JOHANNESBURG (miningweekly.com) – South African investment fund Altius Investment Holdings has declined JSE-listed Resource Generation’s (Resgen’s) request to withdraw its requisition for a general meeting to remove current directors and appoint new directors.
Altius subsidiary Shinto Torii, which held a 10.7% stake in Resgen, last week requested a shareholder meeting to have the four current directors sidelined owing to a perceived risk of the construction of the Boikarabelo mine stalling or being delayed amid challenges in securing the required finance, as well as the lack of local representation in South Africa capable of advancing the project.
However, a day later, Resgen signed a memorandum of understanding (MoU) with Swiss private company HAB & JPR Privee to provide €480-million to enable the construction of Boikarabelo.
It also requested Altius to withdraw its requisition for a shareholder meeting.
No reasons were provided for Altius’ decision to deny Resgen’s request.
Resgen last week claimed illegal collective action by Shinto Torii, Noble Resources International and the Public Investment Corporation (PIC) and Altius Holdings.
At the time, it said the 249D request would jeopardise the newly acquired financing package, which could potentially be withdrawn should there be a change of directors.
Resgen had also written to the Australian Securities and Investments Commission stating that Altius was acting on behalf of itself, Noble and PIC to replace Resgen’s directors with their own nominees.