Business
AGM, Proposed Special Dividen
AGM, Proposed Special Dividen.
About this update from Uru Metals Limited
[{"type":"text","content":"\n RNS Number : 5398K Niger Uranium Limited 21 April 2010 \n \n\nFor immediate release\n21 April 2010\nNIGER URANIUM LIMITED\n(\"Niger Uranium\" or \"the Company\")\nNOTICE OF THE 2010 ANNUAL GENERAL MEETING OF SHAREHOLDERS\nPROPOSED SPECIAL DIVIDEND\nPROPOSED BOARD CHANGES\n \n1. Introduction\nThe Board of Niger Uranium is pleased to announce the resolutions to be proposed at this year's Annual General Meeting (\"AGM\") to be held at 2:00 p.m. on 7 May 2010. \nIn addition to the normal business to be considered at the AGM, for the reasons set out more fully below, as special business at the AGM we are also proposing as special business the demerger of 10,912,000 Kalahari Shares to shareholders by means of the Special Dividend.\nThe proposed Special Dividend has been unanimously approved by the Directors. Further, the Company has received from NWT Uranium Corp. (\"NWT\"), its largest shareholder interested in approximately 33.8 per cent. of the issued shares of the Company, a written undertaking to vote in favour of the Special Dividend at the AGM. \nThe Board has agreed to appoint Paul Loudon and to re-appoint John Lynch as non-executive directors of the Company with effect from 22 April 2010. On completion of the Special Dividend, David Weill will step down as a director of the Company and Paul Loudon will become Chairman. In addition, Ian Stalker will leave the Board on completion of the Special Dividend but will continue to act as joint-Chief Executive for an interim period while there is an orderly transfer of executive responsibilities by him to Anton Esterhuizen who will be appointed as joint-Chief Executive Officer (non-board appointment). \n2. Background to the Special Dividend\nLast year the Board proposed a special dividend of 90 per cent. of the Company's interest in Kalahari, but the enabling resolution was not approved at that time by Shareholders at the November shareholders meeting. Subsequently, the Board became aware that a number of supportive Shareholders had not considered it necessary to vote for the special dividend as they had assumed that the resolution would be passed. A number of these significant institutional Shareholders therefore urged the Board to continue with its efforts to return the value of the Kalahari Sh...