Sipho Showa and Pius Molefe with attorney Kabelo Nkwe at the BBS AGM. PIC MORERI SEJAKGOMO
Local mogul, Derek Brink earlier today secured a High Court order compelling the BBS Ltd Annual General Meeting to go ahead with its planned elective agenda, as the building society’s directors reportedly walked out of the meeting.
Reports from the ongoing AGM being held in Gaborone suggest board members told shareholders that the meeting was irregularly called and insisted on an adjournment. The directors are said to have left the meeting, while shareholders remained behind and vowed to proceed with the agenda.
Brink, whose family holds 17% equity in BBS Ltd, secured an 11th hour order from Justice Michael Leburu restraining the board from adjourning the AGM. The rule nisi also makes the AGM resolutions binding on all parties.
Brink’s attorneys, Mboki Chilisa and Kabelo Nkwe, secured the rule nisi which orders that as long as the AGM meets its quorum, all matters, including the election of directors, will go ahead and be binding on all parties.
Earlier in the meeting, Mmegi
is informed that chaos nearly erupted after the board members announced they were pushing ahead with an adjournment. Suspended managing director, Pius Molefe, who is also a BBS shareholder, reportedly stood to say a court order is in effect compelling the holding of the AGM and its elections.
The court order was later shown to shareholders, many of whom are attending virtually.
At the time of writing, the shareholders were reportedly voting for directors, including the chairperson. Five directors’ terms expire today, including chair Pelani Siwawa-Ndai, and they have put themselves up for re-election. Five new nominees, put forward by shareholders who include Brink, are gunning for the board as well.
This story will be updated in due course as developments are confirmed.