Cutix PLC cancels Extraordinary General Meeting after board member resigns 

Cutix PLC has announced the cancellation of its proposed Extraordinary General Meeting (EGM), which was initially set to be held on Wednesday, November 27, 2024, at the company’s head office.

The announcement was disclosed on the Nigerian Exchange (NGX) website and signed by the company secretary, Okeke Augustina (ACIS).

The cancellation follows the voluntary resignation of Dr. Chidozie Nsoedo from the company’s board, effective November 14, 2024, which was one of the key reasons for convening the meeting.

In a statement, the board disclosed:

“The Board has resolved to accept his resignation as well as to defer the second item on the agenda to the next Annual General Meeting (AGM).” 

Background 

In a disclosure dated October 28, 2024, Cutix PLC announced plans for an Extraordinary General Meeting (EGM) to be held on Wednesday, November 27, 2024.

The meeting was set to address a resolution on the removal of Dr. Chidozie Nsoedo as a director of the company.

According to the disclosure: 

‘’The removal of Dr. Chidozie Nsoedo as a Director of Cutix Plc (the Company) following the depletion of the required minimum aggregate of 10% shares of the Company that qualified him as a Director of Cutix Plc.’’ 

Another agenda item was a proposed amendment to the company’s Articles of Association to formalize a provision allowing the board to remove a director if the shareholder they represent saw their stake in the company fall below the 10% threshold stipulated in Section 83(1).

However, the director has resigned, leading to the cancellation of the EGM and deferring the second item on the agenda to the next Annual General Meeting (AGM), pending further board deliberations.

Financial Performance 

• Cutix PLC announced its quarterly financial results for the period ending July 31, 2024, reporting a pre-tax profit of N454.6 million, representing a 330% increase from the N105.8 million recorded during the same period in 2023.
• Revenue increased by 63% year-over-year, rising from N2.1 billion in 2023 to N3.5 billion in 2024, reflecting growth in the company’s operations.
• Total assets expanded as well, climbing 15% year-over-year to N7.9 billion, up from N6.9 billion in the corresponding period last year.

Stock market performance 

• Cutix PLC’s stock gained momentum in the first half of 2024, starting the year at N2.70 per share with a market volume of 58 million in January.
• After a brief dip in February, the stock rose steadily from March to July, peaking at N5.00 and delivering a 90% year-to-date return by midyear.
• However, the stock’s upward trend reversed in the latter part of the year, entering a retracement phase in August and falling below N3.00 as of November.
• While this decline has eroded earlier gains, the company’s financial performance indicates potential for recovery.