- Boardroom Battle: John Moxon, is seeking to dissolve the current Board of Directors and replace them with new members, citing corporate governance concerns
- Allegations of Mismanagement: Moxon has accused the existing Board members of making key decisions without his knowledge or input, including the removal of the company's CEO,
- Extraordinary General Meeting: An EGM has been convened for December 18, 2024, to address the corporate governance issues and vote on the proposed changes to the Board of Directors
Harare- Meikles Limited's largest shareholder, John Moxon, has convened an Extraordinary General Meeting (EGM) to effect a strategic restructuring of the company's Board of Directors. The EGM is slated for December 18, 2024.
Moxon, who holds a significant 48.38% stake in Meikles Limited, is seeking to dissolve the existing Board and reconstitute it with new members. This move is precipitated by allegations of corporate governance lapses and a perceived lack of transparency in the decision-making process.
In October, the Board executed a sudden leadership transition, culminating in the removal of Malcolm Mycroft as Chief Executive Officer (CEO) and the appointment of Matthew Moxon as Acting CEO.
However, John Moxon contends that this decision was made without his knowledge or input, and that he was deliberately excluded from the decision-making process.
"The removal of the then CEO was not part of the circulated agenda of the business tabled for the day," Moxon stated in a formal communication. "The Chair was never notified of the intended removal at the said meeting, nor was the affected party."
Moxon has implicated the four non-executive Board members Rugare Chidembo, James Mushore, Stewart Cranswick, and Simmon Hammond in the alleged corporate governance breaches.
He is now seeking to replace them with new Board members, namely Fayaz King, Benjamin Ward, and Marcel Golding.
"To compound the issue, a communication was circulated by a director in the company on the 4th of October 2024 stating that the Chairman's communication devices were compromised," Moxon noted.
"Effective immediately: Do not act on any communications, directives, or instructions that are received from the Chairman through any communication platform, including but not limited to email, phone calls, or messaging apps."
The Zimbabwe Stock Exchange (ZSE) has suspended trading in Meikles Limited shares to enable the company to address its corporate governance challenges.
The suspension, which took effect on November 26, 2024, will last for up to 180 days.
Moxon has butressed the imperative of protecting the interests of minority shareholders and ensuring that the company is governed in a transparent and accountable manner.
"It is paramount therefore to protect the interests of the minority shareholders and indeed all shareholders by and large, by holding accountable the functionaries that they have been entrusted with the running of the company," Moxon stated.
