5th Jun 2015 12:31
LONDON (Alliance News) - Mwana Africa PLC on Friday said Interim Non-Executive Chairman Stuart Morris and Non-Executive Director Johan Botha have retired from the board of the company, as previously flagged, and said it is still in talks about the succession plan for independent non-executive directors.
As a result of their decision to step down, China International Mining Group Corp, Mwana's biggest shareholder, and Yat Hoi Ning, China International Mining's chairman and a non-executive director at Mwana, have withdrawn their petition disputing Morris' re-election.
Back in December, China International and Yat Hoi Ning filed petitions at the High Court of Justice and Companies Court in London after Morris was re-elected to the board.
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 Yat Hoi 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 is 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.
On March 2, the company said it had received requisitions from Ian Dearing and other shareholders to convene a general meeting to vote on resolutions "to approve a number of non-executive director changes to the board of directors of the company," said Mwana.
Shares in Mwana were untraded on Friday, having last traded at 1.92 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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