2% Shareholders call on Wesizwe for urgent EGM
David McKay | Mon, 09 Nov 2009 11:57[miningmx.com] -- SHAREHOLDERS in Wesizwe Platinum seeking answers to the shock firing of CEO Mike Solomon have on Monday issued a letter to management calling for an extraordinary general meeting. "A letter has been signed and this starts a regulatory process whereby management will have to call a meeting," a company insider told Miningmx. According to company regulations, management must convene a meeting within 14 days if a shareholder with more than 5% of shares under issue asks to be heard. Wesizwe Platinum announced on November 3 that it had dismissed Solomon and non-executive director, Rob Rainey, formerly acting chairman. It gave no reasons for the dismissals. It's thought shareholders also want answers on the failure of Wesizwe management to properly canvass the re-election of certain other board directors in previous meetings. Acting CEO, Nyasha Tengawarima, had not responded to Miningmx's telephone calls at the time of writing. Shares in Wesizwe Platinum were 3.33% lower by midday on Monday, but had gained 20c since the departure of Solomon was announced. Shareholders representing about 10% of Wesizwe Platinum shares in issue had signed the letter, although a far larger number are chasing down answers for Solomon's departure. At the time, Solomon said his dismissal was "in bad faith" but would not comment on speculation it was related either to his ill health or opposition to certain proposed corporate action. Miningmx speculated in September that a takeover of Wesizwe, which has shut further development of its platinum project, was being lined up with Impala Platinum.
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