13 Aug 2018 09:27
Notice to Shareholders
Palm Hills Developments to hold Extraordinary Shareholders' Meetings on September 6, 2018
Cairo/London, August 13, 2018: Shareholders of Palm Hills Developments ("PHD" or "the Company") are invited to attend an Extraordinary Shareholders' Meetings on Thursday September 6, 2018 at 3:00 pm Cairo local time, in Novotel Hotel, Laseen ballroom, 6th of October City, Cairo, Egypt, to discuss the following agenda and proposed resolutions:
- Ratify the report submitted by the Company's Board of Directors in relation to the use of proceeds and underlying justifications of the rights issue, as per the feasibility study prepared by the Company's portfolio management department.
- Approve the auditors' report on the feasibility study, submitted by the Company's Board of Directors in relations to the rights issue's use of proceeds.
- Approve increasing the Company's authorized capital from EGP 6,000,000,000 to EGP 10,000,000,000.
- Approve increasing the Company's issued capital by EGP1,539,299,818, through inviting existing shareholders to subscribe at EGP 2 per new share (excluding issuance fees), each representing his shares in the Company. The rights will be traded separately from the underlying shares of the Company.
- Delegate any of the Company's Chairman or managing directors, severally, to take all necessary procedures to invite shareholders to subscribe in the Company's rights issue, opening and closing of subscription period, assign shareholder's entitlement date and assign banks that will receive funds, after the approval and the coordination with Financial Regulatory Authority and Misr for Clearing, Depository and Registry Company and Egyptian Stock Exchange.
- Delegate any of the Company's Chairman or managing directors, severally, to assign the rights issue trading period, date of commencing and date of ending, eligible shareholders, after the approval and the coordination with Financial Regulatory Authority and Misr for Clearing, Depository and Registry Company and Egyptian Stock Exchange.
- Delegate the Company's Board of Directors, or whoever it may delegate, to -severally- amend articles 6 and 7 in the Company's articles of association, in light of the corporate action, and delegate the Company's Chairman, or whoever it may delegate, to conclude the capital increase procedures with government bodies.
- Delegate any of the Company's Chairman or managing directors, to -severally- sign on articles 6 and 7 amendments in the Company's articles of association, after incorporating any amendments required by the General Authority for Investment and Free Zones, Financial Regulatory Authority and Government bodies.
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About Palm Hills Developments Palm Hills Developments ("PHD"), a leading real estate developer in Egypt, is a joint stock company established in 1997. The Company builds integrated communities and has one of the most diversified land bank portfolios, spreading over 40.6 million square meters ("sqm") in Egypt, including 5 million sqm in Saudi Arabia. PHD's product offerings include primary homes on both West Cairo and East Cairo, as well as secondary homes by the Mediterranean Sea, North Coast.
As at end of 1H2018, PHD delivered more than 8,860 units within its developments, including more than 4,909 units in 12 completed projects. Today, PHD has 11 projects under development, 5 projects in West Cairo, 4 projects in East Cairo and 2 projects in the North Coast, in addition to 5 new projects including 4 co-developments, translating into a sales backlog exceeding EGP14.5 billion. PHD is one of the most liquid and actively traded stocks on the Egyptian Stock Exchange, and is traded under the symbol "PHDC.CA". The Company has a GDR listing on the London Stock Exchange, and is traded under the symbol "PHDC.LI". For more information, please visit: www.palmhillsdevelopments.com/
Investor Relations Contacts Mamdouh Abdelwahab Radwa Abu Elnaga Tel +202 35351200, Extensions 1504 Investor.relations@phdint.com
Disclaimer |
This presentation contains statements that could be construed as forward looking. These statements appear in several places in this presentation and include statements regarding the intent, belief or current expectations of the number of units to be delivered, construction spending, projects' timelines and estimates regarding future growth of the business, financial results and other aspects of the activity and situation relating to the Company. Such forward looking statements are no guarantees of future performance and involve risks and uncertainties, and actual results may differ materially from those in the forward-looking statements as a result of various factors. You are cautioned not to place undue reliance on those forward-looking statements, which speak only as of the date of this presentation, which is not intended to reflect Palm Hills Developments business or acquisition strategy or the occurrence of unanticipated events.