Home » Business » Mwana Shareholders Call for General Meeting

SOME Mwana Africa shareholders have lodged fresh notices requesting that the company convenes a meeting to approve a number of non-executive director changes.

This comes as the miner is set for a court trial in a case involving a non-executive director and associate shareholder who questioned election of some non-executive directors.

Mwana yesterday said it had notices from Ian Dearing and other shareholders (the “requisitioners”) to convene a general meeting of the company’s shareholders (the “requisition”) pursuant to Section 303 of the Companies Act 2006.

“The requisition proposes inter alia resolutions to approve a number of non-executive director changes to the board of directors of the company,” Mwana Africa said.

Mwana Africa, which is listed on London’s Alternative Investment Market, is the majority shareholder in Bindura Nickel Corporation and gold miner Freda Rebecca. It was not immediately clear whether the requisition was related in any way to the current legal proceedings in the UK also relating to questions over appointment of some of Mwana Africa’s directors at an annual general meeting last year. The multi-commodity extractor said it was currently investigating the validity of the requisition and to the extent that it is valid and not withdrawn, currently intends, in accordance with Section 304 of the Act, to call such a meeting within 21 days of the receipt of the requisition and to provide for the meeting to be held on a date not more than 28 days after the date of the notice of meeting.

However, Mwana Africa said “for the avoidance of doubt, neither China International Mining Group Limited nor Mr Yat Hoi Ning are requisitioners” who took the company to court claiming irregularities in election of some directors. A meeting was held on January 7, 2014 at the companies court for a hearing held in respect of the matter brought by CIMGC, a substantial shareholder in Mwana Africa, and Mr Yat Hoi Ning, a non-executive director and associate of CIMGC. The petition referred to the passing of resolution three at the company’s AGM held on September 10 2014, related to the re-appointment of Mr Stuart Morris as a director of the company, and alleges that the resolution was not validly passed.

In addition, leave was given to the petitioners to file an amended petition also seeking to challenge the appointments of Mr Ngoni Kudenga and Mr Herbert Mashanyare as non-executive directors of the company, as announced on December 10 2014.

Earlier, Mwana Africa said its position remained unchanged in respect of these court proceedings. It said that while it would continue to attempt to work with the petitioners to achieve a mutually acceptable resolution to their complaints, the Company will defend its position vigorously in court if required.

Source : The Herald

Archives