LIVEN

⚡ Flash Summary

Central Depository Company of Pakistan Limited (CDC) has announced the schedule for handling unpaid rights of Liven Pharma Limited (LIVENR) through the CDS system. The book closure dates are set for November 27, 2025. The rights ratio is 21.4960459045%. Trading of unpaid rights (LoR) at the stock exchange commences on December 1, 2025, and the tentative date for credit of shares against paid rights is January 6, 2026.

📌 Key Takeaways

• 🗓️ Schedule announced for handling unpaid rights of Liven Pharma Limited (LIVENR).
• 🏦 Handling to be done through the Central Depository System (CDS).
• 📅 Book closure dates set for November 27, 2025.
• ⚖️ Rights ratio specified as 21.4960459045%.
• 🏢 Right Security Name: Liven Pharma Limited – LoR (LIVENR).
• 🆔 Right Security ISIN: PK0055103011.
• 🏦 Banker to the Right Issue: All Branches of Meezan Bank Limited.
• 💻 Online Payments: Refer to Attached Guidelines.
• 📈 Commencement of trading of unpaid rights (LOR) at Stock Exchange: December 1, 2025.
• ⏳ Last date for initiation of deposit request: December 4, 2025.
• 📉 Last date of trading at Stock Exchange: December 15, 2025.
• 🔒 Last date for initiation of Pledge request: December 17, 2025.
• 🚚 Last date for movement of securities: December 17, 2025 (Free Delivery Transaction).
• 💰 Last date of Subscription request & payments: December 22, 2025.
• ✅ Tentative date for credit of shares against paid rights: January 6, 2026.

🎯 Investment Thesis

Given that the announcement is purely procedural and relates to the handling of unpaid rights, a HOLD recommendation is appropriate. The fundamental factors affecting the company’s value, such as its financial performance and market position, remain unchanged. No specific price target can be determined based solely on this announcement. The time horizon is medium-term, pending further information on the company’s performance and market conditions.

⚡ Flash Summary

LIVEN Pharma Limited announced that unpaid rights shares from their rights issue on September 12, 2025, have been credited into the respective accounts within the Central Depository System (CDS) as of November 28, 2025. This confirms that investors who were entitled to rights shares but had not yet paid for them now have those rights reflected in their CDS accounts. The announcement was made on December 1, 2025, referencing a confirmation letter from the Central Depository Company (CDC). This action allows these rights to be traded or exercised by the shareholders.

📌 Key Takeaways

• ✅ LIVEN Pharma credited unpaid rights into CDS accounts.
• 🗓️ Announcement made December 1, 2025.
• 📢 Rights issue announced earlier on September 12, 2025.
• 🏦 Credit occurred on November 28, 2025.
• 📜 CDC confirmation letter: OPS/CA/RI/002 dated December 1, 2025.
• 🔒 Rights now visible in shareholders’ CDS accounts.
• 💼 Shareholders can now trade or exercise these rights.
• 🏢 The announcement references 19,065,357 securities were allotted.
• ℹ️ Further inquiries can be directed to the Central Depository Company.
• ✉️ Communication sent to Pakistan Stock Exchange.

🎯 Investment Thesis

HOLD. This announcement is administrative in nature, indicating that unpaid rights have been credited to shareholder accounts. While this allows shareholders to exercise or trade their rights, it doesn’t change the fundamental investment case for LIVEN Pharma. Without additional financial information, it’s prudent to maintain a HOLD rating. Any change to BUY or SELL would depend on the exercise of rights shares and its impact on earnings and valuation.

⚡ Flash Summary

LIVEN Pharma Limited is issuing right shares to existing shareholders at a ratio of 21.496 right shares for every 100 shares held. The right shares are offered at par value of PKR 10 per share. Shareholders must accept and pay for the right shares by December 22, 2025. This issuance aims to raise capital, providing shareholders the opportunity to increase their stake in the company.

📌 Key Takeaways

• 📢 LIVEN Pharma is issuing right shares at a ratio of 21.496% for every 100 shares held.
• 💰 The issue price is PKR 10/- per share, which is the par value.
• 🗓️ The offer is available from December 1, 2025, to December 15, 2025, for trading of rights.
• ⏳ Shareholders must accept and pay for the shares on or before December 22, 2025.
• 🏦 Payment can be made through Meezan Bank Limited at all branches.
• 💻 Online payment option is available through 1Link for IAS account holders.
• 🧾 Physical shareholders can renounce rights by depositing them into a CDS account.
• 🔄 Shareholders must request their CDC participant to initiate the right subscription request.
• 🚫 Fractional right entitlements will be consolidated and disposed of on the Securities Exchange.
• 🏦 Payment can be made via cash, cheque, demand draft, or pay order.
• ⏳ Securities against paid Right Subscription Request will be credited within 14 business days from the last payment date (December 22, 2025).
• 📄 Detailed procedures for exercising rights in CDS are provided.
• 🌐 The International Bank Account Number (IBAN) is PK58MEZN0098860113180818.
• ✅ Right subscription request can be initiated for full or partial right offer.

🎯 Investment Thesis

I recommend a HOLD position. While the right issue presents an opportunity for existing shareholders to increase their stake at par value, the potential dilution effect and the uncertainty of how efficiently the capital will be used warrant a cautious approach. Further analysis is required to evaluate the company’s growth prospects and profitability improvements. A reassessment is needed post the capital raise and deployment.

