Aspiring manganese miner Mesa Minerals has cancelled its extraordinary general meeting scheduled for tomorrow after significant shareholder Mighty River International requested resolutions for the meeting be withdrawn.
Aspiring manganese miner Mesa Minerals has cancelled its extraordinary general meeting scheduled for tomorrow after significant shareholder Mighty River International requested resolutions for the meeting be withdrawn.
Mighty River said in a statement released this afternoon its request was appropriate after significant changes to Mesa over the past two days.
Key recent changes to Mesa's corporate structure include the Tuesday declaration that Mineral Resources' off market takeover offer was unconditional and the appointment of two Minerals Resources representatives to Mesa's board.
Mighty River director Yuzheng Xie said the changes were welcomed, as Mineral Resource's priority was to bring the Ant Hill/Sunday Hill joint venture into production.
"I have consistently stated a clear position to Mesa shareholders that a change of the board and a focus on bringing the company's manganese projects into production were the keys to delivering increased shareholder value.
"As a significant shareholder of Mesa, Might River welcomes Mineral Resources ot the register and the commitment of Mineral Resources to re-commence production and marketing of manganese ore as a matter of priority.
"Mighty River has today requested one seat on the Mesa board in line with Mighty River's status as a significant shareholder."
A Mesa Minerals spokesperson said Mesa had noted Mighty River's request, despite it not actually naming a potential candidate for the Board.
"Any potential Board candidates would need to demonstrate the skills and experience they could bring to the Board and address any concerns that may arise over conflicts of interest," the spokesperson said.
"It is clear from proxies received to date for the now cancelled meeting that Mighty River enjoys little to no support amongst the remainder of the Mesa Minerals shareholders.
"Mineral Resources has clearly indicated in its initial offer documents to shareholders that, should its takeover be successful, it would focus on the development of Mesa's production assets.
"The current Board negotiated the offer from Mineral Resources as part of a wide ranging strategic mandate. Mighty River played no role in these negotiations."
Mighty River's statement is below:
Mighty River withdraws EGM resolutions
Mighty River International Limited, a significant shareholder in Mesa Minerals Limited (ASX: MAS), advises that it has today requested that the resolutions for tomorrow's EGM be withdrawn and the EGM cancelled.
The decision by Mighty River to withdraw its request for the EGM and the resolutions was considered appropriate as a result of significant changes to Mesa over the past two days. Key changes to Mesa include the declaration of the Mineral Resources Limited (ASX: MIN) offer becoming unconditional, the level of acceptances under the Mineral Resources offer, and the appointment of two Mineral Resources representatives to Mesa's Board.
In addition, Mighty River notes Mineral Resources' stated intention to bring the Ant Hill/Sunday Hill Joint Venture project into production as a matter of priority.
Mighty River Director Yuzheng Xie said these important and positive developments were welcomed by Mighty River.
"I'm proud that Mighty River has been a catalyst for change for the benefit of all Mesa shareholders. I have consistently stated a clear position to Mesa shareholders that a change of the Board and a focus on bringing the company's manganese projects into production were the keys to delivering increased shareholder value," he said.
"As a significant shareholder of Mesa, Mighty River welcomes Mineral Resources to the register and the commitment of Mineral Resources to re-commence production and marketing of manganese ore as a matter of priority.
"Mighty River has today requested one seat on the Mesa Board in line with Mighty River's status as a significant shareholder. In addition, Mighty River has informed the Mesa Board of its interest to participate in any proposed future equity fundraisings," he said.
Mr Xie added the outcomes of recent changes to the Mesa Board and company were a "win-win" for all shareholders and Mighty River looks forward to remaining as a significant shareholder in Mesa.
"My motivation for change at Mesa was simple. As I have stated in my letters to Mesa shareholders, I believe that Mesa should be doing everything it can to ensure it re-commences the production and marketing of manganese ore from its Ant Hill/Sunday Hill Joint Venture Project as soon as possible," he said.
Shareholders who have questions should contact Mr Guy Le Page on 0412 220 159 or via email gtlepage@rmcapital.com.au
