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Northern Minerals Says Treasurer Blocks Voting Rights for Three China-Linked Shareholders; Shares Gain 4%

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Northern Minerals (ASX:NTU) said Australia's Federal Treasurer ordered three stockholders not to exercise their voting power on any matters put forward at shareholder meetings, according to a Tuesday filing with the Australian bourse.

The Treasurer's interim directions come after China-linked shareholders Hong Kong Ying Tak, Real International Resources, and Qogir Trading & Service failed to comply with an order to dispose of their stakes in Northern Minerals by a July 2 deadline, per the filing.

Meanwhile, Northern Minerals has been directed not to recognize the exercise of any votes by the three shareholders.

The company "welcomes the Federal Treasurer's interim directions regarding compliance with his May disposal orders," Northern Minerals Executive Chair Adam Handley said.

The company's shares gained 4% in recent Tuesday trade.

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