Converting

Mondi's demerger from Anglo American is set to go ahead after the mining group's shareholders overwhelmingly approved the proposal at an extraordinary general meeting yesterday (25 June).

The packaging and paper group now only needs approval for a reduction of capital in Mondi plc on 2 July at the High Court.

If this is granted, Mondi will be demerged as a dual-listed company in London and South Africa, and trading in the new group's shares will start on 3 July.

Almost 99.9% of the votes cast at yesterday's EGM were in favour of the demerger.

Mondi plc, the London-listed arm of the new group, will be included in the London Stock Exchange's Forestry and Paper sector.

Sir John Parker and Cyril Ramaphosa will be joint chairmen of the group.

David Hathorn will be chief executive and Paul Hollingworth chief financial officer.