Update: Board recommends rejection of EGM resolutions
Mwana has called an EGM for 9 June 2015 in response to a requisition by shareholders representing 5% of the share capital of the company. Inter alia, the requisition seeks to remove Ngoni Kudenga, Herbert Mashanyare, Stuart Morris and Johan Botha as directors of Mwana and to replace them with Scott Morrison, Mark Wellesley-Wood, Olivier Barbeau and Anne-Marie Chidzero. None of the proposed directors have been subject to due diligence by Peel Hunt, and such a peremptory change could, in our view, result in its concluding that its position as Nomad is untenable.
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