4th Mar 2016 13:29
LONDON (Alliance News) - Nyota Minerals Ltd said Friday it has received a letter from its second biggest shareholder, Andrew Neal, requesting the convening of a general meeting to consider the removal of Chief Executive Richard Chase and Executive Director Michael Langoulant.
This follows a requisition made earlier in the week from Nyota's largest shareholder Fiske Noms Ltd, which called for the same thing, as well as proposing replacing the two with Jonathan Morley-Kirk and Andrew Wright.
However, Nyota said Thursday that the requisition from Fiske was not valid in its present form.
Nyota on Friday noted it is incorporated and registered under the Australia Corporations Act, and any request for the removal of directors needs to be compliant with the act.
In regards to Neal's letter, Nyota said it is "presently seeking legal advice to confirm that it is not compliant with the [Australian] act. Upon receipt of this advice, the company will advise the shareholder accordingly and update the market."
Shares in Nyota Minerals were down 2.7% at 0.0851 pence Friday.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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