NATIONAL INVESTMENTS COMPANY LTD (NICOL)
THE NICOL SHAREHOLDERS MEETING IS PROPER AND LEGAL.
1. Page 5 of "The Guardian" and page 3 of NIPASHE, both dated 22[SUP]nd[/SUP] January 2013 carry statements allegedly issued by Mr. Mosha, a self styled Chairman of NICOL, that the planned Annual General Meeting of NICOL scheduled for Saturday 26[SUP]th[/SUP] January 2013 was illegal and the shareholders have been urged not to attend this meeting.
The attention of the general public is hereby directed to the fact that Mr. Mosha ceased to be the Chairman of NICOL since 14[SUP]th[/SUP] April 2012, when the shareholders of NICOL appointed a new Board which now officially recognized; Dr. G. H. Kaunda is the current Chairman of NICOL. It is advised that the concerned should first carry out a check with BRELA to establish the proper officers of the company before declaring the illegality, or otherwise, of the planned meeting.
2. If the planned shareholders' meeting is illegal, the correct and productive step for Mr. Mosha would have been to take up the matter with the appropriate proper authority for a redress of the alleged forgery and other imagined illegalities, instead of complaining to the media, as has been done. Furthermore, Mr. Mosha is not qualified to, and cannot be the determinant of illegality, or otherwise, of a NICOL meeting merely on the basis of there being an appeal in the Court of Appeal. There is not restraining order against the Orders issued by Hon. Lady Justice Bukuku. After all, the existence of an appeal in the Court of Appeal cannot be a barrier in the execution of existing valid Orders of the Court.
3. The 26[SUP]th[/SUP] January 2013 meeting is LEGAL being convened in accordance with the earlier decision made by the shareholders in their extraordinary meeting held on 14[SUP]th[/SUP] April 2012. The planned meeting therefore is very much in accordance with the relevant laws and NICOL shareholders' express wishes. THE SHAREHOLDERS ARE URGED TO ATTEND THIS MEETING.
4. Where does Mr. Mosha get the temerity to assure the stakeholders with such a certainty that "they should not worry about their shares as from 2005 to 2012 the company shares have increased from 8.6bn/= to 40bn/=" when:
i. The NICOL shares are no longer being traded following its suspension from the Dar es Salaam Stock Exchange since 2011, and that NICOL was under the threat of being delisted were it not for the timely action of some of the shareholders;
ii. The last time Mr. Mosha published Audited Financial Statements was in 2010 for the 2008 Audited Financial Statements. Furthermore, he refused to sign the 2009 Audited Financial Statements; the company had by that time accumulated huge losses totaling T.Shs 9.8bn/=. This being the prevailing situation, what would be the basis Mr Mosha's assurance to the shareholders? After all, "mali bila daftari hupotea bila habari".
iii. In any case, if the position was so rosy, why are the shareholders complaining about not receiving commensurate returns on their investments to date?
The frantic efforts being made by the former Chairman of NICOL to stop the planned shareholders meeting from taking place is an indication of the fact that he does not wish the shareholders to emerge from the dark with respect to NICOL's true financial performance.
NICOL SHAREHOLDERS ARE THEREFORE URGED TO ATTEND THE SATURDAY 26[SUP]TH[/SUP] JANUARY 2013 MEETING SO THAT THEY MAY RECEIVE AN AUTHENTIC AND FACTUAL UPDATE ON THE NICOL'S OVER ALL PERFORMANCE AND PARTICIPATE IN DETERMINING THE WAY FORWARD FOR NICOL. INTERIM MANAGER – NICOL 22[SUP]ND[/SUP] January 2013
THE NICOL SHAREHOLDERS MEETING IS PROPER AND LEGAL.
1. Page 5 of "The Guardian" and page 3 of NIPASHE, both dated 22[SUP]nd[/SUP] January 2013 carry statements allegedly issued by Mr. Mosha, a self styled Chairman of NICOL, that the planned Annual General Meeting of NICOL scheduled for Saturday 26[SUP]th[/SUP] January 2013 was illegal and the shareholders have been urged not to attend this meeting.
The attention of the general public is hereby directed to the fact that Mr. Mosha ceased to be the Chairman of NICOL since 14[SUP]th[/SUP] April 2012, when the shareholders of NICOL appointed a new Board which now officially recognized; Dr. G. H. Kaunda is the current Chairman of NICOL. It is advised that the concerned should first carry out a check with BRELA to establish the proper officers of the company before declaring the illegality, or otherwise, of the planned meeting.
2. If the planned shareholders' meeting is illegal, the correct and productive step for Mr. Mosha would have been to take up the matter with the appropriate proper authority for a redress of the alleged forgery and other imagined illegalities, instead of complaining to the media, as has been done. Furthermore, Mr. Mosha is not qualified to, and cannot be the determinant of illegality, or otherwise, of a NICOL meeting merely on the basis of there being an appeal in the Court of Appeal. There is not restraining order against the Orders issued by Hon. Lady Justice Bukuku. After all, the existence of an appeal in the Court of Appeal cannot be a barrier in the execution of existing valid Orders of the Court.
3. The 26[SUP]th[/SUP] January 2013 meeting is LEGAL being convened in accordance with the earlier decision made by the shareholders in their extraordinary meeting held on 14[SUP]th[/SUP] April 2012. The planned meeting therefore is very much in accordance with the relevant laws and NICOL shareholders' express wishes. THE SHAREHOLDERS ARE URGED TO ATTEND THIS MEETING.
4. Where does Mr. Mosha get the temerity to assure the stakeholders with such a certainty that "they should not worry about their shares as from 2005 to 2012 the company shares have increased from 8.6bn/= to 40bn/=" when:
i. The NICOL shares are no longer being traded following its suspension from the Dar es Salaam Stock Exchange since 2011, and that NICOL was under the threat of being delisted were it not for the timely action of some of the shareholders;
ii. The last time Mr. Mosha published Audited Financial Statements was in 2010 for the 2008 Audited Financial Statements. Furthermore, he refused to sign the 2009 Audited Financial Statements; the company had by that time accumulated huge losses totaling T.Shs 9.8bn/=. This being the prevailing situation, what would be the basis Mr Mosha's assurance to the shareholders? After all, "mali bila daftari hupotea bila habari".
iii. In any case, if the position was so rosy, why are the shareholders complaining about not receiving commensurate returns on their investments to date?
The frantic efforts being made by the former Chairman of NICOL to stop the planned shareholders meeting from taking place is an indication of the fact that he does not wish the shareholders to emerge from the dark with respect to NICOL's true financial performance.
NICOL SHAREHOLDERS ARE THEREFORE URGED TO ATTEND THE SATURDAY 26[SUP]TH[/SUP] JANUARY 2013 MEETING SO THAT THEY MAY RECEIVE AN AUTHENTIC AND FACTUAL UPDATE ON THE NICOL'S OVER ALL PERFORMANCE AND PARTICIPATE IN DETERMINING THE WAY FORWARD FOR NICOL. INTERIM MANAGER – NICOL 22[SUP]ND[/SUP] January 2013