Nascent withheld votes so those directors need to resign( the ones with more withheld votes)
Chair and fmg in talks to ratify the situation but it shows fmg want to accelerate project
From the ann
In accordance with the Company’s Majority Voting Policy, the Company anticipates that each of Joanne C. Freeze, Miguel Inchaustegui, Steven Latimer and Sean I. Waller, will offer their resignation as a Director of the Company, as each of these persons received a greater number of votes withheld than votes in favor of their election as a Director. Following the Company’s receipt of these resignations, the Company’s Board of Directors will determine whether or not to accept the resignations in accordance with the Majority Voting Policy, with each of the Directors who have offered their resignation abstaining from the decision-making process.
For each of the Withheld Vote Directors, between 87% to 99% of the Withheld Votes were cast by Nascent Exploration Pty Ltd., a wholly owned subsidiary of Fortescue Ltd. (“Fortescue”
. In accordance with the Company’s Majority Voting Policy, Fortescue’s reasons for the Withheld Votes and the views of other Company stakeholders will be considered by the Board in determining whether to accept the resignations. The Company will provide a further update once the Board has consulted with all parties. The Board intends to complete this process as promptly as possible, and within the 90 days required pursuant to Toronto Stock Exchange Policies.
The Company’s Executive Chair, Giulio Bonifacio, is currently in discussions with Fortescue regarding the Withheld Votes. Fortescue has advised that it believes a reconstituted Board would prove beneficial for the Company and will result in the further accelerated development of the Cañariaco Project. The Company is encouraged by Fortescue's desire to take a more active role and welcomes the opportunity to work with Fortescue as we further advance the Cañariaco Project. "The Cañariaco Project is a large scale, robust copper project and the involvement of Fortescue, a global mining company with deep experience in the development and operation of large scale base metal mines can only be seen as positive - we look forward to our discussions with Fortescue over the coming weeks", commented Mr. Bonifacio.
(20min delay)