10th May 2018 12:42
LONDON (Alliance News) - Pathfinder Minerals PLC said Wednesday shareholders have withdrawn a request for a general meeting on Tuesday next week to remove two board members following a board shake-up on Wednesday.
The meeting had been requested by the shareholders in April to remove former Chief Executive Officer Nick Trew and former Chairman Henry Bellingham from the board.
In late April, the natural resources company had urged shareholders to "not to support the requisitioner's and to vote against the proposed resolutions".
On Wednesday Trew and Bellingham were moved to the roles of executive director and non-executive co-chairman by Pathfinder.
Pathfinder appointed Blair Sergeant as its new CEO and Simon Farrell as co-chairman alongside Bellingham, with the two being the former finance head and former CEO of Coal of Africa Ltd respectively.
The company has been locked in a legal dispute since 2011 over the mining concessions, which it says were appropriated from a subsidiary and given to Pathfinder's former partner General Jacinto Veloso.
Pathfinder on Wednesday raised GBP250,000 through issuing 25.0 million shares at 1.00 pence each to give the company the capital it needs to keep pursuing the licences.
Shares in Pathfinder were 23% higher at 0.99 pence.
Related Shares:
PFP.L