⚡ Flash Summary

Bhanero Textile Mills Limited has announced its 45th Annual General Meeting (AGM) to be held on October 28, 2024. The meeting will cover ordinary business, including the confirmation of minutes from the last AGM and the adoption of financial statements for the year ended June 30, 2024. Additionally, there will be special business to approve related party transactions and authorize the board to conduct such transactions in the upcoming fiscal year. Shareholders can attend the meeting physically or electronically via Zoom, with specific instructions provided for both methods.

📌 Key Takeaways

• 🗓️ AGM Date: October 28, 2024, at 03:00 pm at the registered office in Karachi.
• 📝 Ordinary Business: Confirmation of minutes from the previous AGM held on October 27, 2023.
• ✅ Adoption of Financial Statements: Review and adoption of audited financial statements for the year ended June 30, 2024.
• 🌐 Financials Online: Financial statements are available on the company website and via QR code.
• 🧑‍💼 Auditor Appointment: Appointment of auditors for the year 2024-2025 with remuneration set at PKR 2,275,000.00.
• 🤝 Related Party Transactions: Approval of related party transactions disclosed in the financial statements for the year ended June 30, 2024.
• ✅ Board Authorization: Board authorized to approve related party transactions on a case-by-case basis for the financial year ending June 30, 2025.
• 🔒 Share Transfer Book Closure: Share transfer books will be closed from October 21 to October 28, 2024.
• 💻 Electronic Attendance: Members can attend via Zoom using the provided meeting ID and passcode.
• 🏦 Dividend Entitlement: Transfers received by October 20, 2024, will be considered for dividend entitlement.
• ✉️ Proxy Forms: Proxy forms to be sent via email to btm.corporate@umergroup.com or to the registered office 48 hours before the meeting.
• 🏢 Video-Link Facility: Company to facilitate video-link attendance if 10% or more shareholders in a city request it seven days prior to the meeting.
• 🧾 Unclaimed Shares/Dividends: Details of unclaimed shares and dividends as of June 30, 2024, are available on the company website.
• Tax Deduction: Tax rates on dividend income are 15% for filers and 30% for non-filers as of July 1, 2024.
• E-Voting: E-voting lines start from October 25, 2024, 9:00 a.m. and shall close on October 27, 2024 at 5:00 p.m.

🎯 Investment Thesis

Based on the limited information in this announcement, a HOLD recommendation is appropriate. Investors should review the financial statements presented at the AGM for the year ending June 30, 2024, and assess the impact of related party transactions before making any investment decisions. A price target cannot be determined without further financial details. The time horizon is dependent on the company’s performance and market conditions following the AGM.