August 15, 2023/NGX
In accordance with Nigerian Exchange Limited (Rulebook), and further to our announcement on August 10, 2023, that the Company was yet to be served with any Court Order, we hereby notify the Public and our Stakeholders that FBN Holdings Plc (‘the Company”) was served with an ex parte order of interim Injunction on Friday, August 11, 2023, restraining it from proceeding with the proposed Annual General Meeting (AGM) as scheduled for August 15, 2023. This was via Suit No. FHC/L/CS/1575/23 – In the Matter of Olojede Adewole Solomon, Adebayo Oluwafemi Abayomi and Ogundiran Emmanuel Adejare vs. FBN Holdings Pic.
We confirm that our lawyers have filed and served on the Petitioners the necessary processes and notice of appeal challenging the said order and seeking that same, as well as the entire proceedings be set aside, paving way for the AGM to proceed on August 15, 2023, as earlier scheduled, including but not limited to:
1. A Notice of Appeal against the decision of the Federal High Court to grant the ex-parte order;
2. A Motion on Notice for an order to stay and/or suspend the execution of the ex-parte order as well as to stay further proceedings in the Suit pending the hearing and consequent determination of the Appeal filed at the Court of Appeal.
In the light of the foregoing, the Company believes that it can proceed and is indeed proceeding with the AGM (which is a statutory meeting) as scheduled on August 15, 2023. The AGM shail be conducted in accordance with the applicable laws and regulations, and the Company will continue to take all legal steps to prosecute its appeal against the exparte interim order with a view to securing its vacation as well as the setting aside of the proceedings in its entirety.
