The Miranda Claw Back and Rights Offers, intended to raise R83,6-million for the company, is to be re-launched, the company announced today.

Miranda CEO, Glen Poff, said the cancellation and re-launching of the offers had been caused by shareholders not passing a resolution at the company’s AGM on 7 April to place the authorised but unissued shares of the company under the control of directors. As a consequence, the company had no legal alternative but to cancel the offer in its present form and consult with the JSE to request that trade in the Letters of Allocation that took place from 15 April be reversed.

Shareholders representing 58% of the company’s issued share capital have reaffirmed their faith in Miranda by subsequently signing irrevocable undertakings in support of a new resolution to place the unissued shares under the control of directors. The new resolution will now be put to shareholders at an extraordinary general meeting scheduled for 9 May. Passing the new resolution requires a simple majority of votes at the meeting.

“We are pleased that the matter is being addressed and that the Claw Back and Rights Offer process will be going ahead in due course.”

Poff says that Global PS Mining Investments Company, Miranda’s international shareholder, has indicated that it remains committed to the Claw Back and Rights Offers.

Shareholders will be informed of the timing of the re-launch once the necessary regulatory approvals had been obtained and a new timetable determined.