Online education firm EduFocal Ltd won shareholder approval at its annual general meeting (AGM) to change its name to Walstron Ltd, broaden its business and issue new shares as compensation, despite opposition from Widebase Ltd, its second-largest shareholder and a wholly owned subsidiary of Mayberry Investments Ltd.
The resolutions passed with 76.25 per cent and 75.02 per cent of votes cast, against a 75 per cent requirement. Resolution 5 changes the company’s name to Walstron Ltd and widens its purpose from an education technology business to a diversified holding company. Resolution 6 lets directors issue new shares to key partners, executives, legal advisers, and employees as compensation.
Widebase, which holds 13.74 per cent of EduFocal, “voted against resolutions 5 and 6”, Mayberry Chief Executive Patrick Bataille told the Financial Gleaner in a written message on September 29. He did not say why.
“For anything further on the meeting itself, I would refer you to EduFocal,” Bataille said.
Mayberry represented EduFocal as its lead broker for its initial public offering (IPO) in 2022 on the Jamaica Stock Exchange. Additionally, each round of financing prior to the IPO was anchored and led by Mayberry, according to EduFocal’s IPO prospectus.
On resolution 5, holders of 309.2 million shares voted in favour and holders of 89.7 million, or 22.11 per cent, voted against. Abstentions made up 1.64 per cent. On Resolution 6, 319.2 million votes were in favour, 24.86 per cent were against, and 0.12 per cent abstained.
Thirty-six members took part, representing 433.7 million shares, or 66.88 per cent of issued shares. The meeting was held virtually on September 10 and reconvened on September 25. AspireSec Ltd, the company secretary, ran the poll as scrutineer, appointed by Chairman Harry Campbell.
The votes come as EduFocal’s finances weaken. Revenue for the quarter ended June 30, 2026 fell about 60 per cent to $5.3 million from $13.2 million a year earlier. Finance costs of $7.0 million exceeded operating profit of $2.8 million, leaving a net loss of $4.3 million, according to unaudited results. Total borrowings of $265.8 million exceeded total assets of $200.1 million.
Chief Executive Gordon Swaby outlined a two-part recapitalisation plan, which the board approved, in the quarterly report. EduFocal will acquire land assets in exchange for new shares and restructure its debt, including converting part of its liabilities into equity.
luke.douglas@gleanerjm.com
