(Alliance News) - Aura Energy Ltd on Thursday said it will not convene a general meeting requested by Asean Deep Value Fund as the meeting requisition notice was not in compliance with the rules.
On February 3, the Australian mining firm said it "received a purported section 249D requisition for a general meeting of shareholders". Under Australian law, shareholders with at least a 5% stake can request a general meeting under section 249D. The request must state any resolution intended to be proposed and be signed by those making the request.
Today Thursday, Aura said that the notices were received from Asean for the company to convene a general meeting of shareholders to consider the appointment of two new directors and the removal of one director.
The company said it has advised Asean that "the 249D notice was invalid as it did not comply with the requirements of the Corporations Act 2001. It will therefore not be convening the requested meeting".
The stock was trading 15% higher at 0.30 pence each on Thursday afternoon in London.
By Ife Taiwo; ifetaiwo@alliancenews.com
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Aura Egy (AURA)