North Bank (55 / I) and (55 / II (f) 55 / III)

[trusty]

Arabic side of ISX

North Bank General Assembly meeting on Saturday, 28/05/2011 at ten at the headquarters of public administration and to discuss the final accounts for the financial year ended 31/12/2010 and to discuss the company's capital increase in accordance with (55 / I) and (55 / II (f) 55 / III) will be suspended from trading on the company's shares as of 21/05/2011.

I forgot...what is 55 / III?

Trusty

[anele]

North Bank General Assembly meeting on Saturday, 28/05/2011 at ten at the headquarters of public administration and to discuss the final accounts for the financial year ended 31/12/2010 and to discuss the company's capital increase in accordance with (55 / I) and (55 / II (f) 55 / III) will be suspended from trading on the company's shares as of 21/05/2011.

This information - from Arabic side of ISX website.

[trusty]

Anele, what is 55lll...I have only deen it a couple of times. Been so long I forgot.

Trusty

[anele]

Anele, what is 55lll...I have only deen it a couple of times. Been so long I forgot.

Trusty

55/III mean distributed free shares, but will be funded from the profits of previous years or from reserves.

[trusty]

55/III mean distributed free shares, but will be funded from the profits of previous years or from reserves.

Thanks Anele
So are they meeting to consider free shares from 55ll
and
free shares from 55lll also.

Trusty

[cowpoke]

Article 55: The general assembly of the joint-stock company and the
limited liability company may cover the increase in the capital by any of
the following methods:
First: Issuing new shares whose value is paid in cash.
Second: Transferring funds from the accumulated surplus or the issuance
allowance reserve into shares to be distributed among the shareholders in
the ratio of their subscription to the capital.
Third: Withholding part of the company's profits as a reserve for
expanding and developing the enterprise instead of distributing them as
dividends. When this reserve is added to the capital and new shares
equivalent to it are issued, the shares shall be distributed among
shareholders in the ratio of their subscription to the capital.
Fourth: In cases where the shares will be offered in exchange for cash,
such decision must specify the number of shares to be issued and the
price at which they will be offered for sale or the means of establishing
that price. Shares may be offered at a price equal to or greater than their
nominal value in accordance with the general assembly’s decision and
priced in light of the company’s performance and, where applicable, the
prices of its shares in the Baghdad Stock Exchange market. The proceeds
reflecting the difference between the issue price and nominal price, which
is considered issuance allowance, shall be recorded in the account of the
issuance allowance reserve, after deducting all issuance expenses. This
reserve may not be distributed as profits. In the case of the joint-stock
company, the company shall submit to the Registrar a decision by its
general assembly to increase the capital, backed by an economic study
giving the justifications for this increase and the fields in which it will be
expended, as well as any other essential data. It shall be furnished to
purchasers, subject to the liability in the second paragraph of article 47 of
this law, unless the Registrar finds it materially misleading. In this case, it
shall refer a matter within its jurisdiction to the competent state authority
for the securities market.
http://www.isx-iq.net/isxportal/file..._4_6_27_56.pdf

[trusty]

Thanks CP,
That's what I tried to find..unsuccessfully.

I have never seen a 55/llll ever.

Trusty

[Kickabuck]

I must be missing out on the latest financial information. How in the world is North Bank trailing in price compared to United Bank, Credit Bank, and Bank of Baghdad?

[anele]

Arabic to English translation
Announcements
Began offering shares on the North Bank as of 25/7/2011
21/07/2011 03:23

Began offering shares on the North Bank with effect from 07.25.2011 in the North Bank main branch and the branch of Arbil and Sulaimaniyah branch to increase the capital of Aacharkh (125) billion dinars to (175) billion dinars.

This information - from Arabic side of ISX website.

[anele]

Dear Warka Investors,

North Bank has announced that it will be issuing:

20% free shares and 20% paid up shares at the price of IQD (1) per share for those shares owned prior to holding its general assembly meeting.

Shareholders are kindly requested to submit their signed authorization letters to purchase the paid up shares by the 3rd of August 2011 Warka business hours where any request received after this date and business hours will be considered null and void by our good bank.

Please send your signed requests to our ISX department isx@warka-bank-iq.com

Best regards,

Warka ISX Department
Warka Bank for Investment and Finance

http://www.warka-bank.com/?0d64a1934dcafd4bf6a2baf4b3

[Albus Dumbledore]

Received my free and paid up shares today. However the free shares were not added to the total when calculating the paid up shares, just like united bank.

[Fishindinar]

Waiting ..................and wanting.

[trusty]

My bank account was debited today for North Bank but no Excel sheet yet.

Right, the free shares wasn't used in computation.

Trusty

[Fishindinar]

Got my free paid up shares today.

[BettingOn Iraq]

Received North Bank shares this morning.

[trusty]

Got mine also.

Trusty

[Fishindinar]

Does anyone know what the share price is now? I think I'm still down on this one.

[Fishindinar]

I checked the share price and it is 2.80 so I'm up a little, very little.

[triumphantcorp]

I received mine today, also

Triumphantcorp

[trusty]

I checked the share price and it is 2.80 so I'm up a little, very little.

I think that 2.80 price was before the meeting and if so there will be some downward adjustment to the opening price. Hopefully it will move upward after opening.

Trusty