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Hwange saga


The ongoing Hwange Colliery Company Limited (HCCL) annual general meeting (AGM) saga took another twist yesterday after company secretary Thembelani Ncube insisted the shareholders’ meeting will proceed as scheduled tomorrow.

HCCL board chairperson Tendai Savanhu on Sunday issued a statement arguing the articles of association of HCCL required the board to convene all meetings through authorising the secretary to the board.

“No such authority was given to the company secretary in respect of the issuance of the notice of the 4th July, 2011. Apart from being fraught with errors, the notice itself is unlawful and irregular,” he said.

However, yesterday Ncube in a statement said: “Shareholders are advised that the annual general meeting of Hwange Colliery Company limited scheduled for Wednesday 3 August 2011 will proceed as notified in the press on 9 and 10 July 2011 and per notices sent to individual shareholders.

“Please take note that the AGM was postponed in terms of a resolution passed by shareholders before commencement of the meeting on June 30 2011.
“Shareholders are advised to disregard the notices published in the local daily newspapers by T Savanhu purporting to cancel the annual general meeting.”

Business tycoon Nicholas van Hoogstraten, HCCL’s single largest shareholder, said there was nothing illegal about tomorrow’s meeting of shareholders.

HCCL shareholders are set to make wholesale changes to the board axing nine directors at a reconvened board meeting. This comes after an earlier AGM was adjourned on June 30 to a later date.
A notice has already been published in the newspapers.

In written responses, van Hoogstraten said major shareholders led by Mines and Mining Development minister Obert Mpofu “have no confidence in the current Board and require their removal”.

“The behaviour of certain members of the board, since this action was agreed, has only gone to show that our decision was correct,” van Hoogstraten said.

The British businessman upped the ante insisting that the current board could not survive without shareholder support.

“Whether they are removed at the AGM or at a special extraordinary general meeting matters not so far as shareholders are concerned,” van Hoogstraten said.

His response comes after outgoing board chairman, Tendai Savanhu issued a notice last week saying tomorrow’s meeting is unlawful a nullity and should be ignored.

According to the notice calling for Wednesday’s meeting, shareholders intend to appoint nine directors from a list of 10 proposed directors. The list has Shingirayi Chibhanguza, Jemmister Chininga, Ian Haruperi, Nkosilathi Jiyane, Mlawuli Manjingolo, Siphiwe Mapfuwa, Johnson Mawere, Farai Mutamangira, Lucas Nkomo and Valentine Vera.
The new appointments would send Savanhu and his team comprising of Thabani Ndlovu, Alpheus Motampe Ngapo, James Nqindi and Rosemary Sibanda, Fortune Chasi, Shingai Israel Mutumbwa, Prisca Mupfumira and Thandiwe Thando Mlobane packing.

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