SUNBIZ

SPSE and FHL Explain Mistake at FHL SGM

  The South Pacific Stock Exchange board said yesterday it took full responsibility for what it called “errors made by our CEO and management at the Fijian Holdings Limited special
22 Feb 2017 11:00
SPSE and FHL Explain Mistake at FHL SGM
Fijian Holdings Limited group chief executive officer Nouzab Fareed with South Pacific Stock Exchange chairperson Nur Bano Ali after the joint press conference at Holiday Inn in Suva yesterday. Photo: KATHRIN KRISHNA.

 

The South Pacific Stock Exchange board said yesterday it took full responsibility for what it called “errors made by our CEO and management at the Fijian Holdings Limited special general meeting on 9 th February.”

This, chairperson Nur Bano Ali said, was in releasing the preliminary incorrect results.

She said the board wished to:

  1. To present the facts and truth about the events that transpired at the FHL Special SGM;
  2. To confirm the results that were released in the joint statement from the SPSE and FHL on the 9th February 2017;
  3. To apologise to the shareholders for the errors “made by our management team in releasing the incorrect results to the Chairman of FHL at the meeting”,
  4. To take responsibility for “our actions as the guardians of the highest levels of disclosure and compliance that is required of the South Pacific Sto ck Exchange”, and
  5. To answer any questions that the shareholders have on that matter.

Ms Ali said the role of the SPSE at the FHL SGM was that of scrutineers

She stressed the final results of the election of the A Class director confirmed Yogesh Karan as the new director of Fijian Holdings Limited. The votes were Mr Karan – 2,881,723 votes to Ulai Taoi – 1,993,195 votes This is after three counts and validating all the votes cast to ensure full inclusion.

She said irregular votes and proxies have been eliminated. Results announced at the SGM were a preliminary count and should not have been released to the meeting, she said.

“We wish to assure the public and potential investors and of course to the FHL shareholders that the board has taken appropriate steps to ensure that this type of error will not be repeated in the future,” she said.

She said she is pleased to announce that the trading suspension placed on the Fijian Holdings Limited (FHL) shares will be lifted after this meeting

FHL  group chief executive officer, Nouzab Fareed said the press conference was to correct the wrong announcement on that day.

“The stock exchange has accepted that it was the stock exchange’s mistake and they have apologised for that,” Mr Fareed said.

Feedback:  kathrin.krishna@fijisun.com.fj


Get updates from the Fiji Sun, handpicked and delivered to your inbox.


By entering your email address you're giving us permission to send you news and offers. You can opt-out at any time.




Five Squares Mad March


Fijisun E-edition
Total
Subscribe-to-Newspaper
Fiji Sun Instagram
Subscribe-to-Newspaper