| Wed 2 Sep 2020, 7:30 | | MINE RESTORATION INVESTMENTS LIMITED - Demand to call a shareholders meeting and director resignations |
|
Demand to call a shareholders meeting and director resignations
MINE RESTORATION INVESTMENTS LIMITED
Incorporated in the Republic of South Africa
(Registration No. 1987/004821/06)
Share code: MRI
ISIN: ZAE000164562
(“MRI” or “the Company”)
DEMAND TO CALL A SHAREHOLDERS MEETING AND DIRECTOR RESIGNATIONS
Shareholders are advised that, after close of business on 21 August 2020, the board of directors of
MRI (the “Board”) received a demand in terms of section 61(3) of the Companies Act, No 71 of 2008
(“the Companies Act”), (collectively, the “Demand”), from Growth Equities Proprietary Limited
(“Growth Equities”) to call a general meeting of shareholders (“General Meeting”). Growth Equities is
a shareholder with a 17.38% interest in the voting rights of the Company.
The purpose of the General Meeting is to appoint Quinton George and Richard Tait as directors of the
Company, and to terminate the appointments of the following directors from the Board:
- Michael Miller, an executive director and chief executive officer;
- Alistair Collins, a non-executive director;
- Ulrich Bester, an executive director and financial director;
- Mahlatsi Movundlela, the independent non-executive chairman; and
- Thato Makgolane, an independent non-executive director.
Shareholders attention is drawn to the fact that:
- Quinton George and Richard Tait were removed as directors of the Company on 24 July 2020
pursuant to section 71(3) of the Companies Act due to their involvement in activities
subsequently found to be reportable irregularities by the Company’s auditors;
- Quinton George was fined R4million on 29 May 2020 following a guilty finding by the Financial
Services Conduct Authority in that he contravened the provisions of section 75(1) of the
Securities Services Act, 36 of 2004 in that he used manipulative, improper, false or deceptive
trading practices to create a deceptive appearance of the trading activity or an artificial price
in respect of the ConvergeNet Holdings Limited and Sallies Limited’s securities.
In light of the recent reportable irregularity, acquisition of Langpan Mining Co (Pty) Ltd transaction
and business rescue announcements, the Board is of the view that the demand is frivolous and
vexatious and is currently obtaining legal advice on the matter.
Shareholders will be advised on the outcome and import of the legal advice to be obtained in respect
of the Demand in due course.
Further to the above, it must be noted that Syd Caddy and Chris Roed resigned from the Board on 28
August 2020.
Johannesburg
1 September 2020
Date: 02-09-2020 07:30:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
