Ponda Mali the principal shareholder of Mali Mingi Ltd would like the company to issue share warrants to at least half of the members but is unsure of the prerequisites under the provisions of the Companies Act. Two weeks ago, the company issued share warrants to all interested shareholders. Mali Mingi Ltd is required to file its annual return in the next few days. Ponda Mail now comes to you for legal advice on the following matters:
i) Effect of issue of share warrants on the register of members.
ii) Contents of the annual return in relation to the share warrants.
The members name is struck off the register and the following particulars entered:
Fact of issue of the warrant.
Date of issue.
A statement of the shares included in the warrant.
A total number of shares in respect of which warrants are outstanding.
Number of shares comprising a warrant.
Total number of warrants issued and surrendered.