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Pathfinder Minerals shareholders withdraw application to replace directors

Pathfinder Minerals PLC shareholders who had requested a general meeting to consider ousting CEO Nicholas Trew and Chairman Henry Bellingham from the board withdrew their application.

The company said May 10 that the resolutions to replace the board members with James Normand and James Lumley will not be a part of the May 15 general meeting.

The dispute was related to Pathfinder's Moebase heavy mineral sands property in Mozambique. The company lost control of the two licenses forming the project in 2011 and became involved in a legal battle. In 2013, Pathfinder applied to have the Supreme Court in Mozambique recognize a 2012 judgment by the English High Court that the company had validly acquired its shareholding in license holder Companhia Mineira de Naburi SARL.