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29-11-2017 02:36 AM

DXBE – Resolutions of General Assembly

Meeting Date/Time
Meeting Date/Time Tuesday, November 28, 2017 - 04:00 AM Type of Meeting General Assembly
Net Profit/Loss NA AED Cash Dividend
Bonus Share New Issuance
Shares Split Capital Deduction
Announcements/Resolutions

The General Assembly meeting of DXB Entertainments PJSC was held today, Tuesday 28th November 2017 at 4:00pm at the Lapita Hotel, Dubai Parks and Resorts, Jebel Ali. The Shareholders participation in today’s General Assembly was 73.9%.

The following resolutions were adopted at the General Assembly meeting:

Special resolutions:

1. Approved to cancel the Employee Shared Based Incentive Plan (ESOP) as approved by the General Assembly on 18th April 2017.

2. Approved to amend the Company’s Articles of Association as per the following:

a. According to the suggested amendments published on the Dubai Financial Market and Company website.

b. Reduce the number of board members from (9) to (7) members.

 

Ordinary resolutions:

3. In Accordance with Article (15) of the Resolution No (7 R.M) of 2016 Concerning the Standards of Institutional Discipline and Governance of Public Shareholding Companies, approved to enter into a related party transaction with the Company’s majority shareholder, Meraas, for a subordinated share holder loan under the following terms:

a.     Size of loan: AED 700m (including AED 245.2m drawn down in Sept 2017)

b.     Tenure of loan: No fixed maturity.

c.     Annual Interest: 8% fixed.

d.     Collateral/ ranking: Unsecured, subordinated to senior debt.

e.     Use of proceeds: To meet pre-and post operational losses and debt repayments due until 31 January 2018.

4.    Elected the board of Directors members for the period of 28th November 2017 to 27th November 2020.

The elected board members are:

1)     Abdulla Al Habbai

2)    Abdul Wahab Al-Halabi

3)    Edris Alrafi

4)   Mohamed Almulla

5)    Amina Taher

6)   Shravan Shroff

7) Mukesh Sodani

Last Date For Dividend Entitlement Ex-Dividend Date
Register Closing (Settlement) Date Trading Suspension Date
Trading Resuming Date Dividends Payment Date
Payment Entity Meeting Venue Lapita Hotel

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