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Ironveld PLC - South Africa-focused exploration and development company - At general meeting, proposals to remove Chair Giles Clarke and Chief Executive Officer Martin Eales were ‘comprehensively rejected’. The meeting was convened at the request of Align Research Ltd, whose owners Richard and Catherine Jennings hold 9.0% of Ironveld's share capital, at the end of June. Richard Jennings later tried to withdraw the requisition for the meeting in early August, which Ironveld said was against the common law practice and company articles of association. Thus, the meeting went ahead, and the resolutions failed to pass.
‘We would like to thank our shareholders for their support in rejecting Richard Jennings' proposals which in the board's view were vexatious, self-serving and pointless. The board will be addressing Mr Jennings' conduct in due course but is currently focused on matters more important to the company. We are pleased to move past the requisitioned general meeting which in our opinion has achieved nothing except causing a considerable and costly distraction to both the company and shareholders of Ironveld,’ the board says.
The board says it will now focus on the pathway to production for its FCF smelter facility.
Current stock price: 0.305 pence
12-month change: down 51%
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