14th Jul 2015 08:34
LONDON (Alliance News) - Caledonia Mining Corp Tuesday said it has accepted Director Richard Patricio's resignation following on from its shareholders meeting held in May.
The results from the annual and special general meeting forced Patricio to hand in his resignation under company policy after more shareholders withheld their votes than voted in favour of Patricio being re-elected.
Patricio received just under 5.4 million votes to be re-elected, but under 12.7 million votes were withheld. Patricio then handed in his resignation as per the company policy, which was deliberated by the board.
On Tuesday, the company said: "Caledonia's board of directors announces that, in light of the outcome of the shareholder vote, it will accept Mr Patricio's resignation effective upon the appointment of his successor, which is expected to occur as soon as practicable."
"In order to remain compliant with applicable laws governing the composition of boards of Canadian companies, Caledonia will replace Richard with another Canadian resident. The process of identifying Richard's replacement is well-advanced and we expect that a further announcement will be made shortly," added Chairman Leigh Wilson.
Caledonia shares were untraded on Tuesday morning at 53.00 pence per share.
By Joshua Warner; [email protected]; @JoshAlliance
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