8th Jun 2015 12:51
LONDON (Alliance News) - Mwana Africa PLC said Monday it has appointed Yat-Hoi Ning as Interim Chairman with immediate effect until a new chairman is appointed, after Ning and China International Mining Group Corp, of which Ning is also Chairman, settled their dispute with the company.
Last December Ning and China International Mining, a substantial shareholder in Mwana, filed a petition to the High Court of Justice and Companies Court in London against both Mwana and Non-Executive Directors Stuart Morris and Johan Botha in relation to the re-appointment of Morris as a non-executive director alleging that his re-appointment was not validly passed.
The company held its annual general meeting on September 10, 2014, and a resolution to re-elect Morris was passed by its shareholders. However, votes from China International Mining and its associates, including Ning, were not counted and were deemed inadmissible because the votes cast infringed the relationship agreement entered into with the company in 2012, Mwana said in a statement in December.
Mwana was set to hold an extraordinary general meeting on June 9, having received notices requisitioning a general meeting were received from Ian Dearing and other shareholders.
However, last Friday Morris - who was acting as interim non-executive chairman, and Botha retired from the board of the company. As a result of their decision to step down Ning and China International Mining have withdrawn their petition disputing Morris' re-election.
"During his time as a director of Mwana, Mr Yat-Hoi Ning has been instrumental in Mwana's operational progress through his wealth of knowledge, experience and advice. These qualities, along with his deep understanding of the company and the jurisdictions in which we operate will greatly assist Mwana in delivering maximum value from these assets during a particularly challenging time for the company," said Chief Executive Officer Kalaa Mpinga in a statement.
Shares in Mwana are trading up 3.9% at 2.00 pence Monday afternoon.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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