Depa Ltd – Result of Annual General Assembly
Dubai, UAE; 15 May 2013: Depa Limited held its Annual General Meeting (“AGM”) of Depa Limited at 17.00 on 13 May 2013
The following resolutions were approved by shareholders:
Ordinary Resolutions:
Resolution 1
THAT the accounts for the year ended 31 December 2012 together with the Auditors’ Report thereon be approved
Resolution 2
THAT Marwan Shehadeh be reappointed as a director of the Company in accordance with the Articles of Association.
Resolution 6
THAT Hassan Abdullah be appointed as a Director of the Company in accordance with the Articles of Association
Resolution 8
THAT PWC be appointed as independent Internal Auditors of the Company to hold office from the conclusion of this meeting until the conclusion of the next general meeting at which accounts are laid.
Resolution 9
THAT the directors be generally and unconditionally authorised to determine the remuneration of the Internal auditors PWC and the External Auditors Deloitte & Touche.
Resolution 10
THAT the remunerations and compensations of AED 240,000/- be paid to the Members of the Board of Directors of the Company, excluding the CEO, for the fiscal year ended 31 December 2012 thereon be approved by the company shareholders.
The following resolutions were not approved by shareholders:
Resolution 3
THAT Faisal Al Matrook be reappointed as a Director of the Company in accordance with the Articles of Association.
Resolution 4
THAT Chris Foll be reappointed as a Director of the Company in accordance with the Articles of Association.
Resolution 5
THAT Ahmad Ramadan be appointed as a Director of the Company in accordance with the Articles of Association.
Resolution 7
THAT Deloitte & Touche be re-appointed as independent External Auditors of the Company to hold office from the conclusion of this meeting until the conclusion of the next general meeting at which accounts are laid.
Resolution 11
THAT the shareholders of the Company approve the Board of Directors be granted the power to approve and implement a share buyback program, at any time or times within 12 months of the AGM at such times and prices as may be permitted by the rules, subject to approval of NASDAQ Dubai and other concerned authorities, as they, in their absolute discretion, think fit.
A further 7 new resolutions were tabled by shareholders present during the AGM and were all approved by a large majority. These were:
Resolution 12
THAT Orhan Osmansoy be removed as a Director of the Company.
Resolution 13
THAT Riad Kamal be removed as a Director of the Company.
Resolution 14
THAT Fawz Al Hokair be appointed as a Director of the Company in accordance with the Articles of Association.
Resolution 15
THAT Khaldoun Tabari be appointed as a Director of the Company in accordance with the Articles of Association.
Resolution 16
THAT Mohammed Al Fahim be appointed as a Director of the Company in accordance with the Articles of Association.
Resolution 17
THAT Wassul Fakhoury be appointed as a Director of the Company in accordance with the Articles of Association.
Resolution 18
THAT Iyad AbdulRahim be appointed as a Director of the Company in accordance with the Articles of Association.
Over 75% of all shares represented in person or by proxy voted in favour of these resolutions. A poll was conducted during the meeting as requested by the Chairman of the Meeting, Mr Abdullah Al Mazrui, in-line with Depa Limited’s Articles of Association.
---ENDS---
