9th Jan 2015 10:06
LONDON (Alliance News) - Asia Resource Minerals PLC said Friday that Chairman Bob Kamandanu has resigned and will step down with immediate effect, to be succeeded by Independent Non-Executive Director Wallace King, amid a dispute with the company's former chairman.
King will take up the role of chairman on an interim basis, pending a permanent appointment.
Earlier this month the company received a notice from an investment vehicle owned by its former chairman, Samin Tan, which controls 23.8% of the company's voting rights, requesting a general meeting to remove and replace some of its directors.
In December, Asia Resource Minerals, the former Bumi PLC, had said that the notice from Borneo Bumi Energi and Metal Pte Ltd wanted directors that it nominated to make up the majority of the Asia Resource Minerals board.
The notice called for the removal of Senior Independent Director Richard Gozney, Chief Executive Amir Sambodo, Independent Non-Executive Director Hamish Tyrwhitt and any additional directors appointed during the period commencing on the requisition date.
Borneo Bumi also proposed appointing Kenneth Allan, Kin Chan, Benjamin Wiley and Alexander Ramile as directors of Asia Resource.
Friday the company also said that Gozney will chair the company's nominations committee.
Shares in Asia Resource Minerals are trading up 2.8% at 9.27 pence Friday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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