Staff Writer
Shareholders of Stimulus Investments Limited have approved a special resolution authorising the company to acquire up to 10% of its issued preference share capital in any financial year, subject to prescribed conditions.
The resolution, approved at Stimulus’ 20th Annual General Meeting held in Windhoek on 12 August 2026, gives the board general authority to buy back the company’s preference shares for a period ending before the next AGM or 12 months from the date of approval.
Under the resolution, the maximum price at which Stimulus may acquire the shares may not exceed 10% above the weighted average market price at which the shares traded on the Namibia Securities Exchange during the five business days preceding the acquisition.
The board may only authorise an acquisition if Stimulus satisfies the solvency and liquidity test immediately after the transaction. The acquisitions must also be funded from distributable profits or other legally permissible sources.
The approval forms part of a series of resolutions passed at the AGM, including the election of directors and the appointment of new auditors.
Shareholders approved the re-election of Monica Geingos and Esther Mcleod, who retired by rotation, as well as the election of Namene Shejavali as directors.
Shejavali was appointed by the board as an independent non-executive director with effect from 1 June 2026 and was subsequently elected by shareholders.
Shareholders also approved the appointment of Moore Infinity as Stimulus’ independent auditors, subject to approval by the Namibia Financial Institutions Supervisory Authority (NAMFISA), replacing outgoing auditors PricewaterhouseCoopers.
The company’s shareholders further approved a 4.1% increase in the remuneration of non-executive directors, in line with the NCPI rate for May 2026.
The annual financial statements for the year ended 28 February 2026 were also approved. Stimulus is listed on the NSX under the preference share code SILP.
