RE: `Broker Option227 Oct 2016 14:55
Another important fact is the vote on or around the 29 th November to approve the dilution of shares and this whole deal needs minority shareholder approval. MNG are excluded from voting as are institutional share holders. See below
The Company has announced the Special Meeting will be held on or around 29 November 2016 to approve, among other things, the Related Party Transactions. The record date for the Special Meeting will be the close of business on 27 October 2016.
At the Special Meeting, the resolution approving the Related Party Transactions must be approved by a majority of the votes cast by the shareholders of the Corporation, other than (i) MNG and (ii) any of its respective related parties, associates or affiliates, and any joint actors of the foregoing (which, collectively, currently own approximately 662,232,429 Shares of the Company, representing approximately 55.0% of the Company's issued share capital), present in person or by proxy at the Special Meeting.
The independent directors of the Company's Board of Directors have unanimously approved the Related Party Transactions and recommend that shareholders of the Company vote in favour of these transactions.