Mobile Telecommunications Network (MTN) Ghana (Scancom PLC), will host shareholders at an Extraordinary General Meeting (EGM) on Thursday, December 3, 2020.
According to a News Release issued in Accra on November 17, the meeting, which would be held virtually, would be streamed live from the company’s Head office at MTN House, Independence Avenue from 11am.
The purpose of the meeting, according to the Release, is to seek Shareholders approval for the buyback of 1,089,630 shares from applicants who did not provide sufficient personal information to complete their Know Your Customer (KYC) requirements as required under the Company’s Initial Public Offer, and in accordance with a directive from the Securities and Exchange Commission.
The meeting, the Release said, would also seek authorization from Shareholders for the implementation of an employee share scheme by way of an Employee Share Ownership Plan (ESOP) for lower level staff, and an employee share scheme by way of Performance Share Plan for senior staff, adding that the total amount of shares subject to the Employee Share Scheme are to be allocated on an estimated share price of GHC 0.60, representing about 4.41% of the issued share capital of Scancom Plc.
The Release explains that the actions required at the EGM followed an agreement reached between the Government of Ghana, MTN Group and MTN Ghana in the first quarter of 2020 to increase local ownership in MTN Ghana by a further sale of ~12.5% shares in MTN Ghana to Ghanaians.
Speaking ahead of the EGM, the Release said, Mr Sam Koranteng, Corporate Services Executive of Scancom Plc., urged all shareholders to attend the EGM and to cast their votes on the resolutions outlined.
He disclosed, the Release said, that provision had been made for Shareholders who did not have smart phones to participate in the AGM by (i) dialing +233244300025; (ii) entering the access code 8000; and (iii) entering the conference pin number 056789.
He further confirmed that a unique token number would be sent to Shareholders by email and/or SMS before the end of November 2020, to grant them access to the EGM, the Release stated.
Mr Koranteng, the Release said, indicated that Shareholder may appoint a proxy to attend virtually and vote on their behalf, adding that a copy of the Proxy Form may be downloaded from www.mtnghegm.com completed, signed and submitted via email to info@csd.com.gh., at least 48 hours ahead of the EGM.
Shareholders who do not submit proxy forms prior to the meeting, the Release said, may vote using their unique token number.
Scancom Plc. held its second post IPO AGM virtually on August 13, 2020 during which the financial statement for 2019 was presented to shareholders and at which all special resolutions relating to the amendment of the Companies Constitution were duly passed by Shareholders.
At the end of proceedings at the AGM, a final dividend of GHC. 4 pesewas for 2019 financial year was declared and paid on August 28, 2020 to shareholders.
Source: G.D. Zaney, Esq.
