IN BRIEF: Pan African Resources to consult shareholders after dissent
Pan African Resources PLC - Rosebank-headquartered gold producer - Just under 44% of shareholders at Pan African's annual general meeting on Thursday reject the resolution for disapplication of pre-emption rights and general authority to issue shares for cash, meaning this motion fails. All other resolutions are passed. Pan African will consult with dissenting shareholders, including those who voted against four other motions. According to UK corporate governance code, when 20% or more of the votes have been cast against a resolution, a company is required to engage shareholders. Says 27% voted against an increase of the limit for ordinary aggregate fees payable to the non-executive directors, and 37% opposed the motion to authorise the directors to allot equity securities. Another 33% opposed endorsement of the remuneration policy, while just under 50% voted against the remuneration implementation report. Read More