Presco Plc Court of Appeal Win Clears AGM and Rights Issue
Presco Plc filed a litigation update on August 24, 2026, disclosing that the Court of Appeal (Benin Judicial Division) delivered judgment on August 21, 2026, allowing the company's appeal in its entirety. The judgment sets aside the Federal High Court's interlocutory orders of December 11, 2025, which had affected the company's AGM, rights issue, and regulatory recognition of its corporate actions.
Presco Plc has notified shareholders and the investing public that the Court of Appeal, Benin Judicial Division, on August 21, 2026, delivered judgment in Appeal No. CA/B/220/2025, resolving all three issues submitted for determination in the company's favour.
The appeal arose from a Ruling delivered on December 11, 2025, by the Federal High Court (Benin Judicial Division) in Suit No. FHC/B/CS/37/2024. That Ruling had made interlocutory orders touching on the company's Annual General Meeting held on August 19, 2025, its rights issue, and the recognition of its corporate actions by regulators.
By the appellate court's judgment, every interlocutory order made under the December 11, 2025 Ruling has been discharged. The company states that the AGM of August 19, 2025, and the resolutions passed at that meeting remain valid and subsisting. The rights issue and allotments made under the SEC-approved capital-raising programme are described as unaffected. Relevant regulators are directed to recognise and give effect to the company's corporate actions.
The Board indicated it will communicate the date of the company's next Annual General Meeting in compliance with applicable law and Exchange rules. The company also stated that the pendency of the litigation did not affect the discharge of the Board's and Management's statutory and operational responsibilities.
