Investors in listed companies on the Lusaka Securities and Exchange will have to wait a little longer before they can meet with the Boards and Management teams of the companies in their portfolios due to health concerns relating to the outbreak of COVID-19, according to a statement from the LuSE.
“NOTICE is hereby given to all Companies listed on the Lusaka Securities Exchange, that in light of the Press Statement by the Honorable Minister of Health, Dr. Chitalu Chilufya on COVID-19 issued on 17th March 2020, the Statutory Instrument No. 22 of 2020 as read together with other applicable legislation and the Securities and Exchange Commission Circular No. 2 of 2020, dispensation shall be given by the LuSE to Companies that wish to postpone their Annual General Meeting upon submitting written approval from the Patents and Company Registration Agency (PACRA)” read a statement issued by the LUSE Secretariat to all listed companies and market participants on 18th March 2020.
Prior to the announcement, a number of companies had announced the publication of their full-year earnings reports with indications of proposed dates for their Annual General Meetings. However, with the advent of COVID-19 and Ministry of Health’s guidance, management teams will have to wait a little longer before they can host their investors.
LUSE also reminded all listed companies of their fiduciary duty to notify investors on the postponements. “The Companies shall be required to make announcements on the Stock Exchange News Service (SENS) of such postponement”.
However, the postponement of the AGMS does not mean that investors must remain in the dark regarding the performance of their companies during this difficult time. “The Companies are however advised that this dispensation does not relate to the requirement to submit and publish to shareholders the Annual Financial Statements within 90 days of the Financial Year End and the requirement to comply with other continuing obligations of the Companies as per the LuSE Listings Rules”.
At the time of publishing this article, REIZ had their announcement of the postponement of their AGM.