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Afarak shareholders to consider special audit, board replacement bids

Afarak Group Oyj said Dec. 5 that it called an extraordinary general meeting of shareholders Feb. 5, 2018, to consider Kermas Resources Ltd.'s proposal to push for a delisting of the company from the Helsinki Stock Exchange in Finland.

The meeting, as requested by Kermas with a 26.90% of Afarak shares and voting rights, will also address the demand for conducting a special audit in the company as requested by another group of shareholders representing 10.86% of the issued shares in the company.

In addition, the shareholders will also consider a resolution for the dismissal of its board and the election of a new one.

However, the board believes that this resolution will not be needed as all board members are expected to resign Feb. 5, 2018.

Afarak board member Thomas Hoyer will not stand for re-election at the meeting.

In November, Afarak denied media reports in Finland that the company was under criminal investigations by the Finnish police related to one of its shareholders.