(Alliance News) - Aura Energy Ltd said Friday following legal advice it will hold a general meeting no later than November 8, and the requisitioned meeting no later than December 18.
In October, the Australia-based minerals explorer received a notice from Pre-Emptive Trading Pty Ltd, which holds a 5.9% stake in Aura, to call a general meeting to propose three motions, including the removal of Executive Chair Peter Reeve.
Aura Energy said based on legal advice received it considers the proposed resolutions for the removal of Reeve as chair and the cancellation of his 17.5 million performance shares as invalid.
As a result, only one proposed resolution will be put forward at the meeting, which is the appointment of John Bennett as a non-executive director. Bennett is a director of Pre-Emptive Trading.
Shares in Aura Energy were down 8.5% at 0.37 pence on Friday in London.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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Aura Egy (AURA)