Mwana Africa settles legal dispute with major shareholder

The High court petition concerning Mwana Africa (LON:MWA) is now behind the company. As previously reported the petition centred around a dispute with the group's largest shareholder CIMGC and votes cast at an AGM last year and challenged the validity of the re-election of  Stuart Morris as director and the appointments of Ngoni Kudenga and Herbert Mashanyare last year. It was brought by CIMGC and Mr Yat Hoi Ning an associate of CIMGC and a non-executive director.

Today Mwana said all claims had now been settled concerning the petition while in a separate statement it said Yat Hoi Ning had been appointed interim chairman until a new chairman can be appointed. On Friday (June 5) the previous interim chairman Stuart Morris Johan Botha a director announced their retirement as directors while Yat Hoi Ning and CIMGC agreed to withdraw from the petition of Messrs Morris and Botha. In May this year Morris and Botha had both flagged up their plans to retire before an EGM (which is tomorrow June 9) and ideally where appropriate succession arrangements were in place.  

Yat Hoi Ning joined the Mwana board in June 2012 and has more than 20 years' experience in the trading investing and managing of non-ferrous and precious metals businesses. Ian Dearing and a small group of private shareholders have previously requisitioned a general meeting calling for a board overhaul to be held on June 9. It will be held tomorrow. Mwana shares added 2.6% to 1.975p.

www.mwanaafrica.com

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