2nd Mar 2015 12:26
LONDON (Alliance News) - Mwana Africa PLC Monday said it has received requisitions from some shareholders to hold a general meeting to vote on a number of changes to the non-executive directors at the company.
The company said it has received notices from shareholder 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.
Mwana said it is currently "investigating the validity" of the requisition, and if the meeting is valid, it will be held within 28 days of the company receiving the requisition.
No specific details have been provided about the exact resolutions that will be voted on at the meeting, but Mwana said "shareholders are advised to take no action at this time."
Mwana Africa currently has six non-executive directors, including Interim Non-Executive Chairman Stuart Morris.
The company made clear that neither China International Mining Group Ltd, which holds a 21.4% stake in Mwana, or Non-Executive Director Mr Yat Hoi Ning, who holds a 7.6% stake, are requisitioners.
In 2014, both Yat Hoi Ning and China International bought a case against the company over the passing of a resolution to re-elect Stuart Morris as interim non-executive chairman at the company's annual general meeting in September, claiming that the resolution was not validly passed.
In January, Mwana said it would continue "to attempt to work" with both China International and Yat Hoi Ning to come to a "mutually acceptable resolution," but also reiterated that its position remains unchanged in regard to the proceedings, and it will "defend its position vigorously in court if required".
Mwana Africa shares were down 1.4% to 1.83 pence per share on Monday afternoon.
By Joshua Warner; [email protected]; @JoshAlliance
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