on and on it goes, page-3

Makes your blood boil... Shifty, shady characters.
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"Former African National Congress (ANC) Eastern Cape provincial leader Andile Nkuhlu, and other shareholders with a 26.5% stake in black empowerment resources miner Genorah Resources, took the company’s directors to court last Friday in a bid to block a shareholders meeting that would have voted on a resolution to issue a significant stake in the exploration company in exchange for a loan facility worth up to A$8m ($8.4m).

Genorah’s chairman, Sharif Pandor, and MD Maredi Mphahlele subsequently issued a cancellation notice dated January 18, advising shareholders that the meeting scheduled for Monday had been cancelled. Genorah is the major shareholder in Australian-listed miner Nkwe Platinum, which is looking to raise R5.3bn to develop the Garatau platinum project in Limpopo.

In an affidavit lodged by Mr Nkuhlu — acting on behalf of four other shareholders — it is alleged that fellow directors Messrs Pandor, Mphahlele and Jackie van Schalkwyk convened an "emergency meeting" meant to have been held at less than 24 hours’ notice, on December 20 last year.

Mr Nkuhlu alleges in his affidavit that the meeting sought to approve a draft facility agreement which would have seen African Minerals Exploration and Development Fund SICAR (Amed) acquiring a stake of 50% minus one in Genorah. Amed would have accumulated the stake through the subscription of new shares and the purchase of existing shares from shareholders.

Mr Nkuhlu notes in the affidavit that he did not attend the emergency meeting as a director, but subsequently found out that Mr Mphahlele, Mr Pandor and Mr van Schalkwyk took a resolution in a meeting on December 20, noting that all the directors of the company had agreed to the facility.

The affidavit notes: "We the undersigned being all directors of Genorah Resources at an urgent board meeting of the company of the 20th day of December 2012 resolve that …. given the urgency of the meeting the minimum notice period of 14 days is waived.

"The company approves the supplemental facility agreement between Farling Ventures Limited (a subsidiary of Amed), Genorah Resources Pty Ltd, Genorah Resources (Australia) Pty Ltd and Nkwe Platinum Limited."

Mr Nkuhlu said this was against the company’s shareholders agreement which required all five directors to approve. He said two directors had been omitted.

Asked to comment on the matter Mr Pandor said in a statement yesterday: "On behalf of Genorah and its directors — obviously excluding Mr AR Nkuhlu — we would like to draw your attention to the fact that the matter is sub judice and we cannot comment."

However, Mr Nkuhlu denied that the matter was sub judice.

"It’s not sub judice.

"It has been withdrawn from the urgent roll ," he said. "