30th Jan 2014 13:21
LONDON (Alliance News) - Strategic Minerals PLC Thursday said two minority shareholders have called for a general meeting at which they will try to oust Chief Executive Paul Harrison, Chairman James Fyfe and Finance Director David Anderson from their positions.
The calls to oust the directors come 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.
According to a Strategic Minerals statement, Lenark PTY Ltd and Kifco PTY Ltd, which the company says to its knowledge hold a combined 5.67% stake in it, wants to appoint Lyle Hobbs, Julien McInally and David Weidemier as directors.
Stategic Minerals didn't specify what roles the proposed new directors would take up, under the minority shareholders' plans.
In addition to the executives, the minority shareholders have called for the removal of Non-Executive Director Peter Stephens.
The statement from Strategic Minerals didn't provide a reason for the proposed board change, and a spokesperson for Strategic Minerals declined to elaborate.
Over the past 12 months, Strategic Minerals' share price has lost significant ground, from 6.75 pence per share early last February to the current level of 1.30 pence, Thursday afternoon.
In an update last Friday, the magnetite iron-ore producer and exploration company with operations in the US said its Cobre magnetite stockpile in New Mexico has generated roughly USD38 million in its full year 2013, a significant increase on USD6 million in 2012.
It is pursuing an exploration programme in Australia, aimed at developing two key sites, the Iron Glen and Jotanooka tenements.
In the six months to June 30, 2013 pretax losses widened to GBP4.4 million from GBP1.2 million a year before, even as sales leapt to GBP14.0 million from GBP334,000.
Strategic Minerals shares were Thursday quoted at 1.30 pence, up 0.02 pence, or about 2.0%.
By Samuel Agini; [email protected]; @samuelagini
Copyright © 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
Strategic Minerals