LONDON (Alliance News) - Ntoya Minerals Ltd Thursday said the requisition to hold a general meeting to allow one of its shareholders to propose board changes is not valid in the form it was submitted, and has requested a valid notice be filed by the shareholder.
Fiske Nominees Ltd, which owns a 6.3% stake in the company, is seeking the removal of Chief Executive Richard Chase and Executive Director Michael Langoulant, and has proposed replacing them with Jonathan Morley-Kirk and Andrew Wright.
That requisition emerged on Tuesday, but Nyota said the requisition is not valid in its present form. Notably, the proposals to appoint the two new board members was not present in Nyota's announcement earlier this week.
"Based on legal advice it has obtained, Nyota has advised Fiske Nominees Ltd that the letter, which purports to be a notice under section 249D of the Corporations Act 2001, is invalid in the form presented and has requested that it be provided with a valid notice that complies with the Act," said the company Thursday.
"Upon receipt of a valid notice, Nyota will comply with its obligations under the Act and will make a further announcement as appropriate," the company added.
Nyota shares were trading down 5.6% to 0.0850 pence per share on Thursday afternoon.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
Copyright 2016 Alliance News Limited. All Rights Reserved.
