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Havilah facing shareholder difficulty

22nd August 2019

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

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PERTH (miningweekly.com) – ASX-listed Havilah Resources has turned to the Takeovers Panel seeking orders that former director and company co-founder Dr Bob Johnson be barred from voting at a shareholder meeting to decide a A$100-million placement to Sanjeev Gupta’s GFG Alliance, through one of its members SIMEC Mining.

Havilah in May announced the agreement with SIMEC, which would see the funding being provided through a series of equity placements in Havilah, at a premium of up to 35%, over a three-year period, potentially providing GFG with a 51% stake in Havilah, if all the equity placements are made.

Havilah’s shareholders are expected to meet on September 12 to vote on the share placement.

Havilah on Thursday claimed that Johnson has been sending correspondence to Havilah shareholders in relation to the placement, which contained "misleading or deceptive" statements.

The company also claimed that Johnson had obtained a 38.51% shareholding in Havilah through his control of various shareholders and his relationship with various others, while acquiring a further 6.6% interest through an agreement, arrangement or understanding to acquire shares.

Havilah was seeking orders to restrain Johnson and certain other shareholders from voting in the general meeting.

Edited by Creamer Media Reporter

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