Business
Result of EGM
Result of EGM.
About this update from Mineral And Financial Investments Ltd
[{"type":"text","content":"\n \nRNS Number : 2339U Mineral & Financial Invest. Limited 28 November 2013 \n\n28 November 2013\nMINERAL & FINANCIAL INVESTMENTS LIMITED\n(\"Mineral & Financial\", \"MAFL\", or the \"Company\")\nResult of General Meeting\nThe Company announces that at the Extraordinary General Meeting (\"EGM\") of the Company held today all resolutions were duly passed. Consequently the following have, inter alia, been approved:\n· the new investing policy and the associated change of articles; \n· a capital reorganisation increasing the authorized ordinary share capital and decreasing by the same amount the deferred share capital; \n· the authority to issue and allot such newly authorised ordinary shares; and\n· the disapplication of pre-emption rights regarding the issue and allotment of any such new ordinary shares against contribution in cash.\n \nAt the meeting, Mineral & Financial's chairman Jacques Vaillancourt made the following statement:\n \n\"I want to use this meeting as an opportunity to briefly outline what we have achieved in the last four months, the current market setting as we see it, our plans for Mineral & Financial Investments, and how we expect this will create value for you, our shareholders. \n \nSince August, when I joined the board of M&FI we have done the following: completed a private placement to raise some capital; increased our cash holdings by selling some of our investments; disposed of many of the problem investments; made some changes to the board; decided to focus our tactical investments on strong liquid companies; and refined our business plan. \n \nWe have done this because we wanted to draw a line under our recent past, to tidy up the investment portfolio and balance sheet and because we needed the necessary experience on the board and sufficient capital to execute our business plan and make your capital work productively. \n \nYour support in approving changes to our investment policy and allowing us to expand our equity base will help us to move swiftly to seize opportunities when they arise.\n \nAs most of you will be aware, current market conditions represent a significant departure from the past. The efforts of western central bankers are a...