2nd Jun 2015 08:59
LONDON (Alliance News) - West African Minerals Corp Tuesday said the requisition from shareholder Beaufort Nominees Ltd to convene a general meeting to vote on proposed changes to the board has been withdrawn after the company agreed to reshuffle the board.
In March, West African Minerals said that shareholder Panetta Partners Ltd's solicitors wrote to it in a letter that also included a request from fellow shareholder Beaufort that the company organise a general meeting for shareholders to vote on the removal of Managing Director Anton Mauve and Non-Executive Director Gerard Holden from the board. The letter also requested the appointment of Willy Simon, Sanjiv Sangar and Andrew Gutmann.
On Tuesday, West African Minerals said the requisition had been withdrawn after Mauve agreed to step down as managing director of the company, but he will keep his "operational role" as president, said the company.
Gutmann, who is head of capital markets at Beaufort International Associates Ltd, and Simon were appointed to the West African Minerals board as non-executive directors with immediate effect, joining existing non-executives Gerald Holden and James Mellon. Brad Mills remains as chairman of the company. West African Minerals did not release any information regarding Sangar.
Originally the company questioned whether Beaufort was able to call for a general meeting under the company's rules, as West African Minerals said that the 31.18% stake in the company represent by Beaufort is held on behalf of clients, and Beaufort does not have discretionary voting rights over its shares.
At the end of April, following receipt of written advice from leading counsel, West African Minerals confirmed that the requisition was valid.
Beaufort represents 117.5 million shares in West African Minerals, while Panetta holds 50.2 million shares, together representing a 44.5% stake.
West African Mineral shares were down 2.9% on Tuesday morning to 2.55 pence per share.
By Joshua Warner; [email protected]; @JoshAlliance
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