FBN Holdings Plc has cancelled its 12th Annual General Meeting (AGM) of the members of FBN Holdings Pic, fixed to hold virtually on 22nd August, 2024 and re-scheduled to Tuesday, September 3, 2024.
This was contained in the company’s notice to the Nigerian Exchange Limited (NGX) seen by NewsNGR.
The AGM was earlier scheduled to consider and if thought fit, approve the group’s accounts, declare a dividend, authorise the Company to undertake a capital raise of up to N350bn.
Though no reasons were given for the cancellation but it might not be unconnected with the recent legal tussle at FBN Holdings involving the shareholding of Barbican Capital Limited, which is linked to billionaire businessman, Oba Otudeko.
The statement reads, “Notice is hereby given that the 12th Annual General Meeting (AGM) of the members of FBN Holdings Pic (the “Company”), fixed to hold virtually on 22nd August, 2024 and re-scheduled to Tuesday, September 3, 2024, at 10 am to consider and if thought fit, approve the accounts, declare a dividend, authorise the Company to undertake a Capital raise of up to N350,000,000,000.00 and other ancillary matters is hereby cancelled”.
The statement signed by Ag. Company Secretary, Adewale Arogundade noted that further information will be provided in due course, as appropriate.
In the case filed before a Federal High Court in Lagos, Barbican Capital accused FBN Holdings of altering its 5.4 billion shares in the Holdco.
According to the unaudited consolidated financial statements for the period ended December 31, 2023, the shareholding of Barbican Capital was stated as 4,886,062,743 (13.61 per cent). However, in the audited results, the direct holding of Barbican Capital dropped to 3,110,400,619 (8.67 per cent) with a note “As verified by the Central. Bank of Nigeria” added to it.
The same 3,110,400,619 (8.67 per cent) was recorded for Barbican in the first quarter and second quarter financial statements of the Holdco filed with the Nigerian Exchange Limited.
The investment firm, in suit no. FHC/L/CS/ 1172/24, filed on its behalf by Bode Olanipekun, SAN, claimed that over the years and at different times, it cumulatively acquired about 5,386,397,202 shares, representing 15.1 per cent of FBNH overall shares listed on the NGX.
Barbican Capital also included a report from the Central Securities Clearing System to show its total shareholding.
According to the CSCS report tendered before the court, as of May 23, 2024, the company owned 5,386,397,202 shares (15.01 per cent) and held 4,886,062,743 shares (13.61 per cent) as of December 2023.
The firm claimed that its shareholding increased from 13.61 per cent reported by FBN Holdings in its unaudited results to 15.01 per cent after Honeywell consolidated 1.5 per cent of its affiliated shares to Barbican.
In validation of its stake, the Otudeko-linked firm stated that it received dividends payment from FBNH for all its 5,386,397,202 shares between November and December 2023 for the full year ended December 31, 2022, and had no time divested its shares.