preference Shares No. of Preference
Amount (Rs.) Shares of Rs.10/- each
Paid-up capital / Total Issue (before cancellation) 535,610,350 53,561,035
Less: Number of securities cancelled 7,347,320 734,732
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Paid-up capital / Total Issue (after cancellation) 528,263,030 52,826,303
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Ordinary Shares No. of Ordinary Shares
Amount (Rs.) of Rs. 10/- each
Paid-up capital (before conversion) 5,268,005,930 526,800,593
Add: Number of securities (issued in lieu of conversion) 9,333,330 933,333
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Paid-up capital (after conversion) 5,277,339,260 527,733,926
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Maple Leaf Cement Factory Limited (“the Company”) Statutory Auditors Certificate on Conversion of Preference Shares into Ordinary Shares
As requested in your letter no. MLCF/PS/KPMG/C-3/08, dated 23 May 2012, we have reviewed the relevant records maintained by the Company regarding conversion of preference shares into ordinary shares and report that as on 31 May 2012.
1. 734,732 redeemable preference shares have been cancelled in accordance with Articles of Association of the Company and terms of issue of these shares.
2. Pre and Post factual position of paid-up capital (number of redeemable preference shares) is as under:
Number of
redeemable
preference
shares
Paid-up capital / total issue (before cancellation) 53,561,035
Less: Number of securities cancelled 734,732
-----------
Paid-up capital / total issue (after cancellation) 52,826,303
-----------
3. All relevant formalities have been duly complied with and ordinary shares are to be issued in lieu of the cancellation of the redeemable preference shares. 927,126 shares will be recorded in the name of CDC while 6,207 shares will be issued in the physical form, Accordingly, the pre and post factual position of paid-up capital (number of ordinary shares) due to conversion will be as follows:
Number
of ordinary
shares
Paid-up capital (before conversion) 526,800,593
Add: Number of securities (issued in lieu of conversion) 933,333
-----------
Paid-up capital (after conversion) 527,733,926
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4. The Company has completed all the required regulatory formalities with respect to cancellation and conversion of the securities.
For more information, Contact:
Muhammad Ashraf
Company Secretary
Maple Leaf Cement Factory Limited
42-Lawrence Road, Lahore (Pakistan)
Phones: 042-36278904-5
Fax: 92-42-36363184, 3636314, 36368721
E-mail: mlcfl@kmlg.com