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 ...
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