United Development Company Board of Directors has resolved that the Agenda of the Annual and Extraordinary General Assembly meetings which will be held on 28 February 2012 shall be as follows:
Annual General Assembly Meeting:-
1) Hearing the Board of Director’s report on the Company’s activities and its financial position for the financial year ending 31st December 2011 and the future plan of the Company.
2) Hearing the Auditor’s report on the Company’s Accounts for the financial year ending 31st December 2011.
3) Approving the Company’s Balance Sheet and the Profit and Loss Accounts for the financial year ending 31st December 2011 and deciding on the recommendation of the Board of Directors regarding the dividends.
4) To release from liability Members of the Board of Directors for the financial year ending 31st December 2011 and determination of their remuneration.
5) Corporate Governance Report 2011.
6) Appointing the External Auditors for the financial year 2012 and fixing their remuneration.
Extraordinary General Meeting:-
1. Recommending to the Extraordinary General Assembly to distribute 64,350,000 shares as bonus shares at the rate of 4 shares for each ten shares (%40 of the capital) and thus increase the capital of the Company QR. 2,252,250,000 and amend the Memorandum and Articles of Association accordingly.
Recommending to the Extraordinary General Assembly to approve a 50% increase of the company''''s capital, amounting to QR 800, 437,500 (eight hundred million four hundred thirty seven thousands and five hundred Qatari Riyals), distributed over 80,437,500 shares (eighty million four hundred thirty seven thousands and five hundred shares). The shares are to be offered for public subscription giving priority to existing shareholders. The share is offered at a par value of 10 Qatari Riyals, plus a premium of 10 Qatari Riyals to make the price of the share 20 Qatari Riyals. The remaining shares are to be offered to public subscription at a price that the Board of Directors deems appropriate. The proposed increase is subject to the approval of The Ministry of Business and Trade, and to satisfaction of all related legal proceedings.