C2W Music Limited’s (MUSIC) Annual General Meeting was held on Saturday, May 5, 2018, at the Knutsford Court Hotel. The meeting began with the reading of the Audit Statement by Emile Lafayette, Partner at Baker Tilly Strachan and Lafayette, external auditors of the company. Audit statement followed initial opening remarks by Chairman Derek Wilkie.
The Chairman then went on to highlight that the company’s initial plans as it relates to what was outlined in the company’s prospectus has not worked and now they are considering their options. The option put forward was a rescue plan, designed in collaboration with their broker and top ten shareholder Stocks and Securities Limited (SSL). A team from SSL lead by their new CEO Lamar Harris was in attendance at the AGM.
Rescue Plan
The Chairman noted that the details of the rescue plan could not be discussed at the AGM much to the dismay of the shareholders present. He and CEO Ivan Berry attempted to sway concerns as best a possible by committing to see the catalog of songs through even though they would no longer be actively involved in the operations of the company as Chairman and CEO. They revealed that the rescue plan was before the regulators and believe that it is in the best interest of the shareholders of the company. They further stated that news on the rescue plan should surface within two to three weeks.
In light of this CEO, Ivan Berry did not make a presentation to the AGM about the plans for the upcoming year due to the confidential nature of the rescue plan.
All shareholders present gave their views. One shareholder grilled the panel on what was done regarding the songwriting camps as well as the collection methods used by the company. Based on the annual report the company is still owed royalty income backdating to 2012. The Directors also noted that they had not taken any directors fees as well as the CEO has not been paid during the lifetime of the company. Other highlights from the annual report show that the company’s liabilities exceed its assets however the company did make a small profit of USD 42,573 at the end of 2016.
The AGM held on Saturday was for year ended December 31, 2017.
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