20th Jul 2018 15:34
LONDON (Alliance News) - Tungsten Corp PLC on Friday said Odey Asset Management LLP has agreed to withdraw its general meeting requisition after agreeing to appoint two new board members proposed by Odey.
In late June, the asset management firm, which has a 15% stake in Tungsten and is its second biggest shareholder, called for a meeting to remove Chairman Nicholas Parker, Chief Executive Richard Hurwitz, and Non-Executive Directors Ian Wheeler and David Benello.
Odey had also sought to appoint Anthony Bromovsky and Duncan Goldie-Morrison to the board.
On Friday, Tungsten said following talks between the two it has appointed Bromovsky and Goldie-Morrison to the board as non-executive directors.
Odey commented: "We have long been excited by the potential value available to Tungsten's shareholders from the scale of its e-invoicing network and its impressive client register. We appreciate the constructive discussions we have held with the board to address our concerns.
"We are pleased to have agreed Tony's and Duncan's admission to the board as an important step in the process towards maximising Tungsten's potential value on behalf of all shareholders in the future."
Shares were 2.7% higher on Friday at a price of 51.74 pence each.
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