Shareholders of Forte Oil Plc have approved the plan to restructure the company, subject to the approval of all regulatory authorities.
The company stated this in a notice to the Nigerian Stock Exchange after its 39th Annual General Meeting in Lagos on Wednesday.
It said the directors of the company were authorised to restructure the company by divesting its upstream services business (Forte Upstream Services Limited), its power generating business (Amperion Power Distribution Limited), and its downstream business in Ghana (AP Oil & Gas Ghana Limited) at such time and on such terms and conditions as might be determined by the directors.
The shareholders approved that “the proceeds from the divestment of the upstream services business and the power generating business be used to fund the downstream marketing business.”
They also approved the report of the Directors, the Consolidated Statement of Financial Position with the Consolidated Statement of Profit or Loss and other Comprehensive Income for the year ended 31st December, 2017 and the Report of the Auditors and Audit Committee.
Other resolutions approved by the shareholders included the re-election of Mr. Anil Dua as a non-executive director upon his retirement by rotation from the board of directors, pursuant to Article 89 of the Articles of Association of the company.
The directors were authorised to fix the remuneration of the external auditors for the year ending December 31, 2018, pursuant to Section 361 (1) (b) of the Companies and Allied Matters Act of 2004.
The shareholders’ representatives, Mr. Okoro Emmanuel, Mr. Ahmed Suleiman, and Mr. Tokunbo Shofolawe-Bakare, were re-elected into the Audit Committee, while the directors, Mr. Anil Dua, Mrs. Salamatu Suleiman and Mr. Chris Adeyemi would serve on the committee for the year ending December 31, 2018, the firm stated.
“That pursuant to Section 267 (1) of the Companies and Allied Matters Act 2004, the fees payable to the non-executive directors be hereby set at the sum of N600,000 and the sum of N800,000 for the chairman per annum,” the company said.