Minera IRL Ltd Says Peruvian Unit Has Delayed Vote To Oust Directors
04 December 2015 - 8:01PM
Dow Jones News
By Alex MacDonald
LONDON--South American precious metals miner Minera IRL
Ltd.(MIRL.LN) said Friday that a shareholder meeting aimed at
ousting the renegade president of its Peruvian unit Minera IRL S.A.
has been postponed after certain shareholders complained that the
meeting didn't comply with Peruvian corporate law.
The meeting, which also aimed to revoke the duties of the unit's
board directors, was supposed to take place on December 3 but has
now been postponed to an unspecified date.
Minera IRL S.A. said Thursday that the meeting "cannot be held,
due to a request by shareholders, to fully comply with legal
procedures in accordance with the General Corporate Laws of
Peru."
Specifically Diego Benavides, president of Minera IRL S.A.,
failed to publish the announcement of the subsidiary extraordinary
meeting in the El Peruano newspaper at least 15 days before the
date of the meeting, and also failed to nominate a time, according
to the parent company.
The unit said Thursday it's awaiting a new date for the parent's
postponed shareholder meeting, which was requested by Mr. Benavides
and a group of shareholders to revamp the parent company's board.
That meeting was supposed to take place on November 26 but was also
postponed due to irregularities.
The Canada-based company has been mired in a tussle with
Benavides, its former interim chief executive, for control of its
two Peruvian operating subsidiaries. The tussle prevented Minera
from publishing its interim results earlier this year and
ultimately led to a suspension of its London shares in
September.
Minera, which is 19% owned by Anglo-Australian mining giant Rio
Tinto PLC (RIO), has put in motion legal processes to oust Mr.
Benavides from his position as manager of the two subsidiaries, but
without success.
-Write to Alex MacDonald at alex.macdonald@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
December 04, 2015 03:46 ET (08:46 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
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