Cancellation of Extra Ordinary General Meeting of Active Clothing Co Limited schedule to be held on 07.04.2025
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Active Clothing Co Ltd has cancelled the Extra Ordinary General Meeting (EGM) that was scheduled for 7 April 2025. The EGM was originally called to seek shareholder approval for issuing warrants convertible into equity shares to proposed allottees on a preferential basis. The Board decided to cancel the meeting, citing adverse market conditions, significant decline in the company's share price, and high volatility. The Board concluded that proceeding with the warrant issuance would not be in the best interest of shareholders. The associated e-voting facility has also been cancelled, and the Board will now assess alternative financing strategies.
For shareholders, this is a mixed signal — near-term equity dilution is avoided, but the cancellation indicates the company was unable to raise capital on acceptable terms due to a weak share price. This may point to underlying financial stress and could weigh on sentiment in the short term, though management's decision to postpone rather than raise money at a discount may protect long-term value.