20th Feb 2015 16:55
LONDON (Alliance News) - West African Minerals Corp PLC Friday said that it needs further clarification from the solicitors of Panetta Partners Ltd to determine whether a recent requisition for a general meeting is valid.
Earlier this month, West African Minerals said two major shareholders requisitioned a general meeting to request the removal of Managing Director Anton Mauve and Non-Executive Director Gerard Holden from the board.
At that time, a letter from solicitors acting on behalf of Panetta Partners said that Beaufort owns 31% of the company, while Panetta owns just under half of that, together making a 44.5% stake in West African Minerals.
However, in a statement Friday, West African Minerals said that Panetta's solicitors have confirmed that Beaufort holds the shares on behalf of clients and does not have discretionary voting rights in respect of the shares held in West African Minerals.
West African Minerals said that in light of the additional information, it is now requesting further clarification from Panetta's solicitors to determine whether the requisition letter is in fact valid.
"Any general meeting cannot be convened unless and until this has been established," the company said.
West African Minerals shares closed 9.1% higher Friday at 3.00 pence.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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