Government has postponed Hwange Colliery Company Limited Annual General Meeting scheduled for this Thursday in Harare after it emerged that some of the companyâ€™s shareholders had planned to dissolve its board of directors.The much awaited AGM for Hwange Colliery Company Limited in Harare where some shareholders of the groupÂ wanted to dissolve the current board, failed to take off after Government which is the majority shareholder in the colliery accounting for aÂ 37,10% stake ordered a postponement of the meeting.
Hwange CollieryÂ Company board Chairman, Mr. TendaiÂ SavanhuÂ could neither confirm nor deny that the proposed AGM was meant to dissolve members of the board, butÂ revealed that Government has directed the current board to immediately craft a restructuring plan for the company.
â€œWell it is true that the AGM has been postponed, but I do not know whetherÂ the AGM was meant to dissolve the entire board as Government has only told us to forge ahead with a restructuring plan,â€ said Mr. Savanhu.
At the proposed Annual General Meeting, the companyâ€™s shareholders were expected to receive and consider the financial statements and reports of the directors and auditors for the year ending 2010 as well as considering the re-election of some directors whose terms had expired.
However, it emerged that some shareholders of the company intended to use the AGM as a platform to propose the ouster of some key members of the current board of directors.