London-listed iron-ore company Ironveld’s general meeting (GM), set for Friday, August 12, will go ahead despite the company having received written communication from investment research firm Align Research director Richard Jennings requesting that the GM be stayed.
With the GM having already been convened by the Ironveld board of directors, and in line with common law practice, as well as the company's articles of association, the GM cannot be withdrawn or cancelled, Ironveld said on August 4.
The Ironveld board, particularly in light of the attempted withdrawal of the GM, has strongly reiterated its unanimous recommendation that all shareholders vote against all resolutions.
"The board has reiterated that . . . Jennings' interests did and do not align with those of the other shareholders, and the attempted withdrawal of the requisition is further proof of this. It is our strong opinion that . . . Jennings has wasted management time and shareholder funds,” the Ironveld board said in a statement.
Ironveld has a high-purity iron, vanadium and titanium project located on the northern limb of the Bushveld Complex in Limpopo. The company believes the project has the potential to become a vertically integrated vanadium mining and processing business serving the increasing demand for vanadium in steel alloys and vanadium redox batteries.
“We again recommend that shareholders vote against . . . Jennings' resolutions at the GM, so the company can continue its focus on realising value at the project . . . to benefit all of its current and future stakeholders."
Ironveld in June reported that Jennings wanted shareholders to consider the removal of chairperson Giles Clarke and CEO Martin Eales as directors.