Court to set Mwana, CIMGC trial date this month
JOHANNESBURG (miningweekly.com) – The Companies Court, in London, will, this month, set a trial date to review the petition laid by the China International Mining Group Corporation (CIMGC) and pan-African resources group Mwana nonexecutive director and CIMGC associate Yat Hoi Ning against Mwana and nonexecutive directors Stuart Morris and Johan Botha.
This followed an initial directions hearing on Wednesday to lay the future conduct of the petition, including the setting of a trial window of three months from November 1, 2015.
The petition, filed in December, alleged that the passing of Resolution 3 that reappointed Morris as a director of the company at Mwana’s annual general meeting in September 2014 was not valid.
Leave had also been granted to the petitioners to file an amended petition to challenge the December 10 appointments of Ngoni Kudenga and Herbert Mashanyare as nonexecutive directors.
Mwana, in an update to shareholders, reiterated that, while it would continue to attempt to work with the petitioners to achieve a mutually acceptable resolution to their complaints, the company would defend its position “vigorously” in court if required.
The group, which is led by CEO Kalaa Mpinga, previously stated that the votes of CIMGC – a major shareholder – and its associates were not counted in the poll and were deemed inadmissible because the votes, as cast, infringed the relationship agreement entered into with the company in April 2012.
The Aim-listed Mwana, which is involved in the exploration, development and production of gold, nickel, copper and diamonds, has operations in Zimbabwe and South Africa and exploration projects in the Democratic Republic of Congo, Angola and Botswana.
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