Azgard Nine offers preference shareholders to waive mark-up for full principal payment

December 13, 2023 (MLN): In relation to the settlement plan for outstanding/overdue preference shares, the Board of Directors (BoD) of Azgard Nine Limited (PSX: ANL) has approved an option for preference shareholders that if they waive off their mark-up amount, their full principal payment will be made in one go on the first principal installment date.

The company disclosed this information to the Pakistan Stock Exchange (PSX) today.

According to the notice, the Preference shareholders intending to opt for this option shall be required to inform the company in writing within 30 days of approval of the settlement plan by preference shareholders or up to such extended date as may be decided by the Chief Executive Officer and/or the Company Secretary.

However, it is clarified that the company is willing to make payment of all amounts as per the proposed settlement plan and this option is only being provided on the suggestion of a substantial preference shareholder.

"This option shall also be placed before the preference shareholders in a meeting to be held for consideration and approval of the settlement plan," the notice further added.

Furthermore, the board has extended the time limit for the meeting of preference shareholders to obtain approval of the settlement plan for preference shares till January 31, 2024, instead of January 10, 2024.

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