Chief Okrika stood up with eyes blazing. “Edward, do not stretch this out. Our consortium owns almost forty percent shares in Bestman Group PLC. Call for the vote now.”
Edward ignored his rant and walked over to stand beside his management team at the table. “Permit me, ladies and gentlemen, to make this formal. This extra-ordinary general meeting was convened through a convocation first published in the Stock Exchange Gazette dated 11 April together with the agenda and information regarding nominated members of the management and non-executive board.”
“The half-year report was made available at the Bestman offices and is also available here. No requests were received from shareholders for inclusion as additional agenda items. Also all requirements regarding this meeting have been met, so legally valid resolutions can be adopted at this meeting.”
Mrs. Olayomi stood too and took over. “Consistent with our procedure at last year‘s AGM, voting will be conducted orally and by acclamation. I hope you are aware that voting by acclamation means that when you remain silent the proposal is adopted, so there is discretion in voting in that sense. You are not required to mention your name to vote. When the vote is called, only those that want to vote against or abstain will announce that by going to the microphone to say what they‘re voting against. Please mention your name very clearly and slowly speak out the number of shares you represent, so we can put that in the minutes.”
Edward took over. “Yes, thank you Mrs. Olayomi. Before we proceed to item four proper, I want to inform you about the number of shareholders here today and how many votes they can jointly cast. According to the signed registration list, fifty-six million nine hundred and sixty thousand five hundred and thirty-seven shares are represented. This means that we have ninety-three percent votes. Our articles of association do not prescribe any quorum with respect to the agenda today. Finally, may I ask you to switch off your phones?”
Edward continued after a minute. “We can now proceed to item four on our agenda. This is to ratify the issuance of ordinary shares and grant rights to subscribe to placing shares. These shares are equal to fifty per cent of the aggregate nominal value of the outstanding ordinary shares at the time of issue. Are there any people entitled to vote who wish to abstain or vote against this agenda item?
The red capped man stood. “Chairman, if this fifty percent happens, then the shareholders association will have nothing to say anymore. We‘re against the proposal with one million, two hundred and seventy-four thousand seven hundred and twenty shares.”