EC-Hold`s general meeting has been adjourned again to allow the group`s auditors to complete their review of all transactions between EC-Hold and parent MGX since 1999.
The meeting was originally called in July by minority shareholders Cycad Financial Holdings and Peregrine, which together own about 6.5% of EC-Hold.
Among other things, the minorities requested that minority shareholders be allowed to vote on the proposed appointment of PricewaterhouseCoopers to conduct a forensic audit and investigation, the disclosure of the rationale and details of an investment with parent MGX Holdings, and the particulars of dealings between EC-Hold and MGX during the period between 11 October 1999 and 27 June this year.
Other resolutions include a proposal for future proceedings by EC-Hold against MGX and a proposal for future proceedings by EC-Hold against current and former EC-Hold directors relative to any investment of surplus funds with MGX. The core issue is an R11.9 million loan EC-Hold made to MGX.
Last month the meeting, which had already been adjourned previously, was adjourned again after EC-Hold tasked its new auditing firm, Deloitte & Touche, with reviewing all the transactions between MGX and EC-Hold since 1999.
The meeting, which was scheduled to reconvene yesterday, was adjourned again to allow Deloitte & Touche to complete its review.
Shareholders are to meet again on 13 November at which point it is planned that they will vote on the various resolutions.
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