27th Nov 2015 14:56
LONDON (Alliance News) - South America precious metals miner Minera IRL Ltd on Friday said its extraordinary general meeting, called by shareholders supportive of its Peruvian subsidiary, has been adjourned and will take place no later than December 17.
The meeting will see shareholders vote on resolutions to replace the current board of Minera IRL Ltd, the UK-listed parent company, with a group led by the head of its Peruvian subsidiary, amid an ongoing dispute between the two sides.
Minera IRL Ltd Chairman Jamie Pinto, one of the directors the shareholders are attempting to oust, said: "Information was brought to the attention of the board early on the morning of the meeting suggesting that there may have been irregularities in the way the vote for the EGM was conducted."
Pinto added: "I have received evidence of a potential violation of Ontario securities laws as a result of which a substantial proportion of the votes cast by proxy, significant enough in number to alter the outcome of the matters to be decided at the EGM, were cast on behalf of persons who do not have a corresponding economic interest in the future of the company."
As a result of the new information, Pinto said the meeting has been postponed until an investigation into these issues has been conducted. He said the company expects this probe will take around three weeks and said Minera IRL will update the market on the date for the new meeting in due course.
Shares in Minera IRL are currently suspended.
By Sam Unsted; [email protected]; @SamUAtAlliance
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