JSE- and ASX-listed Resource Generation (Resgen), who is developing the Boikarabelo coal mine in the Waterberg region of South Africa, said on Thursday that Shinto Torii, Noble Resources International and Public Investment Corporation (PIC), led by Shinto Torii parent company Altius are attempting to overthrow the board.

The company claims that Altius is acting on behalf of Noble and PIC in addition to itself in requisitioning a general meeting to replace Resgen’s directors with its own nominees.

Resgen has since written to Altius asking it to withdraw its requisition for the general meeting so that the mine’s newly acquired €480 million funding from HAB & JPR Privée, a Swiss private company, is not jeopardised, as HAB & JPR Privée has indicated that if there is a change of directors it reserves the right to cancel the loan facility.

This follows Resgen’s decision that the funding to be provided by HAB & JPR Privée is materially more favourable than incomplete proposals received from the club of financiers, including Noble Group and PIC, which would result in a substantial transfer of value to Noble Group and PIC from Resource Generation’s shareholders and its BEE partner.

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