Red 5 Withdraws Resolution on New Constitution Ahead of Shareholder Meeting

MT Newswires Live09-23

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%

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap
Leave a comment