⚡ Flash Summary

Liven Pharma Limited is issuing 20,000,000 new ordinary shares at PKR 10/- each, totaling PKR 200,000,000, representing 21.496% of the existing paid-up capital. The right issue is offered to existing shareholders in a ratio of 21.496 rights shares for every 100 shares held. The proceeds will be used to establish a Dry Powder Injectables (DPI) manufacturing facility, procure vehicles, cover DRAP registration costs, expand the sales team, and meet additional working capital requirements. The offer document is valid until February 22nd, 2026, and the trading dates for letter of rights are from December 1st, 2025, to December 15th, 2025.

📌 Key Takeaways

• 💰 Liven Pharma is offering a right issue of 20,000,000 new ordinary shares.
• 📈 The issue represents 21.496% of the existing paid-up capital.
• 💸 The offer price is PKR 10/- per share, totaling PKR 200,000,000.
• 🤝 The ratio is 21.496 rights shares for every 100 shares held.
• 🏭 Proceeds will fund a Dry Powder Injectables (DPI) manufacturing facility.
• 🚗 Part of the funds will be allocated to procuring vehicles for sales expansion.
• 📜 DRAP registration and licensing expenses are included in the funding.
• 🧑‍💼 Expansion of the sales team is also a priority for fund utilization.
• 🔄 Additional working capital requirements will be met through the issue.
• 🗓️ The offer document is valid until February 22nd, 2026.
• 📅 Trading dates for letter of rights: December 1st to December 15th, 2025.
• 🏦 Meezan Bank Limited is the Banker to the Issue.
• 📑 Final Offer Letter Date: November 18th, 2025
• 🛑 Book Closure Date: November 27th, 2025

🎯 Investment Thesis

The investment thesis for Liven Pharma is a HOLD, considering the risks associated with its current financial performance and operational inefficiencies. While the right issue intends to fund growth initiatives like the DPI facility, the high discount price of PKR 10/- and negative earnings in FY25 need to be monitored. A price target cannot be provided due to the lack of concrete financial projections and the uncertain timeline for the DPI facility to become operational. The time horizon is MEDIUM_TERM, as it will take time to assess the impact of the new facility and strategic initiatives.

⚡ Flash Summary

Liven Pharma Limited has announced a book closure for the purpose of issuing right shares. The share transfer books will be closed on November 27th, 2025 to determine shareholder entitlement. This action aligns with the company’s previously announced plans to issue right shares, as communicated on September 12th, 2025. Shareholders must ensure that share transfers are completed and received by the Company’s Share Registrar by the close of business on November 26th, 2025, to be eligible for the right shares.

📌 Key Takeaways

• 🗓️ Book closure announced for right shares: November 27th, 2025.
• 📢 Announcement references prior communication on September 12th, 2025.
• ⏳ Last date for transfers: November 26th, 2025.
• 🏢 Share registrar: M/S F.D. Registrar Services SMC (Pvt.) Ltd.
• 📍 Registrar address: 1705, 17th Floor, Saima Trade Tower A, I.I. Chundrigar Road, Karachi.
• ✔️ Compliance with PSX Rule Book: Clause 5.6.9 (b).
• 📰 Publication in Pakistan Observer and Daily Pakistan on November 19th, 2025.
• 💼 Right shares issuance to strengthen capital base.
• 🔒 Book closure impacts share trading temporarily.
• 📈 Potential increase in outstanding shares.
• 🤔 Dilution of existing shareholders if rights are not exercised.
• 🌱 Capital infusion could fund expansion plans.
• 📜 Terms and ratio of right shares not detailed in this notice.

🎯 Investment Thesis

Based solely on the book closure announcement for right shares, a HOLD recommendation is appropriate. While the capital infusion could potentially benefit Liven Pharma’s long-term growth prospects, the lack of details regarding the terms of the right shares and the intended use of funds makes it difficult to assess the investment opportunity. Further information is required to determine a precise price target. The time horizon is dependent on the company’s execution of its growth strategy with the raised capital.

⚡ Flash Summary

LIVEN Pharma Limited has announced a book closure for determining entitlement of right shares. The book closure period is from November 27th, 2025 to November 28th, 2025. Transfers received by November 26th, 2025, at the office of the Company’s Share Registrar will be considered for entitlement of right shares. This notice complies with PSX regulations and will be published in Pakistan Observer and Daily Pakistan on November 14th, 2025.

📌 Key Takeaways

• 🗓️ Book closure dates: November 27th, 2025 to November 28th, 2025.
• 🏢 Purpose: Determine entitlement of right shares.
• 📜 Reference: Announcement of right shares dated September 12th, 2025.
• 🏢 Share Registrar: M/S F.D. Registrar Services SMC (Pvt.) Ltd.
• 📍 Registrar Address: 1705, 17th Floor, Saima Trade Tower A, I.I. Chundrigar Road, Karachi.
• 📅 Deadline: Transfers must be received by November 26th, 2025.
• ✅ Compliance: In compliance with Clause 5.6.9 (b) of the PSX Rule Book.
• 📰 Publication: Notice to be published on November 14th, 2025.
• 📰 Publication Outlets: Pakistan Observer and Daily Pakistan.
• 📢 Intimation: TRE Certificate holders to be informed.

🎯 Investment Thesis

Based on this announcement, a HOLD recommendation is appropriate. The announcement pertains to procedural actions related to a rights issue, and there is no indication to change an investment strategy without further financial information. More financial details are needed to make a more informed decision.