Investogist - Court has mandated us to hold AGM as scheduled

Seplat Energy Plc (NGX: SEPLAT) has announced that the Federal High Court sitting in Abuja has mandated the company to hold its Annual General Meeting on 10th May, 2023, as scheduled.

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The company in a corporate announcement published on the Nigerian Exchange Limited stated that the court mandate came via a final and binding Judgment delivered by the company, which ordered it to hold its AGM on 10th May, 2023.

It went on to state that the Judgement further restrains any current or former directors, shareholders and officers of the Company from cancelling or postponing the AGM as announced to the public.

The Federal High Court had declined to accede to the request by Boniface Okezie and four other alleged shareholders of Seplat Energy Plc who filed Suit No. FHC/ABJ/PET/8/2023 seeking an ex-parte Interim Orders to restrain Seplat from holding its Annual General Meeting (AGM) scheduled for Wednesday May 10, 2023.

The court adjourned hearing on the petitions filed by the Petitioners to May 31, 2023.

In the notice of the 10th Annual General Meeting of Seplat Energy Plc, the shareholders will be transacting the following business;

Ordinary business:

To receive the Audited Financial Statements of the Company for the year ended 31 December 2022, together with the Reports of the Directors, Auditors and the Statutory Audit Committee thereon.
To declare a final dividend recommended by the Board of Directors of the Company in respect of the financial year ended 31 December 2022.
To re-appoint PriceWaterhouseCoopers (“PWC”) as Auditors of the Company from the conclusion of this meeting until the conclusion of the next general meeting of the Company at which the Company’s Annual Accounts are laid.
To authorise the Board of Directors of the Company to determine the Auditors’ remuneration.
To elect/re-elect the following Directors:
1. To approve the appointment of the following Directors:
  i. Mr. Samson Ezugworie as an Executive Director of the Company; and
  ii. Ms. Koosum Kalyan as an Independent Non-Executive Director of the Company.
2. To re-elect the following Directors who are eligible for retirement by rotation:
  i. Madame Nathalie Delapalme (Non-Executive Director); and
  ii. Mr. Bello Rabiu (Independent Non-Executive Director).
To disclose the remuneration of managers of the Company
To elect the shareholder representatives of the Statutory Audit Committee.

Special business:

To consider and, if thought fit, to transact the following Special Business, which will be proposed and passed as an Ordinary Resolution:

To approve the Remuneration Section of the Directors’ Remuneration Report set out in the Annual Report and Accounts
for the year ended 31 December 20223.

Investogist had reported in the preceding week that Seplat Energy in response to media publications that the Federal High court Abuja had restrained it from holding its AGM, confirmed that its AGM was going to hold as scheduled.