The company “Equites” had initially put forth two pivotal ordinary resolutions – number 7 and number 8 – for consideration by shareholders. These resolutions sought to address the allocation and issuance of company shares, a critical aspect of Equites’ growth strategy. However, in light of constructive discussions with shareholders, the board of directors at Equites has decided to fine-tune the scope of these resolutions.
Ordinary Resolution Number 7 – Controlled Share Issuance
The heart of the matter lies in ordinary resolution number 7, which initially proposed vesting the board of directors with the authority to oversee the allocation of authorized but unissued shares. This proposition encompassed a substantial issuance ceiling of 78,555,088 shares, equivalent to 10% of the company’s total issued share capital. The aim was to provide the company with flexibility in managing its capital structure and future expansion endeavors.
However, following a productive dialogue with shareholders, the board has opted to recalibrate this authorization. The revised resolution now recommends a reduction of the aggregate number of shares available for issuance under ordinary resolution number 7. The proposed cap has been significantly lowered to 39,277,544 shares, constituting 5% of the company’s issued share capital. This strategic revision underscores Equites’ dedication to ensuring a measured and balanced approach to share allocation.
Ordinary Resolution Number 8 – Cash Share Issuance
The adjustments extend to ordinary resolution number 8, which aimed to confer a general authority for the issuance of shares in exchange for cash. Initially proposed at 78,555,088 shares (10% of the company’s issued share capital), this provision is now revised to encompass 39,277,544 shares, amounting to 5% of the company’s issued share capital.
By narrowing the scope of this resolution, Equites aims to underscore its commitment to prudent financial management, aligning its objectives with shareholder concerns and expectations.
Annual General Meeting and Shareholder Engagement
The recalibrated resolutions will take center stage at Equites’ upcoming Annual General Meeting, scheduled to convene on Thursday, August 17, 2023, at 10:00 AM. This pivotal event offers shareholders the platform to exercise their voting rights and actively shape the trajectory of the company.
The significance of the AGM lies not only in the resolutions presented but also in the opportunity it provides for shareholders to actively participate in the decision-making processes of the company. As per Equites’ commitment to transparency and engagement, shareholders are encouraged to review the revised resolutions and familiarize themselves with the modifications on the company’s official website.
To partake in the AGM and influence the outcomes of these resolutions, shareholders were required to conclude share trading by Monday, August 7, 2023. The record date for voting purposes is set at Friday, August 11. Shareholders are reminded of their ability to submit proxy forms or make changes to previously submitted proxy forms before the voting commences.
In this dynamic landscape of corporate governance, Equites Property Fund continues to demonstrate its responsiveness to shareholder sentiments, fostering a collaborative environment that underscores its commitment to sustained growth and prudent financial management.