NICA

NICA Revisited.

It has now been some three weeks since I completed a series of posts on the status of NICA. Three of the problems highlighted in the series were, one, the fact that the company has been struck off the Register of Companies and technically no longer exists, two, that there have been no audited accounts or auditor’s report shared with the shareholders for over the past 15 years, and, three, that there is a need for an annual general meeting at which the shareholders can receive an up to date report on the status of company and, if necessary, vote on a motion to wind up the company and to distribute its assets among the shareholders, assuming the directors have in the meantime put the company back on the Register.

A recent search indicates that the company is still struck off the Register. It is not so difficult to have the company put back on. The longer the situation remains as is, the more concerned we must become that the directors have abandoned the company’s work.

So far as the audit is concerned, I have ascertained from KPMG that they were ready, willing and able to perform the audit as mandated by the shareholders. The audit is not an optional thing. It is a statutory requirement. The law demands it. Any meeting of the shareholders called by the directors without an up to date audit will be a fraudulent meeting in my view. The directors have not informed us whether they have proceeded to make the necessary arrangements with the auditors. We are waiting to hear.

Calvert Carty, the Chairman of the Board, has told me that he is anxious to hold an AGM. He wants to discuss with the shareholders a proposal to develop the Lockrum's property. When the Board is ready to call an AGM, I urge them to put on the Agenda a draft resolution to wind up the company. I do not think the shareholders want to hear more plans to do a development. I may be wrong. Let the shareholders decide.