⚡ Flash Summary

The Searle Company Limited held its 60th Annual General Meeting (AGM) on October 28, 2025, where several resolutions were passed. Key decisions included the adoption of the annual audited financial statements for the year ended June 30, 2025, and the appointment of A.F. Ferguson & Co. as statutory auditors for the year ending June 30, 2026. A notable resolution was the approval of a 15% bonus share issue. The AGM also approved the remuneration for the Chief Executive Officer and Executive Director, setting the limit to PKR 100 million.

📌 Key Takeaways

• ✅ Annual Audited Financial Statements for the year ended June 30, 2025, were adopted.
• 👨‍💼 A.F. Ferguson & Co. appointed as statutory auditors for the year ending June 30, 2026.
• 💰 Auditors’ remuneration will be fixed by the Directors.
• 🎁 Approved the issue of bonus shares at a ratio of 15 shares for every 100 shares held (15%).
• 📈 PKR 767,241,630/- from un-appropriated profits will be capitalized for the bonus share issue.
• 🏦 76,724,163 ordinary shares of PKR 10/- each will be issued as fully paid bonus shares.
• 🗓️ Members registered by the close of business on October 10, 2025, are eligible for bonus shares.
• 💸 Fraction shares to be consolidated and sold on the Stock Market, with proceeds donated to a charitable institution.
• 👔 Approved remuneration for the Chief Executive Officer and one full-time working director.
• 上限 Remuneration capped at approximately PKR 100 million, inclusive of allowances and benefits.
• 🚗 CEO and Executive Director entitled to free use of Company-maintained transport.
• 🤝 Ratified related party transactions carried out during the year ended June 30, 2025, as per note 45.
• 💼 Approved future related party transactions up to June 30, 2026, subject to Board approval.
• 監査 The Board Audit Committee and Directors authorized to review and approve related party transactions.
• 📜 Related party transactions for the period ending June 30, 2026, are deemed approved by members.

🎯 Investment Thesis

Given the bonus share issue and overall stability indicated by the resolutions, a HOLD recommendation is appropriate. The bonus shares are positive, but investors should monitor the company’s EPS growth in subsequent periods. Price target will depend on future performance of earnings and is currently unavailable. The time horizon is medium term (6-12 months).