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  1. #1
    Supporter and Investor! thebest's Avatar
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    Warka Capital Increase 03-15-2018

    Our News / Warka Capital Increase

    To our esteemed and distinguished Warka clients,

    Warka Bank for Investment and Finance is delighted to inform its fine clients that the distinguished Central Bank of Iraq has approved that our clients participate in the upcoming capital increase. Warka clients are now permitted to purchase Warka stock from the funds depoisted in their bank accounts participating in the capital increase in accordance with clause 56 no. 4 of the Iraqi Company Registration Law the adjusted law no. 21 for the year 1997 . There are no limitations to the amount of shares purchased where Warka clients are permitted to use their entire deposits to purchase Warka Stock participating in the Capital increase.

    Warka clients are kindly requested to submit a signed authorization letter authorizing our bank to withdraw funds from their account to purchase the stock indicating your account number, signature, the funds in IQD to be withdrawn from your account as well as a clear colored copy of your id and passport.

    The Warka stock will be purchased at a value of 1 IQD per Warka share and will be registered in the clients 's good name in the ISX depository system where the stock will re-trade regularly back in the Iraqi Stock Market once the general assembly hearing and capital increase procedures have been completed.

    Warka clients wishing to participate in the capital increase are kindly requested to send their authorization letter with the full details indicated above to our brokerage office 3044@warka-bank-iq.com within two weeks from posting this notice.

    Wishing all our Warka clients prosperity and growth true success and much fortune

    Respectfully,

    Warka Bank for Investment and Finance

    http://www.warka-bank.com/?0d64a1934dcafd4bf6a2baf7b165
    Al-Warka Bank Mr. Saad al-Bunnia We are giving you a chance to make good profits because once the country has returned to normal and foreigners can buy shares, believe me, nobody will be able to grab a handful of shares.
    THEBEST Remember if CG acted like vultures. No matter that appear to try to help us. They’re vultures.

  2. #2
    Supporter and Investor! thebest's Avatar
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    Clause 56 no. 4 of the Iraqi Company Registration Law the adjusted law no. 21

    Clause 56 no. 4 of the Iraqi Company Registration Law the adjusted law no. 21 for the year 1997

    Article 56:
    First: In the joint-stock company, the new shares must beplaced for public subscription within 30 days from the date on which thecompany is notified of the Registrar’s approval of the increase in thecapital. The subscription shall remain open for a period of not less than30 days and not more than 60 days, which may be renewable once for asimilar period, provided the value of the shares is paid duringsubscription. The increase in the capital is achieved by the number ofshares subscribed and paid up on the closure of the subscription.Otherwise, and in so far as it does not conflict with the nature of theincrease in the capital, the original provisions on subscription shall beapplied on the new shares, including the provisions of Articles 44 and 47of this law.
    Second: In the limited liability company, the value of the new sharesmust be paid within 30 days from the issuance of the general assembly'sdecision to increase the capital. The increase is achieved by the numberof shares whose value is paid up at the end of the period.
    Third: Every shareholder has the priority to buy shares at the subscription price proportional to the number of the shares he owns. Share holders shall be allowed to exercise this right within a period of 15 days from the date they are invited to do so. The invitation must state the beginning and end of the subscription period and the nominal value of the shares. If some shares are not subscribed after the period stipulated in paragraph First of this Article, the board of directors may place the shares for sale in the Baghdad Stock Exchange market in the manner it deems suitable.
    Fourth. In the case of banks increasing capital by a sale of shares forcash, the company may issue shares without public subscription and/orwithout offering existing shareholders the right to participate, providedthe following conditions are met:
    1. The issuance is approved by a majority of the votes of the subscribed shares whose due installments have been paid; and
    2. The Central Bank of Iraq concurs that the sale is for fair value,in view of all the circumstances, and is fair to shareholders notentitled to participate, in view of the benefit to the company as whole.


    http://www.isx-iq.net/isxportal/file..._4_6_27_56.pdf
    Last edited by thebest; 03-16-2018 at 08:04 PM.
    Al-Warka Bank Mr. Saad al-Bunnia We are giving you a chance to make good profits because once the country has returned to normal and foreigners can buy shares, believe me, nobody will be able to grab a handful of shares.
    THEBEST Remember if CG acted like vultures. No matter that appear to try to help us. They’re vultures.

