Karachi September 14 2021: Preference shareholders of Power Cement can now covert their shares to ordinary shares at rate of 4 ordinary shares for every 3 preference shares, as per information shared by the company at Pakistan Stock Exchange (PSX).
As per the terms and conditions of the issued Preference shares, these are convertible into Ordinary Shares at the option of the Preference Shareholders upon the expiry of 12 (twelve) months period from the Issue Date. Hence, the conversion option of the Preference Shares into Ordinary Shares shall become available from September 15, 2021, at the predetermined conversion ratio of 4:3 (i.e. 4 Ordinary Shares for every 3 Preference Shares).
A L S O || R E A D
Earlier, Power Cement issued 244,585,320 Perpetual, Cumulative and Convertible Preference Shares at 23 percent issued at par value against the amount received by Sponsors and after completing the necessary formalities the shares were issued on September 17, 2020. Currently the company has issued shares of 1,063,414,434 out of which 425,365,774 shares are fall under free float.
Conversion of the full preference shares will increase the issued shares of Power Cement to 1,389,528,194.
The accumulation of Preferred Dividends shall cease at the time of filing of conversion notice with the Company's Registrar (M/s. CDC Share Registrar Services Limited). Distribution of the said accumulated preferred dividend shall be subject to the availability of sufficient unappropriated profits/ reserves with the Company in the subsequent year(s) and is further subject to the Board's specific approval thereof.
The Shareholders who wish to exercise the conversion option can contact the Company's Registrar either directly or through their concerned stockbrokers by giving a thirty days' notice.