14th Jun 2018 13:12
LONDON (Alliance News) - Tungsten Corp PLC on Thursday lamented a potential shareholder requisition to remove its senior team, responding to a report from Sky News on Wednesday.
Tungsten said Odey Asset Management LLP has indicated it plans to issue such a requisition to remove Chairman Nicholas Parker, Chief Executive Richard Hurwitz, and Non-Executive Directors Ian Wheeler and Davide Benello.
They would be replaced by Toby Bromovsky and Duncan Goldie-Morrison in unspecified roles.
Tungsten also said it believes Odey has received support from shareholders Disruptive Capital Investments Ltd and Hadron Capital LLP.
The company said it "regrets" the move, given the company has now reached what it described as an inflection point. It plans to liaise with the shareholders over the matter.
Shares were 1.7% higher on Thursday at a price of 54.40 pence each.
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TUNG.L