Dubai: Drake & Scull now plans to call its annual general meeting on May 7 after failing to get a quorum on April 23.
It has been an eventful few days for the engineering company — first with the announcement that it was making changes to its senior management, followed by a lengthy statement disclosing the losses racked up, and hidden, by the previous management and board of directors.
The company also revealed the internal investigation conducted on the actions and decisions taken by the former management, and of the submissions made to the UAE Public Prosecutor for further action.
In addition, there were revelations about losses amounting to Dh5 billion-plus for 2018.
If DSI manages a quorum on May 7, shareholders and management will need to get cracking with mapping out the restructuring plan, which starts with the issuing of a convertible sukuk of Dh450 million.
This will be a private placement or public issuance, to be converted into shares over a maximum period of five years, and at a price of Dh3 per share or at a discount of 25 per cent of the market price of the share, to be decided at the time of conversion.