Shareholders of NGX Exchange Group Plc have protested the firm’s Notice of 61st Annual General Meeting (AGM) dated September 7, this year, saying it must be withdrawn.
The shareholders’ representatives, Messrs. Olayinka Olajuwon and Bamidele Ibironke, gave the firm seven days to comply otherwise be prepared for legal action.
Olajuwon and Ibironke made the threat on the others’ behalf in a September 14 letter through their counsel Oluwaseyilayo Ojo of S.O.&C. Legal, to the NGX Exchange Group Chairman and Managing Director.
They said the notice contained “the intention to pass a slew of resolutions, including the following: “To re-elect transitional non-executive board members of the Company to roles that have already lapsed under the terms of a Scheme of Arrangement that re-birthed the Company as a Public Limited Company (PLC);
“To raise additional capital for the Company to the tune of N35billion through a hybrid offering of equity and debt. Specifically, equity of N20 billion and debt of N15 billion;
“To effectively vest upon the board of directors far-reaching discretionary powers to raise capital in any manner they determine, including by way of a rights issue, public offering or private placement.’’