wazua Sat, Nov 30, 2024
Welcome Guest Search | Active Topics | Log In | Register

Issues at Kenol AGM
Waria
#1 Posted : Wednesday, May 20, 2009 6:27:00 PM
Rank: Member


Joined: 10/11/2007
Posts: 213
I am attending the kenol Agm tommorrow.

The board is trying to issue new 125000 shares to non exec directors in lieu of emoluments. Is this normal/legal practise. I plan to oppose.


Three directors are up for re election which may just happen given shareholder lethargy. I have planned to be proposed just to spice thing up. So all Sk please vote for the new director


Incidentally what does it take to be a director in a NSE listed company. am tired of being the small fish

Me first,U next
jammo
#2 Posted : Wednesday, May 20, 2009 6:52:00 PM
Rank: Member


Joined: 2/12/2008
Posts: 345
You can successfully oppose whatever agenda....as long as the number of votes u command r majority...one vote per one share. If the majority shareholders agree with u.... Well n good. If not..just enjoy the goody bags as u consider future as a shareholder.

As a director..again..majority shareholder...try get atleast 7%total shares issued under ur name..the BOD and management will approach u themselves.

DISCLAIMER: This is the opinion of one Jammo,CFA,CPA,Opinionated and Loud,based in nairobi. Whilst care has been taken in compiling the data to be as most factual n logical,he doesn't accept any responsibility of accuracy or completeness of info contained herein..neither does he purport to be a genius!
Gordon Gekko
#3 Posted : Thursday, May 21, 2009 5:13:00 AM
Rank: Elder


Joined: 5/27/2008
Posts: 3,760
I think you might need a little more than shares to get on the Board. I know of a shareholder of BAT who has 20% shares and can't get elected to the board!
kizee
#4 Posted : Thursday, May 21, 2009 7:14:00 AM
Rank: Member


Joined: 1/9/2008
Posts: 537
125k shares...KENOL have an ESOP policy so its a good idea...the shares will be issued in lieu of payment so should cut the companies salary costs....the cost of stock options in kenya is never expensed....its a good thing realy....for now...thnk abt opposing it befor u do..or at least ask how the plan to expense it...ask them whether theyre finance guys wud expense the cost of the options using the black and scholes or a in house propreitary model...that way the directors will all freak out and kno that uve dun ur homework

......just my kes 0.02
mozenrat
#5 Posted : Thursday, May 21, 2009 7:39:00 AM
Rank: Veteran


Joined: 5/18/2008
Posts: 796
@GG

Normally 20% would get you on the board... Unless you have formed a really antagonistic relationship with other shareholders in which case your 20% is a minority against the 80%... Also depends on the company's Memo and Articles of Association... If it only require 75% or 51% to pass resolutions,there is no incentive to allow ur friend onto the board... If I were him and was really keen to join the board,either load up on additional shares to beat the minimum required in the MA and AA or play politics and form a loose 'merger' with a shareholder with a significant holding to boost his net 'influence'.
Users browsing this topic
Guest
Forum Jump  
You cannot post new topics in this forum.
You cannot reply to topics in this forum.
You cannot delete your posts in this forum.
You cannot edit your posts in this forum.
You cannot create polls in this forum.
You cannot vote in polls in this forum.

Copyright © 2024 Wazua.co.ke. All Rights Reserved.