Presco Plc Court of Appeal Victory Clears AGM and Rights Issue

Presco Plc notified the market on 24 August 2026 that the Court of Appeal (Benin Judicial Division) delivered judgment on 21 August 2026 in Appeal No. CA/B/220/2025, allowing the company's appeal in its entirety. The appellate court resolved all three issues submitted for determination in Presco's favour and set aside, in whole, the ruling made by the Federal High Court (Benin Judicial Division) on 11 December 2025 in Suit No. FHC/B/CS/37/2024.

As a direct consequence of the judgment, every interlocutory order arising from that December 2025 ruling has been discharged. The company states that its AGM held on 19 August 2025 and all resolutions passed at that meeting remain valid and subsisting. The rights issue and allotments made under the company's SEC-approved capital-raising programme are described as unaffected. Relevant regulators are directed by the judgment to recognise and give effect to the company's corporate actions.

Preco's board stated that the pendency of the litigation did not affect the board's and management's statutory and operational responsibilities. The company added that the date of its next Annual General Meeting will be communicated in compliance with applicable law and exchange rules.