Business Reporter
Mwana Africa says it is vigorously defending its position on the appointment of three non-executive directors to its board which was being challenged by some petitioners.
The directors are Mr Ngoni Kudenga, Mr Herbert Mashanyare and Mr Stuart Morris.
The mining company, however, said it will only resort to this course of action if its attempts to work with the petitioners to address their concerns fail.
“The company’s position remains unchanged in respect of these court proceedings. While it will continue to attempt to work with the petitioners to achieve a mutually acceptable resolution to their complaints, the company will defend its position vigorously in court if required,” the company said in an update on the petitions.
Mwana’s comments came after a hearing held last week at the Companies Court in respect of the matter brought by China International Mining Group Corporation (CIMGC), a substantial shareholder in Mwana, and Mr Yat Hoi Ning, a non-executive director and associate of CIMGC, (together the “petitioners”) against the company and two of its non-executive directors, Mr Morris and Mr Johan Botha had set initial directions for the future conduct of the petition including the setting of a trial window of three months from November 1, 2015.
“The parties will return to court later this month to fix the trial date,” the mining company said.
The petition, Mwana said referred to the passing of Resolution 3 at the Company’s annual general meeting held on September 10, 2014, which related to the re-appointment of Mr Morris as a director of the company, and alleges that the resolution was not validly passed. It added that leave was given to the petitioners to file an amended petition which also seeks to challenge the appointments of Mr Kudenga and Mr Mashanyare as non-executive directors of the company, as announced on December 10, 2014.
Mr Kudenga and Mr Mashanyare joined the Mwana board as non-executive directors with effect from December 10.
At the time of their appointment Mwana Africa chief executive Mr Kalaa Mpinga commented, “I am delighted that Ngoni and Herbert have accepted our invitation to join the board as non-executive directors.
“Not only will their appointments strengthen the independence of the board but also their wealth of experience and knowledge in a wide range of business areas in Zimbabwe will ensure that they will make a valuable contribution to the ongoing growth and success of the Company.”