Nu-World Unveils Fiscal Triumphs, Board Reshuffle, and B-BBEE Commitment in Power-Packed Corporate Update

  • Nu-World's comprehensive report for the fiscal year 2023 is available, showcasing financial performance and strategic initiatives.
  • Shareholders can download it from the company's website or request a printed copy at no extra cost.
By Lethabo Ntsoane

Nu-World Holdings Limited (NWL) released a comprehensive update today. The announcement covers a range of significant developments, including the availability of the Integrated Annual Report, details about the upcoming Annual General Meeting (AGM), changes to the board of directors, and the availability of the Broad-Based Black Economic Empowerment (B-BBEE) certificate.

Integrated Annual Report Unveiled

Shareholders of Nu-World Holdings have received the much-anticipated Integrated Annual Report for the fiscal year ending 31 August 2023. This comprehensive document encapsulates the consolidated group annual financial statements and separate annual financial statements for Nu-World. The report is a testament to the company’s commitment to transparency and accountability.

Downloading the Report

For shareholders and stakeholders seeking detailed insights, the complete annual report, along with Nu-World’s separate financial statements, is available for download. The digital version can be accessed conveniently on the Nu-World website at https://nuworld.co.za/financials/

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Notice of Annual General Meeting (AGM)

Nu-World Holdings has formally announced the convening of its Annual General Meeting, scheduled to take place on Wednesday, 7 February 2024, at 682 Pretoria Main Road, Wynberg, Sandton, starting at 10:00. The AGM serves as a crucial forum for shareholders to engage with the company’s leadership and participate in key decision-making processes.

Key AGM Dates

EventDate
Record Date for AGM AttendanceFriday, 26 January 2024
Last Day to Trade for AGM Voting RightsTuesday, 23 January 2024
Forms of Proxy Submission DeadlineMonday, 5 February 2024

Accessing AGM Details

The Notice of AGM, an integral part of the recently distributed Integrated Annual Report, contains essential information about the agenda and matters to be discussed during the meeting. Shareholders are encouraged to review this notice for a comprehensive understanding of the AGM proceedings.

Board Changes and Director Functions

Nu-World Holdings is set to witness changes in its board composition. Desmond Piaray and Richard Kinross, directors due for retirement by rotation at the AGM, have informed the company that they will not seek re-election and will retire from the board effective 7 February 2024. Both individuals have served the company diligently, with Desmond contributing for 21 years and Richard for 14 years. The board expressed gratitude for their invaluable contributions and wished them success in their future endeavors.

Michael Goldberg’s Transition

In addition to the retirement announcements, Michael Goldberg, currently serving as an executive director, will step down from this role on 7 February 2024. However, he will continue to contribute as a non-executive director and take on the role of chairman of the board. Furthermore, Michael will be appointed as a member of the Audit Committee, showcasing the company’s commitment to maintaining strong governance practices.

Closing Thoughts

The announcements made by Nu-World Holdings signify a period of transition and progress for the company. The availability of the Integrated Annual Report offers shareholders and stakeholders a detailed look into the company’s financial performance and strategic initiatives. The forthcoming AGM provides an opportunity for active shareholder participation in the decision-making processes that shape Nu-World’s future.

The changes to the board of directors, with the retirement of longstanding members and the transition of Michael Goldberg, reflect the company’s commitment to maintaining a dynamic and effective leadership team. The appointment of Michael Goldberg to the Audit Committee further emphasizes Nu-World’s dedication to robust governance practices.

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Lethabo Ntsoane

Lethabo Ntsoane holds a Bachelors Degree in Accounting from the University of South Africa. He is a Financial Product commentator at Rateweb. He is an expect financial product analyst with years of experience in reviewing products and offering commentary. Lethabo majors in financial news, reviews and financial tips. He can be contacted: Email: lethabo@rateweb.co.za Twitter: @NtsoaneLethabo