Court of Appeal overturns ruling against Presco’s AGM, rights issue

The Court of Appeal in Benin has overturned a Federal High Court ruling that had affected Presco Plc’s 2025 Annual General Meeting (AGM), rights issue and other corporate actions, clearing the way for the company to proceed with the resolutions and capital-raising programme.

Presco disclosed this in a statement signed by its Company Secretary, Frederick Ichekwai, and released to shareholders and the investing public on Monday, August 24, 2026, following the appellate court’s judgment delivered on August 21, 2026.

Presco Plc is a fully integrated agro-industrial company involved in oil palm cultivation, processing, refining and the production and marketing of edible oils and speciality fats across West Africa.

What they are saying

The Court of Appeal, Benin Judicial Division, ruled in favour of Presco in Appeal No. CA/B/220/2025, resolving all three issues submitted by the company and setting aside in its entirety the Federal High Court’s December 11, 2025 ruling.

• Presco said the appellate judgment means that “every interlocutory Order made under the Ruling of 11 December 2025 has been discharged.”

The company added that its AGM held on August 19, 2025 and the resolutions passed at the meeting remain valid, while its rights issue and the allotments made under its Securities and Exchange Commission-approved capital-raising programme are unaffected.

• “By the said judgment, every interlocutory Order made under the Ruling of 11 December 2025 has been discharged,” the statement reads in part.
• “Accordingly, the Company’s AGM of 19 August 2025 and the resolutions passed thereat remain valid and subsisting; the rights issue and the allotments made pursuant to the Company’s SEC-approved capital-raising programme are unaffected; and the relevant regulators are to recognize and give effect to the…