Mwana Africa PLC ISS Makes Vote Recommendations (4283O)
May 28 2015 - 1:01AM
UK Regulatory
TIDMMWA
RNS Number : 4283O
Mwana Africa PLC
28 May 2015
28 May 2015
Mwana Africa PLC
("Mwana" or the "Company")
ISS Recommends Mwana Shareholders Vote Against the Requisitioned
Resolutions at the EGM
Mwana Africa PLC ("Mwana" or the "Company"), the pan-African,
multi-commodity resources company focused on the production,
development and exploration of gold, nickel, copper and diamonds
projects, is pleased to announce that Institutional Shareholder
Services Inc. ("ISS"), a leading provider of corporate governance
solutions and governance research, has published a report
recommending shareholders vote AGAINST ALL of the requisitioned
resolutions at the forthcoming EGM on 9 June 2015.
Following the request from Ian Dearing and a small group of
private shareholders (the "Requisitioners") to convene an EGM of
the Company's shareholders ("Shareholders") seeking to approve a
number of new Non-Executive Directors and changes to the Board of
Directors of the Company, the Company issued a Circular on 12 May
2015 which contained full details of why the Board (excluding Mr
Ning and Mr Hu who, on account of the ongoing Petition, have chosen
not to participate in the Directors' recommendation) strongly
believes that the Resolutions are NOT in the best interests of the
Company and Shareholders and why the Board recommends that
Shareholders VOTE AGAINST ALL the Requisitioners' proposed
resolutions.
In its recent report ISS concludes "The dissident's main
argument is that the current Directors have been unable to settle
the dispute with the Company's largest shareholder without going to
court. It is unclear, however, why the dissident nominees would be
better able to reach such a settlement. We also note that this
proxy contest is scheduled to take place before the deadline set by
the court to reach a settlement.
"ISS considers that the dissident has not met their burden of
proving that significant change on the Board is warranted."
Stuart Morris, Interim Non-Executive Chairman, of Mwana
commented:
"We welcome this report published by an independent and
respected authority on corporate governance matters and believe it
provides further support to the Board's position as outlined in the
Circular. We continue to encourage shareholders to vote in support
of the Company and against all the Requisitioners' proposed
resolutions at the forthcoming EGM."
Shareholders can find copies of the Circular, Notice of EGM and
proxy voting forms on the Company's website.
www.mwanaafrica.com
For further information contact:
Mwana Africa PLC
Kalaa Mpinga, CEO
Caroline Mathonsi, Investor Relations Tel: + 44 (0) 203 696
5470
Nominated adviser and broker
Peel Hunt LLP
Matthew Armitt / Ross Allister Tel: +44 (0) 20 7418 8900
Public and investor relations
Russell and Associates
Jim Jones / Leigh King Tel: +27 (0) 11 880 3924
Tavistock
Ed Portman / Jos Simson / Mike Bartlett Tel: +44 (0) 20 7920
3150
About Mwana Africa PLC
Mwana Africa PLC is a pan-African, multi-commodity mining and
development company. Mwana's principal operations and exploration
activities cover gold, nickel, copper and diamonds in Zimbabwe, the
Democratic Republic of Congo (DRC) and South Africa.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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