After weeks of internecine haggling, the embattled Hwange Colliery Company Limited (HCCL) board is likely to come face-to-face with company shareholders at an annual general meeting (AGM) today, expected to be explosive.
By yesterday, it was not clear whether the AGM would proceed amid reports the board led by combative Tendai Savanhu was considering taking the legal route to stop the indaba.
Despite Savanhu’s strenuous efforts to block the AGM, HCCL management was yesterday finalising preparations for the crucial meeting where the Savanhu-led board was expected to been shown the door.
Company secretary Thembelani Ndlovu and Savanhu issued conflicting statements regarding the AGM, with Ndlovu insisting the meeting was on while Savanhu maintained it was unprocedural.
“We have not yet been served with any legal papers, but we understand there could be a legal twist to the matter. There was however no basis to stop the annual general meeting,” a senior manager said yesterday.
The local media had in the last few days witnessed a clash between the board and shareholders as to when the meeting would be held.
According to the notice calling for today’s meeting issued by Ncube, shareholders intended to appoint nine directors from a list of 10 proposed names.
The appointees nominated by shareholders include 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 that includes Thabani Ndlovu, Alpheus Motampe Ngapo, James Nqindi, Rosemary Sibanda, Fortune Chasi, Shingai Israel Mutumbwa, Prisca Mupfumira and Thandiwe Thando Mlobane packing.
The statement issued by Savanhu on Sunday and yesterday, said 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.
Ncube, in a statement that appeared on Monday and Tuesday 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.”