African Sun AGM to be held virtually

Tourism and hospitality group, African Sun Limited (ASL) is next month set to hold its annual general meeting (AGM) virtually owing to Covid-19 lockdown measures which among other things also restrict gathering to 50 people at a given time.

Zimbabwe which so far has over 500 confirmed cases of COVID-19, over 60 recoveries and six deaths remains on indefinite Level Two lockdown.

Recently the Zimbabwe Stock Exchange (ZSE) issued recommendations to listed companies on the holding of annual and extraordinary general meetings (AGMs and EGMs) in the wake of COVID-19 lockdown regulations which restrict public gatherings to 50 people.

Listed companies are mandated as part of the listing requirements to hold AGMs and EGMs attended by shareholders before important decisions could be made.

“The Zimbabwe Stock Exchange Limited (“ZSE”) has received various representations from the market concerning the challenges of convening Annual General Meetings and Extraordinary General Meetings in the current environment,” Justin Bgoni, ZSE chief executive officer,” said in a statement.

“As such, the ZSE encourages Issuers to convene virtual or electronic meetings in line with section 170 (10) of the Companies and Other Business Entities Act, Chapter 24:31. This, however, does not prohibit Issuers from convening physical meetings where appropriate.

He added: “In the event that an Issuer chooses to hold a physical meeting, the Issuer should follow Public Health Guidelines as stipulated by the Government of Zimbabwe.”

As part of the recommendations, the local bourse said where the Issuer chooses to convene a virtual or electronic meeting, the platform chosen should among other things allow for identification of the shareholders or their proxies, recording of the attendance register, allow shareholders or their proxies to fully participate in the meeting and provide for shareholders or their proxies to cast their votes electronically.

“Notice is hereby given to the shareholders of the company that, the Forty – Eighth Annual General Meeting (“AGM”) of Shareholders of African Sun Limited will be held virtually by electronic means at on 16 July 2020 at 1200 hours,” said the company’s secretary, Venon Musimbe, in a notice issued this week.

Musimbe said the AGM would consider business to be transacted and, if deemed fit, passing with or without amendment, the resolutions set out and considering any other matters to be raised by shareholders, at the meeting.

“For the purpose of approving the ordinary resolutions, the support of more than 50% of the voting rights exercised by shareholders represented in person or by proxy, at the virtual AGM is required,” said Musimbe.

“To approve any special resolutions, the support of at least 75% of the voting rights exercised by shareholders represented in person or by proxy, at the virtual AGM is required.

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