MinRes clear to takeover Mesa Minerals

Mineral Resources' takeover of Mesa Minerals is poised to go ahead after moves to dump four of Mesa's directors were voted down at a shareholders meeting today.

Earlier this week, Mineral Resources flagged an all-scrip takeover of Mesa - recommended by the Mesa board - on condition that resolutions put forward at today's meeting were defeated.

Mineral Resources is offering one of its shares for every 70.6 Mesa shares.

The meeting, held in Brisbane, was called by a group of shareholders headed by Guy Le Page, who were calling on the removal of four of Mesa's five directors and replace them with three of its own nominees.

The dissident shareholders have links with estranged joint venture partners and thwarted merger proponent, Auvex Resources.

The shareholders have previously said they have become frustrated with Mesa's slow progress towards full-scale production and that the board was devoting too much of its effort to its own technological process for upgrading low-grade manganese.

The margins between the for and against shareholder votes to remove the four Mesa directors were not large, with chairman Norman Coldham-Fussell receiving 202.8 million in favour of his removal while 236.6 million were against.

Similar margins also existed for the dissident shareholders' director nominees, with Mr Le Page receiving 202.3 million votes for his appointment to Mesa's board while 237 million were against.

Mesa is currently attempting to move to full scale production at its Ant Hill and Sunday Hill manganese projects located south-east of Port Hedland.

Shares in Mesa were up 0.8c to 10.5c at 14:14 AEST.