Business
Notice of General Meeting
Notice of General Meeting.
About this update from Mineral And Financial Investments Ltd
[{"type":"text","content":"\n \nRNS Number : 8614S Mineral & Financial Invest. Limited 12 November 2013 \n \n\n12 November 2013\nMINERAL & FINANCIAL LIMITED\n(\"Mineral & Financial\", \"MAFL\", or the \"Company\")\nPosting of Circular\nThe Company announces the posting of a circular to shareholders today which includes the invitation to a general meeting at which shareholders will have the opportunity to vote on a an amended investing policy, a capital restructuring and new authorities for the directors to issue capital. The following is an excerpt from the circular posted today.\n \n1. Introduction\nThe Board of MAFL believes that current market conditions present an opportunity for the Company to create shareholder value with a more active approach to its investments. The mining sector in particular is offering an increasing numbers of assets at discounts to their intrinsic value and many mining companies are in financial distress. The Company believes real value can be created by providing capital to companies with good assets and good management teams but distressed balance sheets. \n \nGiven this environment and the value of an injection of capital, the Company believes that direct oversight and guidance by the Company to investee companies may be required. The Company will provide patient, but demanding, capital. Accordingly, the Board proposes to broaden the investment policy from passive to passive and active to allow it to have more involvement in the governance of its investee companies. In some cases this may amount to control, or effective control.\n \nThe new strategy involves a material change in investing policy, which under AIM Rules for Companies, requires approval by Shareholders at a general meeting.\n \nThe Company today posted to Shareholders a circular setting out details of the proposed new strategy and the New Investing Policy. It also explains why the Board considers these proposals to be in the best interests of the Company and its Shareholders as a whole and recommends that Shareholders vote in favour of the Resolutions, as the Directors intend to do in respect of their own interests, which represent 22.72 per cent of the issued share capital of the Company.\n \n2. Recent Developments\nAs announced on 28 October 2013, Jennifer Allsop has resigned as executive chairman. A new...