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Cash Call For Remaining Company Capital For NakilatQatar, December 26, 2006
With a view to financing the purchase of further tankers it is necessary to provide the remaining capital by April 2007. This will necessitate a cash call for the remainder of the capital to enable the company to fulfil its obligations towards its financiers as per the purchase contracts. Therefore, in accordance with article (8) of the company’s Articles of Association, the company’s Board of Directors convened yesterday 25th December 2006 and has authorised to “invite the shareholders to pay the outstanding par value of the shares of QR5 (five Qatari Riyals) for each share. The cash call will be in effect as of 1st February 2007 and will run for 15 days”. The cash call invitation will be published in the local gazette. Those shareholders who default on the payment of the outstanding share capital will be sent a notice letter requesting payment. If payment is still not made within 30 days of the date of the letter, then the company shall undertake to sell those shares on the Doha Securities Market in accordance with article (157) of Qatari Commercial Law. The 2007 cash call is in accordance with the company’s previous announcement in the initial public offering.
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Nakilat, we would like to notify you that the capital base of the company is
QR5,600,000,000 (five billion and six hundred million Qatari Riyals) of which
50% or QR2,800,000,000 (two billion and eight hundred million Qatari Riyals)
has been paid up.
