Retail Offer Announcement

9 Jan 2007 07:01

Oil & Gas Development Company Ltd09 January 2007 Press release Subscription for Secondary Public Offering of OGDCL To Open from January 11, 2007 for Three Days with Offer Price Of Rs.110/- Per Share Applications for minimum 500 shares and multiples will be entertained Islamabad, January 9, 2007 Under the government's successful, 'Privatisation for the People' program, thePrivatisation Commission is offering 21,505,000 shares in Oil and GasDevelopment Company Limited ("OGDCL") to Pakistani citizens. This offer willconstitute the retail tranche of the Government of Pakistan's ("GoP") sale ofOGDCL shares, following the sale of 408,588,000 shares to foreign and domesticinstitutions. The retail offer will be on a fixed price subscription basis, withthe offer price set at Rs. 110/- per share, including a premium of Rs. 100/- pershare. The retail offer price represents an effective discount of almost 3% tothe institutional offer price (Rs. 115/- per share) after adjusting for theCompany's first quarter dividend payment of Rs. 1.75 per share, which will notbe available to participants in the retail offering. The subscription for theretail offering will occur during banking hours starting from January 11, 2007and ending on January 13, 2007. If required, balloting to determine successfulapplicants will take place on January 23, 2007, with final allocations announcedsoon thereafter. Full details of the application process can be obtained from the Offer For SaleDocument (OFSD), all potential investors should scrutinise this closely beforedeciding to invest. A summary of the subscription guidelines has been outlinedbelow: The Retail Offer is open for Pakistani citizens resident in Pakistan, Companies,bodies corporate or other legal entities incorporated or established in Pakistan(to the extent permitted by their constitutive documents and existingregulations as the case may be), Provident/pension/gratuity funds/trusts(subject to the terms of their Trust Deed and existing regulations) and Branchesin Pakistan of companies and bodies corporate incorporated outside Pakistan Copies of the OFSD and application forms can be obtained from members of theKarachi Stock Exchange, Lahore Stock Exchange and Islamabad Stock Exchange, BMACapital, the registered office of OGDCL, and the any branch of 12 banks i.e.Allied Bank Limited, MCB Bank Limited, Askari Commercial Bank limited, NationalBank of Pakistan Limited, Bank Alfalah Limited, PICIC Commercial Bank Limited,Bank Al-Habib Limited, Standard Chartered Bank, Faysal Bank Limited, The Bank ofPunjab Limited, Habib Bank Limited and United Bank Limited. The Offer for Saleand application forms can also be downloaded from the websites ofwww.privatisation.gov.pk , www.ogdcl.com and www.bmacapital.com/ogdcl/ . Theapplication forms can also be obtained from issues of the leading Urdu andEnglish national dailies published on December 30, 2006. In the case of individual investors, an attested copy of Computerised NationalIdentity Card (CNIC) should be enclosed and the NIC number indicated against thename of applicant. Copies of CNIC can be attested by any Federal/ProvincialGovernment gazetted officer, Councillor, Bank Manager, Oath Commissioner or HeadMaster of High School etc. Original CNIC, along with one attested photocopy,must be produced for verification to the bank at the time of presenting anapplication. The attested photocopy will, after verification, be retained by thebank branch along with the application. Only one application will be accepted against each account. In case of jointaccounts, one application will be accepted in the name of each of the jointaccount holders. Joint applications by more than four persons shall not beaccepted. Subscription money must be paid by cheque drawn on the applicant's ownaccount payable to one of the bankers to the offer "A/c Offer for sale ofOGDCL's shares by Government of Pakistan" and crossed "A/c Payee only" and mustbe drawn on a bank in the same town as the bank through which the applicationhas been made. All applications must bear the signature and address corresponding with thatrecorded with the bank in the applicant's account. Applicants should ensure thatthe bank branch, on which their payment is made, completes the relevant portionon the application form. This offer is being made at a price of Rs. 110/- per ordinary share of Rs. 10/-each, inclusive of a premium of Rs. 100/- per share, but excluding the sharetransfer fee, which is to be borne by the applicant at 15 paisa per share incase of physical transfer and 1 paisa per share in the case of transfer underbook entry system. Application for shares must be made for 500 shares or inmultiples of 500 shares only. Applications, which are neither for 500 shares norfor multiples of 500 shares, shall be rejected. The minimum amount of application for subscription of 500 shares is Rs. 55,075/-in case of physical transfer and Rs. 55,005/- in case of transfer under bookentry system. Applications below the value of Rs. 55,075/- in case of physicaltransfer and Rs. 55,005/- in case of transfer under book entry system shall notbe entertained. Allotment of shares shall be subject to scrutiny of applicationsfor subscription. Applications, which do not meet with the above requirements,or applications which are incomplete, will be rejected. Fictitious and multipleapplications are prohibited and such application money shall be liable toconfiscation under Section 18-A of the Securities and Exchange Ordinance, 1969. Ends For further information, please contact Nick Bastin or Annabel Forbes on +44 207 307 5300 or firstname.lastname@capitalmsl.com This information is provided by RNS The company news service from the London Stock Exchange