  3. #3
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    Quote Originally Posted by thebest View Post
    Clause 56 no. 4 of the Iraqi Company Registration Law the adjusted law no. 21 for the year 1997

    Article 56:
    First: In the joint-stock company, the new shares must beplaced for public subscription within 30 days from the date on which thecompany is notified of the Registrar’s approval of the increase in thecapital. The subscription shall remain open for a period of not less than30 days and not more than 60 days, which may be renewable once for asimilar period, provided the value of the shares is paid duringsubscription. The increase in the capital is achieved by the number ofshares subscribed and paid up on the closure of the subscription.Otherwise, and in so far as it does not conflict with the nature of theincrease in the capital, the original provisions on subscription shall beapplied on the new shares, including the provisions of Articles 44 and 47of this law.
    Second: In the limited liability company, the value of the new sharesmust be paid within 30 days from the issuance of the general assembly'sdecision to increase the capital. The increase is achieved by the numberof shares whose value is paid up at the end of the period.
    Third: Every shareholder has the priority to buy shares at the subscription price proportional to the number of the shares he owns. Share holders shall be allowed to exercise this right within a period of 15 days from the date they are invited to do so. The invitation must state the beginning and end of the subscription period and the nominal value of the shares. If some shares are not subscribed after the period stipulated in paragraph First of this Article, the board of directors may place the shares for sale in the Baghdad Stock Exchange market in the manner it deems suitable.
    Fourth. In the case of banks increasing capital by a sale of shares forcash, the company may issue shares without public subscription and/orwithout offering existing shareholders the right to participate, providedthe following conditions are met:
    1. The issuance is approved by a majority of the votes of the subscribed shares whose due installments have been paid; and
    2. The Central Bank of Iraq concurs that the sale is for fair value,in view of all the circumstances, and is fair to shareholders notentitled to participate, in view of the benefit to the company as whole.


    http://www.isx-iq.net/isxportal/file..._4_6_27_56.pdf
    Confusing , as it says there is a limit to the extra shares a person can buy ( directly proportional to what they already hold) yet in the warka news bulletin its without limit

  4. #4
    Supporter and Investor! calstar's Avatar
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    What happens to the shares we have in our possession?

  5. #5
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    I'm asking how many shares are in the subscription and what the total outstanding shares will be after the subscription. That email goes out sunday. I'm thinking off using 1/3 of my balance as I believe it will help get Warka relisted, they need 250 billion dinar total in capital and supposedly have 105 billtion.

    I do wonder if the owner Mr Bunnia is going to buy shares this time...

    Next news I wanna see on warka website is Mastercard available again Will give us access to our cash until they get the corresponding bank thing worked out.
    Last edited by Brazileiro; 03-16-2018 at 10:11 PM.

  6. #6
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    Quote Originally Posted by calstar View Post
    What happens to the shares we have in our possession?
    you should still have them. this is the same thing warka had to do before they were put into guardianship. whatever they sell now gets added to the current number of outstanding shares. At least that's how I believe it works. Someone can correct me if I'm wrong. They need to hit the magic 250 billion iqd in capital

  7. #7
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    Articles 44 and 47 of this law

    The increase in the capital is achieved by the number of shares subscribed and paid up on the closure of the subscription.Otherwise, and in so far as it does not conflict with the nature of the increase in the capital, the original provisions on subscription shall be applied on the new shares, including the provisions of Articles 44 and 47 of this law.

