14th May 2015 17:05
LONDON (Alliance News) - Caledonia Mining Corp Thursday held its annual and special general meeting which resulted in one of its directors having to hand in his resignation.
The meeting resulted in all other directors in the company being re-elected to the board, however Director Richard Patricio received more votes withheld than votes in favour of being re-elected. Under the terms of the company's majority voting policy, Patricio has handed in his resignation.
The total number of voting shares represented by shareholders present in person or by proxy at the Meeting was 80, representing 34.9% of Caledonia's outstanding voting shares.
Patricio received just under 5.4 million votes to be re-elected, but under 12.7 million votes were withheld.
"Pursuant to the policy, the board of directors has referred the resignation to the Governance Committee for consideration and recommendation," said the company.
Caledonia said it would make a final decision regarding Patricio's resignation within the next 60 days.
Chief Executive Officer Steve Curtis was re-elected with little opposition, with only 1.4 million votes cast against his re-election compared to the 16.6 million in favour. Technical Directors James Johnstone and Johan Holtzhausen were also re-elected with little opposition.
Chairman Leigh Wilson was re-elected after 10.9 million votes were cast in his favour, however just over 7.0 million votes were cast against his re-election. Director John Kelly was also re-elected under similar circumstances.
Caledonia shares closed up 1.8% to 42.75 pence per share on Thursday.
By Joshua Warner; [email protected]; @JoshAlliance
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