10th Feb 2014 16:16
LONDON (Alliance News) - Strategic Minerals PLC said Monday that Chief Executive Officer Paul Harrison has resigned, following attempts by two minority shareholders to oust him in January.
Harrison has stepped down with immediate effect. Also stepping down are Finance Director David Anderson and non-executive Director Peter Stephens, as Lyle Hobbs and Julien McInally are appointed to the board in a non-executive capacity.
Stephens will resign when Hobbs' appointment is confirmed, and Anderson will resign when McInally's appointment is confirmed.
In January minority shareholders Lenark PTY Ltd and Kifco PTY Ltd, which own a combined 5.67% stake in the company, wanted to appoint Hobbs, McInally and David Weidemier as directors.
The minority shareholders called for a general meeting at which they were going to try and oust Harrison, Chairman James Fyfe, Stephens and Anderson. The request came just under a week after Strategic Minerals said it knew of "no reason" for recent fluctuations in its share price as it reported strong sales growth in 2013.
However, in Monday's statement Strategic Minerals said that the minority shareholders had withdrawn their request to convene a general meeting.
"The appointment of Messrs McInally and Hobbs to the Board of Directors is expected to enhance the Company's ability to accelerate its strategic objectives, and in particular the Company's ability to find and acquire the rights to mineral stockpiles," Strategic Minerals said in a statement Monday.
Shares in Strategic Minerals were trading up 12% at 1.51 pence Monday afternoon.
By Hana Stewart-Smith; [email protected]; @hanassallnews
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