Home » Business » Kudenga, Mashanyare Out of Mwana Board

Mr Ngoni Kudenga and Mr Herbert Mashanyare were yesterday voted out of the Mwana Africa board at the company’s extraordinary general meeting in the United Kingdom.

The EGM, which had been requisitioned by minority shareholders led by Mr Ian Dearing, sought to restructure the board, with Mr Kudenga and Mr Mashanyare targeted for removal, together with interim non-executive chairman Mr Stuart Morris and non-executive director Mr Johan Botha.

However, Mr Morris and Mr Botha retired from the board on Monday, leaving Mr Kudenga and Mr Mashanyare in the firing line. The disposed directors together boast a wealth of experience in Zimbabwe’s corporate and mining sectors.

Mr Kudenga is a widely respected corporate leader after he founded BDO Kudenga, a firm of auditors while Mr Mashanyare is a veteran metallurgist with over three decades of experience in Zimbabwe’s mining sector.

“The removal of the board non-executive directors would deprive Mwana of valuable industry experience, corporate memory,

functional internal and external working relationship, practical mentoring and aice to management, and the ability to ensure smooth and succession planning,” Mwana Africa had said in a circular to shareholders last month.

Meanwhile, the EGM has seen Dr Scott Morrison, Mr Mark Wellesley-Wood, Mr Olivier Barbeau and Ms Anne-Marie Chidzero (a Zimbabwean) replacing the four board members.

At the EGM, the company announced that its nominated aisor, Peel Hunt, is continuing to undertake due diligence on Messrs Morrison and Barbeau, and Ms Chidzero in accordance with the AIM Rules for Companies and further information in accordance with the requirements of paragraph 2(g) of Schedule 2 of the AIM Rules will be announced shortly.

It said due diligence has been completed on Mr Wellesley-Wood, a former chairman of the company

A proposed special resolution that the directors of Mwana “do not enter into any unconditional agreement to acquire or dispose of any major asset without previously disclosing the details thereof to the members of the company a reasonable time before any agreement becomes unconditional” was rejected by shareholders.

As a result of the exit by Mr Morris and Mr Botha, China International Mining Group Corp – Mwana’s biggest shareholder – and Mr Yat Hoi Ning, CIMG’s chairman and a non-executive director at Mwana, withdrew their petition disputing Mr Morris’ re-election.

In December last year, CIMG and Mr Ning filed petitions at the High Court of Justice and Companies Court in London after Mr Morris was re-elected to the board.

Following the withdrawal, Mwana announced the appointment of Mr Yat as interim chairman of the regional mining giant.

Speaking after the meeting, interim chairman Mr Yat said: “It has been a turbulent period for the company. Shareholders have spoken and the company fully respects their views.

“We will now ensure that the company is in a position to capitalise on its g operational performance achieved in the first half of the financial year.

“It is important to remember that the fundamentals of the business remain g and with this issue now behind us, the new board will come together to drive the company forward.”

Source : The Herald

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