⚡ Flash Summary

Big Bird Foods Limited (BBFL) will hold its 14th Annual General Meeting (AGM) on October 28, 2025, to discuss several key items. These include confirming the minutes of the previous AGM, adopting the audited financial statements for the year ended June 30, 2025, and re-appointing auditors. A significant agenda item is the proposed conversion of Rs. 1,500,000,000 of unsecured director’s loans into equity by issuing 30,352,084 ordinary shares at Rs. 49.42 per share, subject to SECP approval. Shareholders will also vote on ratifying related-party transactions and amending the Directors’ Remuneration Policy.

📌 Key Takeaways

• 🗓️ The 14th Annual General Meeting (AGM) is scheduled for October 28, 2025.
• 🏢 The AGM will be held at Park Lane Hotel, Lahore, and via video conferencing.
• 📝 Agenda includes confirming minutes of the last AGM held on October 28, 2024.
• 📊 Shareholders will review and adopt the audited financial statements for the year ended June 30, 2025.
• 👨‍💼 M/s Abdul Khaliq & Co. is proposed to be re-appointed as external auditors for the year ending June 30, 2026.
• 🤝 Related-party transactions for the year ended June 30, 2025, will be ratified and approved.
• 🧑‍💼 The Chief Executive Officer will be authorized to approve related-party transactions for the year ending June 30, 2026.
• 🏦 A significant item is the proposed conversion of Rs. 1,500,000,000 unsecured directors’ loans into equity.
• shares to the directors. This will involve issuing 30,352,084 ordinary shares.
• 💰 The issue price for these shares is Rs. 49.42 per share, based on the average market price over the past 90 trading days.
• 📜 The issuance is subject to SECP approval.
• 🔄 The Directors’ Remuneration Policy may be amended, delegating authority to the Board of Directors for revisions.
• ✉️ Shareholders can participate in the AGM via video link by registering before October 25, 2025.
• 🗳️ E-voting and postal ballots are allowed for special business resolutions.

🎯 Investment Thesis

A HOLD recommendation is warranted. The conversion of debt to equity is a positive step, but the lack of detailed financials and the inherent risks associated with related-party transactions make a more decisive stance difficult. The price target should be set based on further analysis of the upcoming financial statements, but the immediate outlook is neutral. The time horizon is medium-term, pending financial results.