Mwana Africa PLC ISS Makes Vote Recommendations (4283O)

TIDMMWA

RNS Number : 4283O

Mwana Africa PLC

28 May 2015

28 May 2015

Mwana Africa PLC

("Mwana" or the "Company")

ISS Recommends Mwana Shareholders Vote Against the Requisitioned Resolutions at the EGM

Mwana Africa PLC ("Mwana" or the "Company"), the pan-African, multi-commodity resources company focused on the production, development and exploration of gold, nickel, copper and diamonds projects, is pleased to announce that Institutional Shareholder Services Inc. ("ISS"), a leading provider of corporate governance solutions and governance research, has published a report recommending shareholders vote AGAINST ALL of the requisitioned resolutions at the forthcoming EGM on 9 June 2015.

Following the request from Ian Dearing and a small group of private shareholders (the "Requisitioners") to convene an EGM of the Company's shareholders ("Shareholders") seeking to approve a number of new Non-Executive Directors and changes to the Board of Directors of the Company, the Company issued a Circular on 12 May 2015 which contained full details of why the Board (excluding Mr Ning and Mr Hu who, on account of the ongoing Petition, have chosen not to participate in the Directors' recommendation) strongly believes that the Resolutions are NOT in the best interests of the Company and Shareholders and why the Board recommends that Shareholders VOTE AGAINST ALL the Requisitioners' proposed resolutions.

In its recent report ISS concludes "The dissident's main argument is that the current Directors have been unable to settle the dispute with the Company's largest shareholder without going to court. It is unclear, however, why the dissident nominees would be better able to reach such a settlement. We also note that this proxy contest is scheduled to take place before the deadline set by the court to reach a settlement.

"ISS considers that the dissident has not met their burden of proving that significant change on the Board is warranted."

Stuart Morris, Interim Non-Executive Chairman, of Mwana commented:

"We welcome this report published by an independent and respected authority on corporate governance matters and believe it provides further support to the Board's position as outlined in the Circular. We continue to encourage shareholders to vote in support of the Company and against all the Requisitioners' proposed resolutions at the forthcoming EGM."

Shareholders can find copies of the Circular, Notice of EGM and proxy voting forms on the Company's website. www.mwanaafrica.com

For further information contact:

Mwana Africa PLC

Kalaa Mpinga, CEO

Caroline Mathonsi, Investor Relations Tel: + 44 (0) 203 696 5470

Nominated adviser and broker

Peel Hunt LLP

Matthew Armitt / Ross Allister Tel: [phone]

Public and investor relations

Russell and Associates

Jim Jones / Leigh King Tel: [phone]

Tavistock

Ed Portman / Jos Simson / Mike Bartlett Tel: [phone]

About Mwana Africa PLC

Mwana Africa PLC is a pan-African, multi-commodity mining and development company. Mwana's principal operations and exploration activities cover gold, nickel, copper and diamonds in Zimbabwe, the Democratic Republic of Congo (DRC) and South Africa.

This information is provided by RNS

The company news service from the London Stock Exchange

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