Visit our COVID-19 site for latest information regarding how we can support you. For up to date information about the pandemic visit www.sacoronavirus.co.za.

bs-regular
bs-extra-light
bs-light
bs-light
bs-cond-light-webfont
bs-medium
bs-bold
bs-black

Community


Share knowledge. Ask questions. Find answers.

Online Share Trading

Engage and learn about markets and trading online

Special AGM or something

Reply
saash
Super Contributor
I don't hold shares in the co, and don't know what the EGM is for ... but, during times of difficult business, the leadership should do EVERYTHING in their power to CUT costs to bring them in line with the economic climate. If prices are down, and lending terms are tight, we do NOT want a board who are blowing money on their lavish life-styles and the whims of their spouses and lovers! If the EGM is for the purpose of getting rid of certain non-performing Directors who are NOT doing their fiduciary duties, then its simple - Vote in favour of the action to get them out.
0 Kudos
chas
Regular Contributor
Correct,when Tom Boardman took over Nedcor - he refused to fly first class for him and any of his directors until the share corrected itself - maybe these WEZ directors could take a leaf out of his book!!!
0 Kudos
_nova
Super Contributor
Here's a couple of facts that shareholders should be aware of: During Aug 09 Deloitte & Touche and Deneys Reitz Inc did and independent review of corporate governance and remuneration practices at WEZ. This report will be presented at the EGM. In addition, the report has already been furnished to the company attorneys for advice on appropriate action. Methinks that when the present board feels this confident in presenting the report and when two very prominent independent auditing firms put their names to it... well then there must be a snake in the grass where the ousted directors are concerned. It looks like Messrs Solomon and Rainey are going to have to come up with some very good explanations if their reputations are going to survive this.
0 Kudos
PLayer
Frequent Contributor
So we expect a noce drop in the share price or do we expect that the news of a new board been elected and a possible sell out will have a positive impact on the share price??
0 Kudos
Hopeful
Not applicable
Hi Simon, Just to confirm that in future I can contact your call centre and see if they are sending a representative. This will be useful. I tried twice to see if STANLIB (who own about 6% of Wesizwe) were sending a rep to whom I could cede my proxy and received the following answer after two days when the proxy deadline had expired: "STANLIB does not/will not vote on behalf of a client on such matters when the shares in the company (Wesizwe) are not held through one of our unit trust funds. I would suggest that the client submit their vote directly to the company (Wesizwe) if they hold shares directly in this company. STANLIB will however continue to vote responsibly and in the best interests of clients invested in our unit trust funds on such matters as we have always done." My original query followed the lines of the other respondents It appears as though Stanlib have about 6% of the shares in Wesizwe and are likely to attend the special meeting on 17th December to discuss whether to replace Abedien, Tengawarima et al with Rainey, Solomon et al. The issue seems complex and neither side seems blameless. Unfortunately I won't be able to attend the meeting in Jhbg which might explain more and was wondering whether Stanlib be attending the meeting to protect their interests? Would this person contact me if they are able to use a few more proxy votes?
0 Kudos
niemand
Contributor
Can those attending please keep us updated? Thx
0 Kudos
PLayer
Frequent Contributor
Please can those that attended advise on the meeting... looks like things r favorable as the share price went up 5% waiting for another 5% rise and then back to normal trading at 240 for this share
0 Kudos
cjm
Occasional Contributor
There are some articles on moneyweb.co.za
0 Kudos
niemand
Contributor
at which 8o,86% of the votable shares were represented, the requisite majority of shareholders approved all of the ordinary resolutions proposed in the Notice of General Meeting of Members dated 25 November 2009. Accordingly, the following directors have been elected as directors of the Company; Messrs. RG Rainey, MH Solomon, WM Eksteen, Dr PG Gaylard, Ms DNM Mokhobo and Adv KD Moroka. The following directors have been removed as directors from the board; Dr I Abedian, Messrs N Tengawarima and DJ Phologane
0 Kudos