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Business Reporter
MWANA Africa plc shareholders have narrowed their differences ahead of the crucial extra ordinary general meeting after CIMGC, a substantial shareholder and Mr Yat Hoi Ning, a non-executive director and associate of CIMGC agreed to withdraw litigation in respect of re-appointment of Mr Stuart Morris and Mr Johan Botha on the board.
Mr Botha, the interim chairman of the company and Mr Stuart, a non-executive director have since retired from the board. They were among four directors who some minority shareholders are seeking to remove at the EGM. Others are Zimbabweans Mr Ngoni Kudenga and Mr Herbert Mashanyare
“The succession plan for additional independent non-executive directors, including the chairman of the company, is currently being discussed by the board,” said Mwana in a statement last Friday. Two former chairmen, Mr Oliver Baring and Mr Mark Wellesley-Wood, who are among the minority shareholders are calling for the removal of the current directors — now Mr Kudenga and Mr Mashanyaire.
Mr Wellesley-Wood was blaming the company for failing to settle a legal dispute with CIMGC.
Mr Wellesley-Wood, who declared to have unfinished business with Mwana served the company for only five months before he was voted out, allegedly after demanding an executive position.
“He was appointed to the company to perform a role and he decided that role didn’t suit him,” Mwana chief executive Mr Kaala Mpinga said. “The board overwhelmingly decided to ask him to leave.”
The episode eerily echoes a prior chapter in his career, joining South Africa’s DRDGold in 2000, before accusing chairman Mr Roger Kebble of illicit share dealing. Mr Wellesley-Wood took the chairman’s role, while Mr Kebble spent a night in a police cell, before landing in court before 38 counts of fraud.
Mr Mpinga has defended Mwana’s Zimbabwean directors, where the company gold and nickel assets are based. The company operates Bindura Nickel Corporation and Freda Rebecca.
“There’s no doubt that those two individuals have a level of gravitas and relevance to our business in Zimbabwe.” Mr Mpinga said.
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