Shareholders take Genorah Resources’s directors to court in a bid to block pivotal shareholders meeting Former African National Congress (ANC) Eastern Cape provincial leader Andile Nkuhlu, and other shareholders with a 26.5% stake in black empowerment resources miner Genorah Resources, took the company’s directors to court last Friday in a bid to block a shareholders meeting that would have voted on a resolution to issue a significant stake in the exploration company in exchange for a loan facility worth up to A$8m ($8.4m).Genorah’s chairman, Sharif Pandor, and MD Maredi Mphahlele subsequently issued a cancellation notice dated January 18, advising shareholders that the meeting scheduled for Monday had been cancelled. Genorah is the major shareholder in Australian-listed miner Nkwe Platinum, which is looking to raise R5.3bn to develop the Garatau platinum project in Limpopo.In an affidavit lodged by Mr Nkuhlu — acting on behalf of four other shareholders — it is alleged that fellow ...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Sunday Times Daily.

Already subscribed? Simply sign in below.



Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now