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The appointment was made in accordance with the relevant agreement on the Government's investment in the
Financial Secretary
He added that
The Financial Secretary also said both men are suitable candidates to serve as observers to the board and will help safeguard the Government's investment interest in the group.
In
As part of the investment agreement, the Government may designate two observers to the group's Board of Directors, until the group repays the Government in full the drawn bridge loan and interest and redeems all preference shares from the Government.
The designated observers have no voting rights at board meetings. They shall have the right to receive notice of board meetings, attend and speak at all board meetings, receive all information and papers distributed to the board, and have access to management and to all information about the company.
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(C) 2020 M2 COMMUNICATIONS, source