Vodafone AGM Ratifies Agenda Items and Oks Reduction of Company Capital

Vodafone Qatar announced the results of its Ordinary and Extraordinary Assembly meetings that were held Monday, 19 March 2018. The assembly ratified the following:

Agenda for the Annual General Assembly

1.       Approve the Board of Directors’ report of the company’s activities and its financial position for the nine (9) month period ended 31 December 2017 and its future plans.

2.       Approve the External Auditor’s report on the company’s Accounts for the nine (9) month period ended 31 December 2017.

3.       Approve the company’s Balance Sheet and the Profit and Loss Accounts for the nine month (9) month period ended 31   December 2017.

4.       Approve the proposal of the Board of Directors regarding the distributable profits for the nine (9) month period ended 31   December 2017.

5.       Discharge the members of the Board of Directors from any liability and approve their remuneration for the nine (9) month period ended 31 December 2017.

6.       Approve the company’s Corporate Governance Report for the nine (9) month period ended 31 December 2017.

7.       Appoint the External Auditor of the company for the financial year 2018 and fix their fees.

Agenda for the Extraordinary General Assembly

1.      Approve (subject to obtaining all relevant regulatory approvals) a reduction in the share capital of the Company from QAR 8,454,000,000   to QAR 4,227,000,000 by means of reducing the nominal value of the shares of the Company from QAR 10 per share to QAR 5 per share in accordance with the relevant provisions of Articles 201 to 204 of the Commercial Companies Law, and the Articles of Association of the Company and to approve that any further remaining losses up to a maximum amount of QAR 45 million be set-off by making a payment from the Company’s distributable  reserves;

2.      Approve (subject to obtaining all relevant regulatory approvals) the proposed changes to Articles 6, 7, and 8 of the Company’s Articles of Association (“AoA”) in order to reflect the capital reduction and the change in the nominal value of the shares;

3.      Approve the extension of the Term of the Company to sixty (60) years from the date of the grant of the License to Provide Public Mobile Telecommunications Networks and Services in the State of Qatar (the “License”) being  29  June  2008,  based  on  the  extension  to  the  License so that it now expires on 28 June 2068 so that the Term of the Company is in line with the term of the License. Article 5 of the AoA shall be amended so that the Term of the Company is aligned with the Term of the License;

4.      Subject to and conditional upon the completion of the previously publicly announced transaction (namely the sale by Vodafone Europe B.V. (“Vodafone Europe”) to Qatar Foundation for Education Science and Community Development (“Qatar Foundation”) of its entire shareholding in Vodafone and Qatar Foundation LLC (the “Private Founder”) so that Qatar Foundation becomes the 100 per cent. shareholder in the Private Founder (the “Transaction”)), and in particular the satisfaction of all conditions (the “Conditions”) set out in a conditional share purchase agreement dated 26 February 2018 entered into between Vodafone Europe and Qatar Foundation (the “SPA”):

a.       Approve the amendment to the structure of the Board of Directors of the Company so that it be composed of seven (7) members, four (4) of which will be appointed by the Private Founder and the remaining three (3) Directors will be independent members elected by the shareholders of the Company. The current structure of the Board of Directors will remain in place until the expiry of the term of the current Directors on 25 July 2019; and

b.       Approve (subject to obtaining all relevant regulatory approvals) the proposed changes to Articles 29, 36 and 39 of the AoA in order to reflect the change in the structure of the Board of Directors of the Company.

In the event that the Transaction is not completed (i.e. all Conditions have not been satisfied within six (6) months from the date of the SPA being the period specified in the SPA for satisfying all Conditions), the amendments set out in paragraphs (a) and (b) above shall   not   be effected;

5.      Approve (subject to obtaining all relevant regulatory approvals) the proposed changes to Article 41 of the AoA to allow for the payment of a lump sum amount of USD1,500,000 (US Dollars One Million Five Hundred Thousand) to be paid to the Members of the Board of Directors in the event that the Company does not achieve profits in any financial year. The allowance available to each Board member shall not exceed USD200,000 and the Chairman USD300,000 based on their attendance and committee participation; and

6.      Authorize the Chairman of the Board, the Vice Chairman, the Company’s Chief Executive Officer (and/or whomever they may delegate) individually to complete the required formalities in relation to the aforementioned decisions, including but not  limited  to  signing  the amended and restated AoA, subject to obtaining all necessary regulatory approvals.

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