Sofield’s ap­point­ment con­tested by for­mer FHL di­rec­tor at AGM

Mr Sofield was not a nom­i­nee of the Min­is­ter for iTaukei Af­fairs

Fiji Sun - - Business - KATHRIN KR­ISHNA EDITED BY: RACHNA LAL

Adrian Sofield’s ap­point­ment as a di­rec­tor on the Fi­jian Hold­ings board was con­tested yes­ter­day dur­ing its an­nual gen­eral meet­ing at the Grand Pa­cific Ho­tel in Suva. Ulai Taoi, whom Mr Sofield had re­placed on the board, chal­lenged the de­ci­sion and said he wanted a re-elec­tion go­ing into vot­ing. FHL Group chief ex­ec­u­tive, Nouzab Fa­reed, told share­hold­ers a demo­cratic process will take place and they will go through a trans­par­ent process.

He con­firmed they will go for le­gal advice fol­low­ing which they will get nom­i­na­tions for the po­si­tion.

It is ex­pected FHL will then have an ex­tra­or­di­nary gen­eral meet­ing some times in Jan­uary for the ap­point­ment of the di­rec­tor.

“After con­sul­ta­tion with our le­gal con­sul­tant and South Pa­cific Stock Ex­change, we have de­cided we will be hav­ing an­other EGM only for this in Jan­uary or so to solve this prob­lem,” Mr Fa­reed said.

“It is a nor­mal process and busi­ness will be as usual and in this EGM we will be able to in­form the pub­lic very clearly and call for nom­i­na­tions.” Mr Sofield was a nom­i­nee by iTaukei Land Trust Board and sec­onded by iTaukei Af­fairs Board which are A Class share­hold­ers in FHL. They col­lec­tively own 1.6 mil­lion shares in FHL out of 10 mil­lion A Class shares. Mr Sofield was not a nom­i­na­tion by the Min­is­ter for iTaukei Af­fairs who had ap­pointed six di­rec­tors for the board as per an­nounce­ment on Tues­day as B Class share­hold­ers.

The Min­is­ter’s de­ci­sion also can­not be chal­lenged as FHL’s Ar­ti­cles of As­so­ci­a­tion al­lows six ap­point­ments to be made by the Min­is­ter.

Over­all feel­ing

Mean­while, Mr Fa­reed said over­all, the share­hold­ers were happy with the com­pany’s per­for­mance. An­other con­cern raised by the share­hold­ers was that that share price for FHL was too high. Mr Fa­reed said share­hold­ers were re­quest­ing for the share price to be made lower to al­low new en­trants to buy shares.

He said they will be look­ing into this.

Photo: VILIMONI VAGANALAU

From left: Fi­jian Hold­ings Group chief ex­ec­u­tive, Nouzab Fa­reed, newly-ap­pointed di­rec­tor of FHL board, Bob Lyon and Adrian Sofield whose nom­i­na­tion as the FHL board di­rec­tor was con­tested at the FHL an­nual gen­eral meet­ing yes­ter­day at the Grand Pa­cific Ho­tel in Suva by the di­rec­tor he re­placed, Ulai Taoi.

Newspapers in English

Newspapers from Fiji

© PressReader. All rights reserved.