NMT preference share dividend payout to Old Mutual not my responsibilty - Moyo
What happened in the 4 July NMT Capital meeting to discuss the contentious issue of the preference share dividend, Eusebius asks Moyo?
Moyo says the directors of NMT Capital did indeed declare both an ordinary and a preference dividend.
They even went further to put a higher number than the preference dividend because they were desirous of making payments to Old Mutual.Peter Moyo
The arrear preference dividend was around R20 million but NMT Capital agreed to pay Old Mutual R37 million, he says.
This notion that the preference dividend was not dealt with at that meeting is very incorrect.Peter Moyo
Was this just a declaration, or was the preference dividend actually paid out before any ordinary dividend went into any ordinary shareholder's bank account?Eusebius McKaiser, Presenter
Moya agrees that distinction is very important and acknowledges all the directors, where three of the four were non-executive directors, at that meeting were able to do was make the declaration.
It is then left to the executive to attend to the payment.Peter Moyo
The timeline of those payments from NMT Captial is not his responsibility he insists.
I am not an executive at NMT Capital. It is the executives at NMT that must attend to it.Peter Moyo
He says his Old Mutual contract was very clear about the number of NMT Capital meetings he was allowed to attend.
Listen to Peter Moyo below:
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