Cutix Cancels EGM After Resignation of Chidozie Nsoedo

By Dipo Olowookere

The Extra-Ordinary General Meeting (EGM) of Cutix Plc earlier scheduled for Wednesday, November 27, 2024, in Anambra State has now been cancelled.

The cancellation of the special shareholders’ gathering was due to the resignation of Chidozie Nsoedo as a member of the company’s board.

Cutix, which is in the business of electronic cable production, had earlier announced its intention to hold an EGM to remove Mr Nsoedo from the board as he no longer controls at least a 10 per cent stake in the organisation.

In the notice filed to the Nigerian Exchange (NGX) Limited last month, the firm said it was planning the meeting, “To remove Dr Chidozie Nsoedo as a Director of Cutix Plc following the depletion of the required minimum aggregate of 10 per cent shares of the company that qualified him as a director of Cutix Plc to represent Mr Samuel Nsoedo and R.C Onyeje & Co on the board under Section 83(1) of the Articles of Association of the company.”

But before the meeting, Mr Nsoedo tendered his resignation from the board with effect from Thursday, November 14, 2024, forcing the firm to cancel the EGM.

“Notice is hereby given that the EGM of Cutix Plc earlier scheduled to hold on Wednesday, November 27, 2024, at 11.00 am at the company’s head office, 17 Osita Onyejianya Street, Umuanuka, Otolo Nnewi, Anambra State has been cancelled.

“The cancellation is necessitated by the fact that the first item has now been overtaken by events since the director in question, Dr Chidozie Nsoedo, has voluntarily resigned from the board of Cutix Plc effective from November 14, 2024.

“The board has resolved to accept his resignation as well as to defer the second item on the agenda to the next Annual General Meeting (AGM),” the statement issued on Tuesday and signed by the company’s scribe, Okeke Augustina, stated.

Business Post reports that at the close of business today, the shares of Cutix depleted by 4 per cent or 10 Kobo to N2.40 per unit, in contrast to Monday’s closing price of N2.50 per unit.