Getbucks seeks to defer annual shareholders meeting

• Delays AGM to coincide with EGM

• MFI may call for more capital through bonds

• Parent likely to seek separate banking licence at commercial level

HARARE- Listed Microfinance Bank Getbucks has issued a statement alerting shareholders of a possible delay to the holding of its annual general meeting.

In a statement via the ZSE, Getbucks said that holding of the 2019 Annual General Meeting shall be delayed and the reason for the delay being the Board’s intention to hold the AGM and Extraordinary General Meeting on the same day.

The company further said latest date the Annual General Meeting will be held is 28 February 2020 suffice to say the necessary approvals enabling both meetings to be held before this date would have been sought.

The deposit taking MFI is undergoing transformation, with initial indication pointing towards upgrading of the entity to a commercial banking status in 2020. Parent, Mybucks may however elect to retain the MFI operation and instead seek a separate commercial banking licence in Zimbabwe.

The MFI has been instrumental in raising capital for funding SME and individuals such as civil servants through bond issuance. It recently secured external lines of credit which will be towards funding local business ventures.

Delaying of the AGM to a date that coincide with the EGM, may enable the company to deal with recurring and any special business that management and shareholders may elect to deal with. It is likely that the company will ask shareholders to consider a capital raise through bonds yet again.

Equity Axis News

Respect Gwenzi

Respect is the Lead Analyst and Managing Director at Equity Axis. He has 8 years experience in respective fields of finance and media. Particular areas of expertise include Asset Management, Stockbroking and Financial Media. Respect is on a mission to change the course of Financial Media in Africa through digitalization

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.