Dipo Olowookere
By Dipo Olowookere
One of the leading energy companies in the country, Forte Oil Plc, will tomorrow, Tuesday, September 3, 2019, hold its 40th Annual General Meeting (AGM).
The yearly shareholders’ gathering is scheduled to take place at the Bespoke Event Centre on the Lekki/Ajah Expressway in Lagos by 10 am.
During the meeting, the board of Forte Oil will present the Report of the Directors, the Consolidated Statement of Financial Position with the Consolidated Statement of Profit or Loss and other Comprehensive Income for the year ended December 31, 2018 and the Report of the Auditors and Audit Committee thereon.
In addition, the board will ask the shareholders, which is the highest decision-making body of the firm, to ratify the appointment of Mr AbdulWasiu Sowami as a non-executive director, Mr Olumide Adeosun as an executive director, Mr Moshood Olajide as an executive director, Mr Mohammed Aminu Umar as a non-executive director, Mr Olusola Adeeyo as an independent non-executive director and Mrs Aniola Durosinmi-Etti as an independent non-executive director.
Furthermore, the board will seek the approval of the company’s investors to authorize the directors to appoint new auditors, fix the remuneration of the auditors and elect/re-elect the members of the audit committee.
Apart from the above, the shareholders would be required to approve the commencement of discussions with Prudent Energy and Services Limited and or any company or individual(s) representing it in connection with the acquisition of identified downstream assets including but not limited to plant and machinery, trucks, stations and subject to independent valuations on fair value.
They will also be required to empower the board to enter into subsequent binding agreements on comparable arm’s length/commercial terms in relation to the assets to be acquired.
The shareholders will further authorize the directors and/or management of the energy firm to approve, sign and/or execute all documents, appoint such professional parties and advisers, as may be necessary to give effect to the above resolutions, including without limitation, complying with the directives of any regulatory authority and all acts carried out, steps taken and documents executed (or to be executed) by the directors and/or management of the company in connection with the above resolutions.
In conclusion, they would be expected to authorize the board to renew the general mandate authorizing the company to enter into recurrent transactions which are of a trading nature or those necessary for its day to day operations with related parties or companies in accordance with the rules of the Nigerian Stock Exchange (NSE) governing transactions with related parties or interested persons.
