Red 5 (ASX:RED) withdrew a resolution proposing for a new constitution from its general meeting slated for Sept. 25, according to a Monday filing with the Australian bourse.
The special resolution, first released as part of the general meeting notice last Aug. 26, aimed to replace the existing 2011 constitution with a new one, which includes the reduction of directors to nine from 10, the filing said.
The withdrawal was made following reservations from proxy advisers and shareholders regarding the number of directors, the filing said. The mining firm may provide a revised constitution for approval by shareholders at a later time.
The withdrawal of resolution 3 will not affect the other resolutions for approval during the general meeting, as per the filing.
The company's shares slipped almost 1% in recent Monday trade.
Price (AUD): $0.32, Change: $-0.003, Percent Change: -0.92%
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