Tuesday a hoodoo for AGMs?

Monday, 26 March 2012 00:00 - - {{hitsCtrl.values.hits}}

Despite the rush to hold AGMs this week, surprisingly there will be none on Tuesday 27 March, prompting some to query if the date is inauspicious.

With 22 AGMs this week some on the same date and time, shareholders have queried why companies eager to meet the good governance deadline of 31 March cannot spread the AGMs.

No AGMs on Tuesday is also strange given the fact that this year, 31 March falls on a Saturday, cutting short the deadline by one day. In that context, analysts said companies could have considered Tuesday as an alternative.

Among 31 December-ending financial year firms that have decided to forgo the 31 March timeline this year are CTC, Ceylinco Insurance and Chevron Lubricants. Last year Chevron held its AGM before 31 March, whilst others were Bogala Graphite and plantation firms Hapugastenne, Udapussellawa and Agalawatte.