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MINE RESTORATION INVESTMENTS LIMITED - Changes to the board and results of annual general meeting

Release Date: 05/11/2015 16:45
Code(s): MRI     PDF:  
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Changes to the board and results of annual general meeting

MINE RESTORATION INVESTMENTS LIMITED
Incorporated in the Republic of South Africa
(Registration Number: 1987/004821/06
Share code: MRI      ISIN: ZAE000164562
(“MRI” or the “Company”)


CHANGES TO THE BOARD AND RESULTS OF ANNUAL GENERAL MEETING

Appointment of Financial Director

In compliance with paragraph 3.59(a) and 3.59(b) of the
Listings Requirements of the JSE Limited (“JSE”), the Company
is pleased to inform shareholders that Mr. Norman Preston has
been appointed as financial director to the Company with
effect from 1 November 2015.

Mr. Preston operates a corporate advisory and consultancy
practice and brings more than 40 years of financial and
management experience to the board of the Company. He holds an
Advanced Executive Programme degree.

Mr. Preston will be appointed on a part-time basis in terms of
a 4 month contract expiring on 29 February 2016, subject to
further renewal. The rationale behind Mr. Preston’s part-time
appointment is due to the Company adopting a prudent and
pragmatic approach to its current operational requirements.

Until either the Company’s coal fines processing plant is
operational (please refer to the SENS announcement dated 20
July   2015)  or  the   reverse  takeover  of   Iron  Mineral
Beneficiation Services Proprietary Limited (“IMBS”) has been
completed (please see, inter alia, detailed cautionary SENS
announcement dated 26 June 2015), the board and the audit
committee are of the view that a full time financial director
is not warranted.

Shareholders are advised that in accordance with paragraph
3.84(g) of the JSE Listings Requirements, the JSE has granted
the Company dispensation for Mr Preston’s part-time
appointment.

Results of Annual General Meeting

The Company is pleased to advise shareholders that all the
resolutions contained in the notice of annual general meeting
(“AGM”) included in the Company’s annual report posted to MRI
shareholders on 1 October 2015 (the “Resolutions”) were passed
by the required majority of shareholders present or
represented by proxy at the AGM of MRI held on Thursday, 5
November 2015 at 10h00 at the Company’s designated adviser,
Level P3, Oxford Corner, 32A Jellicoe Avenue (corner of Oxford
Road), Rosebank, Johannesburg.

Altogether 292 766 138 shares, eligible to vote and
representing 34% of MRI’s issued share capital, were
represented at the meeting. Results of the Resolutions are
detailed below:

                                                 For   Against
Resolution number and description                 %*        %*

Ordinary resolution number 1:                    100         0
Adoption of annual financial statements

Ordinary resolution number 2:                    100         0
Appointment and remuneration of auditor

Ordinary resolution number 3:                    100         0
Approval of Remuneration Policy

Ordinary resolution number 4:                    100         0
General authority to allot and issue
shares for cash

Ordinary resolution number 5:                    100         0
Election and re-election of director
(Mr Q George)

Ordinary resolution number 6:                    100         0
Election and re-election of director
(Mr C Roed)

Ordinary resolution number 7:                    100         0
Election of independent non-executive
director (Mr L Albinski)

Ordinary resolution number 8:                    100         0
Election of Audit Committee member
(Mr C Roed)

Ordinary resolution number 9:
Election of Audit Committee member
(Mr S Caddy)

Special resolution number 1:                     100         0
Amendment to Memorandum of Incorporation

Special resolution number 2:                     100         0
General authority to acquire (repurchase)
shares
Special resolution number 3:                     100           0
General authority to enter into funding
agreements, provide loans or other
financial assistance

Special resolution number 4:                     100           0
Non-executive directors’ remuneration

*as a percentage in relation to the total shares represented
at the meeting, being 34% of MRI’s issued share capital.


Johannesburg
5 November 2015

Designated Adviser: Stellar Advisers (Pty) Ltd

Date: 05/11/2015 04:45:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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