Business
Requisition of EGM and resignation of directors
Requisition of EGM and resignation of directors.
About this update from Aurrigo International Plc
[{"type":"text","content":"\n \nRNS Number : 3269L Aurora Russia Limited 29 July 2011 \n \n\nPosting of notice of Requisitioned Extraordinary General Meeting and unanimous Board recommendation to vote AGAINST the proposed Resolutions and announcement of resignation of Directors\n \n· Aurora Russia (the \"Company\") is today posting a circular convening a Requisitioned Extraordinary General Meeting (\"EGM\") at 2.00pm on 24 August 2011 at the request of Timothy Slesinger.\n \n· Timothy Slesinger has proposed the removal of the Chairman, Dan Collinson Koch, and three other independent Directors, namely, Grant Cameron, John Richard Whittle and Alexandr Dumnov.\n \n· Mr Slesinger has proposed the appointment of Peregrine Moncreiffe and Timothy Slesinger as new Directors.\n \n· These resolutions would result in the removal of four independent Directors and the appointment of two individuals who represent significant shareholders. \n \n· Timothy Slesinger holds in excess of 10 per cent of the capital of the Company and Peregrine Moncreiffe serves on the management board, and is a director, of two funds managed by Metage Capital Limited which holds 7.2% of the Company's shares.\nChanges to the Board\n· Having held extensive further discussions with Shareholders and in accordance with the Board's undertaking to consider a reduction in the number of Directors, Dan Collison Koch and Alexandr Dumnov have today tendered their resignations as Directors. This will thereby reduce the number of Directors from seven to five. \n· Geoff Miller, one of the newly appointed Non-Executive Directors, will take over as Non-Executive Chairman.\nThe Board believes that it is NOT in the interests of Shareholders as a whole that the remaining Requisitioned Resolutions be approved, namely:\n· the removal of Grant Cameron and John Whittle, two of the Independent Directors; and\n· the appointment of Timothy Slesinger and Peregrine Moncreiffe, two individuals who if appointed would not be wholly Independent Directors as they represent significant Shareholders.\nThe Board firmly be...