CAL Bank retains Managing Director

Accra, June 7, GNA - CAL Bank Limited has resolved to maintain Mr. Frank Adu Jnr. as Director following a majority vote rejecting a resolution to remove him.

The bank also rejected a resolution to appoint Mr. Afare Apeadu Donkor, a "significant shareholder" as a director by a majority vote of the shareholders.

These were contained in a statement issued in Accra on Friday, signed by Mr Robert Ahomka-Lindsay, Chairman of Board of Directors. The statement said; "on 14 the April 2008, one of our significant share holders, Mr. Afare Apeadu Donkor requisitioned an Extra-ordinary General Meeting of CAL Bank Limited, which was held on Thursday 5th June 2008.

"At the meeting the following resolutions were carried to increase the stated capital by up to GH¢ 100 million in tranches through a rights issue by 2012 and to appoint Dr. Kobina Quansah, a director of the Company."

The resolutions to remove Mr. Frank Brako Adu as a director of the Company and appoint Mr. Afare Apeadu Donkor as a director of the Company were to be determined by poll and communicated to members. The results of the poll which was collated by the Company's Registrar, NTHC and audited by KPMG, the Company's external auditors were as follows:

The resolution to remove Mr. Frank Adu as director was rejected by a majority of the members and the resolution to appoint Mr. Afare Apeadu Donkor as a Director was also rejected by a majority of the members.