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Express misses deadline to publish buyout vote
What you need to know:
- Resolution to delist the company was put to the vote at AGM
- Company says it will publish the result of the meeting this week
- CMA had not taken issue with the company as of Friday, it said.
Express Kenya #ticker:XPRS has failed to meet the deadline by which it was supposed to publish an update of its takeover and subsequent de-listing of the company from the Nairobi Securities Exchange (NSE).
The company held its AGM on Wednesday last week and was required to publish whether or not shareholders approved the resolution the next day, according to the takeover timetable.
Chief executive Hector Diniz is bidding to buy out the company’s shareholders.
Express Kenya, however, failed to publish its AGM decisions, arguing that it needed more time to tally a poll that was conducted after a section of minority investors opposed some of the resolutions.
Regulatory penalties
It was not immediately clear what, if any, regulatory penalties could result from the company’s failure to stick to the timetable.
“We had a poll at the AGM and we need more time. The issue of publishing the next day was forced on us by CMA,” said the Express Kenya board chairman Chris Obura in an interview.
He said the company will publish the result of the meeting this week, adding that CMA had not taken issue with the company as of Friday.
The regulator had not responded to our queries by the time of publishing this story.
Express Kenya had sought to pass a resolution to de-list the company from the NSE at the AGM.
