Pan African Resources PLC (AIM:PAF, OTCQX:PAFRY, JSE:PAN) has delayed a proposed share capital reduction after a court ruled that not all shareholders had been properly notified of the meeting approving the move.
The gold miner said some shareholders had opted not to receive company notices and therefore did not receive formal notification of the general meeting. Although several later became aware of the meeting and voted, the court decided the process was insufficient.
Pan African now plans to circulate a new notice and hold another general meeting in the new year to seek fresh approval.