LONDON (Alliance News) - Nyota Minerals Ltd Friday said its shareholders had voted against an attempt by Centamin PLC to remove the company's Chief Executive Richard Chase, the latest development in an ongoing disagreement between Nyota and its biggest shareholder.
Centamin had been in talks with the Nyota about its future, but started reducing its stake after Nyota signed a sales agreement with another exploration company. Centamin had tabled a resolution to remove Chase in an attempt to try and salvage a deal for itself.
Earlier this month Nyota said talks were progressing well with its new, unnamed, development partner. The party is a junior exploration and development company listed on a regulated stock market.
Centamin now holds a 14.4% stake in Nyota, according to a regulatory filing November 5, down from 17.2% in early October, but it remains Nyota's biggest investor.
The Centamin proposal to remove Chase was rejected as 188.4 million votes went against it and 127.3 million votes for it.
Nyota shares were up 3.4% at 0.636 pence Friday morning, while Centamin was up 1.1% at 52.55 pence.
By Steve McGrath; stevemcgrath@alliancenews.com; @SteveMcGrath1
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