Genesis Mining changes name, to hold EGM on Oct 3

Automotive

Genesis Mining officially changed its name on September 22 to HUN MINING Ore and Mineral Processing Investment Plc., the company revealed on Tuesday evening. The company also announced that the voting rights of some shareholders were revoked and of some were restored, and that the two deputy CEOs resigned.

HUN MINING said that the company will hold an extraordinary general meeting on October 3 after failing to attain a quorum at its September 19 shareholders' meeting.

HUN MINING added that certain company shareholders have had their voting rights revoked for the upcoming EGM, while others have had theirs restored, though did not provide further details.

HUN MINING also said, that the October 3 EGM will not be able to discuss a proposal made by shareholder Genesis Capital Management to reshuffle the company, and, accordingly, the management, as Genesis Capital Management could not have tabled the proposal because of its limited voting rights.

In a separate statement HUN Mining said that deputy CEOs Jenő Kunovits and Gabriella Prazsák Zádor resigned effective immediately on September 19, the day of the previous general meeting.

The business daily Napi Gazdaság reported on September 20 that Genesis Capital Management, Genesis Mining's biggest owner, had proposed withdrawing from the mining sector due to a lack of project financing. The daily reported that Genesis Mining's board has started talks on buying Dutch virtual mobile service provider 6GMobile, which could send the company in yet another new direction.

Genesis Mining, earlier called Genesis Energy, was in the solar panel business from 2007 until 2010. Afterward, it went into mining and changed its name.

HUN MINING is a B-category issuer at the Budapest Stock Exchange.

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