    Article 44:
    First: The bank shall be responsible for the soundness of the subscription process and undertake the following:
    1. Close the subscription at the end of its period, announcing the closure in two daily papers, and also notify the Founders Committee.
    2. Keep all the money received from the subscribers and not give any to the founders.
    3. Return any surplus funds to the subscribers within 15 days from the distribution of the shares among the subscribers in accordance with Paragraph Second of this article.
    Second: If it transpires after the closure of the subscription that the shares offered have been over-subscribed, the shares must be distributed among the subscribers according to the percentage of subscription allotted for each subscriber..

    Article 47:
    First: Once the company has been established and some shares are still not subscribed for, the board of directors may, after six months from the date of the issuance of the establishment certificate,pursue one of two courses:
    1. Sell those shares in the Baghdad Stock Exchange market; or
    2. place the shares for public subscription in accordance with the procedures followed during the constituent subscription.
    Second: If the shares are not sold in the market or subscribed by the public, the company's nominal capital shall be decreased by the value of the unsold shares.
    Third: The company shall be liable for materially misleading assertions or omissions in sales or subscriptions as shall be its responsible directors,employees and agents.

    http://www.isx-iq.net/isxportal/file..._4_6_27_56.pdf
    Al-Warka Bank Mr. Saad al-Bunnia We are giving you a chance to make good profits because once the country has returned to normal and foreigners can buy shares, believe me, nobody will be able to grab a handful of shares.
    THEBEST Remember if CG acted like vultures. No matter that appear to try to help us. They’re vultures.

  8. #8
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    In Summary Warka Bank for Investment and Finance on November 28th 2013 has won two verdicts both of which have retained full legal stature:
    1-The full rehabilitation of Warka Bank for Investment and Finance holding the Central Bank of Iraq fully liable and responsible ordering the Central Bank of Iraq to efficiently implement and execute the rehabilitation task.

    2-Declining dismissing refusing and canceling the request of Central Bank of Iraq for the court to reconsider the bankruptcy case closing this matter ordering the Central Bank of Iraq to lift and cancel the Custodianship appointed by the Central Bank of Iraq for this task.

    Kindly note that both verdicts have been attached for your fine consideration where Warka Bank for Investment and Finance is currently waiting for the CBI to execute the verdicts and follow the court decisions accordingly.

    Respectfully,

    Board of Directors
    Warka Bank for Investment and Finance

    http://www.warka-bank.com/?0d64a1934dcafd4bf6a2bafeb7
    Al-Warka Bank Mr. Saad al-Bunnia We are giving you a chance to make good profits because once the country has returned to normal and foreigners can buy shares, believe me, nobody will be able to grab a handful of shares.
    THEBEST Remember if CG acted like vultures. No matter that appear to try to help us. They’re vultures.

  9. #9
    Supporter and Investor! thebest's Avatar
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    Kind Note:

    There are still four cases against the Central Bank of Iraq for reputable and financial damages raised by the below:
    1. Depositors
    2. Shareholders
    3. Staff
    4. Managing Director demanding the full rehabilitation of the bank by the Central bank in accordance with the reasons indicated in all the court cases noting that as the four cases share legal similarities and are interconnected the court has decided to unite all of them into one case reference No. 1/ Services/ 2013 which is yet to finalized and hearings are still taking place.
    Thank you for your time and cooperation .

    Sincerely.

    Board of Directors

    Warka Bank for Investment and Finance

    http://www.warka-bank.com/?0d64a1934dcafd4bf6a2bafeb4

    Al-Warka Bank Mr. Saad al-Bunnia We are giving you a chance to make good profits because once the country has returned to normal and foreigners can buy shares, believe me, nobody will be able to grab a handful of shares.
    THEBEST Remember if CG acted like vultures. No matter that appear to try to help us. They’re vultures.

  10. #10
    Supporter and Investor! haggisbasher's Avatar
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    Thanks The Best for taking us to were we left off all these years ago, the memories are flooding back now,do you have Al Bunnia final statement were he said he will take this to the courts,

    Found a small portion of where al Bunnia says that when the country returns to normal and foreigners are allowed to buy shares no one will be able to get even a hand fill of Warka shares.
    Last edited by haggisbasher; 04-06-2018 at 02:26 PM.

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