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HCC board gets the boot

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Hwange Colliery Company Limited shareholders are expected to confirm the sacking of at least nine members of the current board led by Tendai Savanhu at it’s rescheduled annual general meeting (AGM) set for August 3.

The initial AGM on June 30 was aborted after the government queried the contents of the agenda.

The government, which has a 37% stake in HCCL, has nominated Farai Mutamangira, Jiyane Nkosilathi, Manjingolo Mlawuli, Lucas Nkomo and Valentine Vera.

Business tycoon Nicholas van Hoogstraten, the second largest shareholder in the coal-mining company with over 26%, will be represented on the new board by Shingirayi Chibanguza, Ian Haruperi and Emmerson Mnangagwa Jr .

In a notice to shareholders HCCL said: “Messrs Thabani Ndlovu, Alpheus Motampe Ngapo, James Nqindi and Rosemary Sibanda retire by rotation at this annual general meeting and will not be available for re-election as directors of the company

“A notice was received from the major shareholder, government of Zimbabwe, for the removal of office of the following directors, Messrs Fortune Chasi, Shingai Israel Mutumbwa, Tendai Savanhu, Prisca Mupfumira and Thandiwe Thando Mlobane, notwithstanding their tenure of office.”

Shareholders are also expected to consider the placing of shares under the control of directors, approval of the revised employee share option scheme and the approval of the 2008, 2009 and 2010 share ownership schemes.

“Shareholders are requested to consider, and if deemed fit pass the following resolution as a special resolution with or without amendment; it is resolved that the employee share options for the years 2008, 2009 and 2010 be hereby condoned and that as compensation, the tenure of the scheme be extended by a further three years to expire in 2017 instead of 2014 and allotment of the shares be in terms of the revised employee share option scheme.”

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