|Monday, 4 March 2013|
VANGOLD Resources, a significant shareholder of fellow Papua New Guinea explorer Coppermoly, is calling for the removal of all Coppermoly directors instead of half of them.
Earlier this year Vangold and Pacific Kanon Gold Corporation, which collectively own 14.29% of Coppermoly according to recent Bloomberg data, requested an extraordinary shareholder meeting based on removing Coppermoly directors Maurice Gannon and Shawn Uldridge.
The meeting was scheduled for this Friday but Vangold seeks to cancel it and instead start a fresh EGM based on replacing all four of Coppermoly’s existing directors with its own nominees.
Vangold’s four nominees include its president Bruce Count but the standout is long time Coppermoly consulting geologist Stan Yeaman, who owns his own 2.99% stake of Coppermoly.
Gannon, who has become managing director of Coppermoly since Vangold first started its EGM proceedings this year, outlined some of Vangold’s concerns in a recent announcement.
These include circumstances around the resignation announcement of Gannon’s predecessor Peter Swiridiuk, the terms of the convertible note deals with Mitchell River Group and Aviva Corporation, and Coppermoly’s recent announcement of a failed acquisition offer for one of its West New Britain projects.
Gannon said Coppermoly’s board was surprised Vangold wanted to remove its new chairman Dr Geoff Booth as his “credentials were exceptional”.
The time and place of Vangold’s new proposed EGM will be announced when possible. Gannon questioned Vangold’s motivations.
“While Vangold has previously stated that it does not wish to obtain control of the Coppermoly Board, the directors remain concerned that by removing the entire board of directors, and appointing their own nominated directors, this will be the case,” he said in Coppermoly’s announcement today.
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