October 28, 2020 (MLN): The Board of Directors of Loads Limited in its meeting held on October 28, 2020 resolved that the Company intends, in the near future, to carry out a right issue of ordinary shares.
The aggregate amount of the potential right issue may, if deemed fit by the Board, be up to PKR 1,000,000,000/-(Pak Rupees One Billion only), which, if the Company proceeds to announce, are intended to be issued at par value, the proceeds of which are intended to primarily be utilized for, inter alia, meeting the working capital requirements of the Company and investing in group entities.
The purpose of the above is to enable shareholders, particularly associated concerns, of the Company to obtain corporate approvals, including shareholders' approval, to invest in the potential right issue of the Company (if deemed fit by such parties) and provide confirmations to the Company (if required under the applicable laws).
The Board further resolved that it shall approve and announce the actual right issue at a future date in accordance with the applicable laws, as the Board deems fit.
