Mwana Africa’s Chinese non-exec sells shares, as court puts on hold proceedings on his petition

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By Zimbabwe Investor on May 7, 2015. No Comments

Mwana Africa (LON:MWA) has told investors that non-executive director Ning Yat Hoi and China International Mining Group Corporation (CIMGC) have disposed of around half their shareholdings.

In a stock market statement Mwana said that Ning and CIMGC had sold 81.4mln and 106.2mln shares respectively at a price of 1.8p per share.

Ning, who is chairman of CIMGC, would therefore see his interest in the company reduce to around 15.6%.

The company added, however, that the identity of the buyer is not known and it is currently working to establish whether Ning is, according to AIM rules, still ‘interested’ in the shares.

“Requests have been made to CIMGC and Mr Ning to clarify the identity of these new shareholders, and their relationship to CIMGC and Mr Ning respectively,” Mwana said in a statement.

If Ning is still considered to be interested in the sold shares then his interest in the company would amount to 29.87%.

Shareholder earlier Ian Dearing led a requisition, together with other shareholders, for a general meeting to consider a proposal to make board changes. Mwana has now confirmed it’s intention to holding the meeting.

Mwana Africa  has told investors that there will be a stay of proceedings, in respect of the petition issued by shareholder China International Mining Group Corporation (CIMGC).

The company said that the Companies Court agreed to set back the proceedings until June 15 so that the parties can continue to explore a settlement.

The shareholder meeting will take place no later than 28 days after May 12, Mwana said.

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