[miningmx.com] — THREE more board members of Miranda Minerals, including its chairperson, have resigned following a court ruling which had put the company’s future in jeopardy.
In a statement issued on Friday, the company said its chairperson, Lulama Mokhobo, as well as non-executive directors Gilbert Phalafala and Moses Tshitangano have tendered their resignations.
CEO Andrew Johnson will act as chair in the interim.
The announcement followed Thursday’s resignations of Pine Pienaar and Clive Knobbs.
According to a statement released to the JSE on Thursday, two major shareholders in Miranda – Global PS Mining Investments and Yakani Resources – have demanded the repayment of loans made to Miranda.
In September, the two companies each loaned Miranda R20m.
On Tuesday, following an application by former CEO Ron Nel, the North Gauteng High Court ruled that Miranda was “interdicted and restrained’ from going ahead with a proposed rights issue that was announced in a circular to shareholders on December 9.
The interdict would stay in force “pending the hearing and final adjudication of the business rescue application, scheduled to be heard on 14 February, 2012”.
Thursday’s statement from Miranda said that the repayment demand from Global and Yakani “has further resulted in the jeopardising of the financial prospects of the company”.
“In the light of these events, the board of directors deems it prudent and has accordingly requested that the company’s securities be suspended on the JSE with immediate effect whilst the board considers the options available to the company.”
