BNL clearing the air on CBS, reporting lapse

August 10, 2023 (MLN): In order to assure its shareholders, Bunnys Limited on Thursday clarified that the Corporate Briefing Session (CBS) will take place in the near future as the company is actively coordinating with the Pakistan Stock Exchange (PSX).

In addition, the company also acknowledged that there was an unfortunate lapse in reporting a key development to the PSX pertaining to the appointment of an Independent Director.

"One of the Independent directors resigned in February 2023. The casual vacancy was filled within the stipulated time and the appointment was duly reported to SECP in the prescribed way. Unfortunately, there was a communication lapse in reporting to PSX. We acknowledge this Isolated Incident and commit to preventing its recurrence", the clarification was made against the concerns raised by our previous article. 

Pertaining to the concern of insider trading, the company confirmed to its shareholders that all the transactions of shares buy/sell by directors/substantial shareholders have been reported to SECP and PSX and have also been presented in the Board meetings.

"We further confirm that no shares transfers were made during close periods," the statement reads.

To further clear the glare of inside trading, the company contacted the sponsors and their stated position is that none of the transactions leads to insider trading. Some of these were executed for the sake of mutual rights adjustment between sponsors and the others were their personal financial arrangements.

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