Zimpapers Logo

This was despite a directive by Mr Savanhu that the meeting be adjourned to allow the board to reconvene a “proper and lawful” AGM.

Mr Savanhu indicated that yesterday’s meeting was of no effect since the Government had directed the postponement of the meeting.
Government is the majority shareholder in Hwange with 38 percent stake.
Mr Nick van Hoogstraten, the largest single shareholder in the firm, however, insisted that the meeting was properly convened. 
Hwange legal representative Mr Simplicius Chihambakwe also indicated that the Government had sent its proxies and all resolutions were passed.
According to Mr Savanhu, Deputy Prime Minister Professor Arthur Mutambara had been tasked to deal with the contentious issues at Hwange.

“The Deputy Prime Minister told me that the meeting should not proceed and he also told Mr Prince Mupazviriho (Secretary for Mines and Mining Development) and Hwange managing director, (Mr) Fred Moyo that the meeting should be postponed,” said Mr Savanhu.
“I delivered that message informing shareholders that this meeting is not properly constituted and that the Government position was that it should not proceed. Basically, the meeting was adjourned.”

HWANGE COLLIERY

• Hwange challenges legality of AGM
• Mpofu, Savanhu clash
  

He said some minority shareholders walked out of the meeting, meaning those who remained were only Mr van Hoogstraten and his proxy holders.
DPM Mutambara yesterday said he was not prepared to discuss the matter.
It is, however, understood that the meeting proceeded after Mr Valentine Vera, a Government representative, had insisted that the meeting should go ahead.
“Mr Savanhu told shareholders that the meeting was unlawful and that the Government’s position was to adjourn it,” said one shareholder.

“But Mr Vera said the meeting should go ahead although this was strongly opposed by Mr Savanhu who then tried to convince us that Acting Minister of Mines and Mining Development Cde Nicholas Goche had directed that the meeting should be adjourned.”
This prompted Mr Savanhu to adjourn the meeting, but the majority shareholders decided to go ahead with the meeting and appointed Mr James Nqindi, a former director to chair.

DISCUSS THIS ISSUE ON FACEBOOK

Mr Vera, who is also a principal director in the Ministry of Mines and Mining Development, is said to have later left the meeting under unclear circumstances.
Mr Savanhu has maintained that even if Mr Vera briefly attended the meeting, he was not representing Government’s interests.
“The fact that he stormed out of the meeting was confirmation that Government was not part of the proceedings,” said Mr Savanhu.
Mr Vera refused to comment yesterday.

All the resolutions, which include the appointment of new directors were passed.
Those appointed are Shingirai Chibanguza, Jemmister Chininga, Ian Haruperi, Nkosilathi Jiyane, Siphiwe Maphuwa, Johnson Mawere, Farai Mutamangira, Lucas Nkomo and Mr Vera.
Mr van Hoogstraten said it was the prerogative of the shareholders to either proceed or adjourn the meeting.

“The meeting went on. It is the (the prerogative of) shareholders to decide whether the meeting should proceed or not and the Government sent its proxies,” he said.
Mr Chihambakwe said even if Mr Savanhu decided to walk out, that did not mean the meeting would not go ahead
“The chairman walked out of the meeting, but the majority shareholders decided to go ahead,” said Mr Chihambakwe.

“All resolutions were passed. This was a statutory meeting for shareholders not for directors and what they wanted is what has happened.”
Mr Mupazviriho said he was not in a position to comment since he was still new in the ministry.

Mr Mupazviriho replaced Mr Thankful Musukutwa.
Mr Savanhu has since filed a High Court application challenging the legality of the notice issued by the company calling for the AGM.