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MJL makes compensation proposal for listing

FE Report
MJL Bangladesh Limited has submitted a proposal to the securities regulator promising payment of advance dividend and compensation to its shareholders as pre-conditions for its listing.
The Securities and Exchange Commission (SEC) Monday sent the proposal of the company to both the stock exchanges. On the same day the regulator held a meeting with the leaders of bourses and company authorities to resolve the listing complexity of the company.
An SEC official said the regulator would take decision regarding the listing of MJL Bangladesh after getting the opinions from the stock exchanges on compensation proposal.
As per the proposal, the company will give 200 per cent cash dividend to primary allotters ahead of listing to reduce the offer price, which was fixed at Tk 152.40 per share.
If the company offers 200 per cent cash dividend, the primary shareholders will get Tk 20 as compensation and the offer price will be reduced to Tk 132.40.
The company has agreed to compensate up to Tk 10 for each share from the accounts of directors if the market price goes below Tk 132.40 within six months from the date of listing.
For this purpose, the company will deposit Tk 100 million to an escrow account so that all the stakeholders can trust the company.
The company will also try to arrange Tk 300 million with the help of a commercial bank for paying compensation to shareholders.

Source: Financial Express (24 May 2011).