10th Jun 2015 08:17
LONDON (Alliance News) - Mwana Africa PLC Wednesday said Chief Executive Kalaa Mpinga has left the company with immediate effect, with Yat Hoi Ning becoming executive chairman just days after he settled his dispute with the company.
Mwana Africa said the terms of Mpinga's departure are still to be agreed by both parties, but it will start looking for his replacement as CEO. It has also made Scott Morrison the senior independent non-executive director on the board.
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. Yat Hoi Ning is also chairman of China International Mining.
Mwana had held its annual general meeting in September last year, 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 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 As a result of their decision to step down Ning and China International Mining have withdrawn their petition disputing Morris' re-election.
On Monday, Mwana had appointed Ning as interim chairman with immediate effect until a new chairman is appointed. He is now that chairman.
"Mr Mpinga has been a great asset in the creation of Mwana and throughout its development to date. We wish him all the best in the future," Ning said in a statement Wednesday.
"With these recent changes to the board having now taken place it marks a clear new beginning for Mwana and its shareholders, and we are confident that we have all the necessary qualities and experience to deliver success in the future," he added.
Mwana Africa shares were up 2.3% at 2.05 pence Wednesday morning.
By Steve McGrath; [email protected]; @stevemcgrath1
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