SHAREHOLDERS IN COPPERMOLY REVOLT

Written on the 16 July 2012

SHAREHOLDERS IN COPPERMOLY REVOLT

A GROUP of shareholders today launched an attack on the board of Gold Coast-listed junior explorer Coppermoly (ASX:COY), calling for the removal of two directors from the company.

Six shareholders, who collectively hold 20 per cent of Coppermoly and five per cent of the company’s voting rights, have called for an extraordinary general meeting under 249D of the Corporations Act (2001).

In correspondence to the company, the group says it will push for the removal of non-executive directors Maurice Gannon and Ben Faulkner and seek the appointment of Shawn Uldridge as a non-executive director. Gannon is the company secretary.

Uldridge is a founder of William Shaw Securities and his involvement with Coppermoly stretches back to its listing on the ASX in January 2008. He is among the shareholders who have called for the meeting.

“Many Coppermoly shareholders are concerned Coppermoly has not taken a conservative enough approach to its capital,” Uldridge says in a statement today to Gold Coast Business News.

“Many of us have made our concerns clear verbally and in writing, and we believe that not nearly enough has been done. We believe that many of the decisions that the company has made have been strategically the wrong ones.

“We believe the removal of certain directors is the only option that remains available to shareholders in order for the company to be successful in the future.’’

Shareholders who are signatories to the correspondence, which was delivered to the ASX today, include: Rising Bird Investments; John Francis Rebbechi; William Stanley Yeaman; Simon William Tritton; New Guinea Gold Corporation; Shawn Uldridge and Kimberly Lowery.

New Guinea Gold is Coppermoly’s largest shareholder while four of the other signatories are listed in the top 20.

Coppermoly’s share priced dropped by more than 20 per cent after the correspondence was made public, but recovered to be down 3.23 per cent at $0.03 when the market closed.

Gannon is on the Gold Coast. Coppermoly managing director Peter Swiridiuk (pictured) is currently in Mexico while other board members are in Canada and Papua New Guinea.

The company has six projects in Papua New Guinea and one in Queensland’s Esk Trough.

The company was not able to offer any further comment today.

Coppermoly must call the general meeting within 21 days of receiving notice and it must be held within two months. No date has yet been set.


Latest News

MANTRA'S SHARE PRICE SURGE INDICATES 'SUITORS ARE CIRCLING' THE HOTEL GROUP

THE rumour mill surrounding a high-level takeover of Mantra Group (ASX: MTR) is in full production with its shares su...

MELBOURNE CBD GEMS SELL FOR $17 MILLION, MARKING A NEW PROPERTY HOTSPOT

LITTLE Lonsdale Street in the heart of Melbourne's CBD has become a favourite for investors in 2017, following th...

WHAT THE COLLAPSE OF ADWORDS MEANS FOR THE FUTURE OF ONLINE MARKETING

IT'S the story that has rocked the world of advertising. The once reliable, seamless, and lucrative Google (NASDA...

BRISBANE VFX PRODUCTION COMPANY CLEANS UP AT MAJOR INTERNATIONAL ADVERTISING AWARDS

AUSTRALIAN production company Alt.vfx has broken records in global advertising, becoming the first business to win...

Related News

RAY OF HOPE FOR SLATER AND GORDON AS LENDERS STEP IN

EMBATTLED law firm Slater and Gordon (ASX: SGH) has announced to the ASX that it has launched confidential discussion...

SPROUTX PROVIDES THE SEED FOR AGTECH STARTUPS

AGTECH innovation fund SproutX has opened applications for its first accelerator round, backed by $10 million from...

GAS PRICES MAY FORCE BRICKWORKS TO TAKE MANUFACTURING OVERSEAS

BRICKWORKS Limited (ASX:BKW) chairman Robert Millner says soaring energy prices may force the company to turn to offs...

CHINA CONTINUES TO COLLECT AUSSIE PROPERTY ASSETS

CHINESE coin continues to dominate Australia's offshore real estate investment market, accounting for almost h...

EVENTS COMING UP

 

Contact us

Email News Update Sign Up Contact Details
Subscriptions

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter