Battle for control of Bowen Basin coal producer
It is pushing for the election of Cameron Vorias as an independent non-executive director and chairman, and Jimmy Sen Ming Lim as a non-executive director.
The Stanmore Coal board says the measures Golden Investments is seeking would give it effective control of the company.
Golden Investments, which holds a 25.89 per cent stake in Stanmore Coal, made a takeover bid for the company late last year.
It is owned by Singapore’s Golden Energy and Resources (GEAR) and Ascend Global.
Discussions regarding Stanmore’s board composition have been ongoing since February, when the takeover offer expired.
The EGM is set to be held in September in response to the notice under section 249D of the Corporations Act.
In a statement to the ASX, Stanmore said Golden Investments claimed it had lost confidence in Stanmore’s board and questioned its coal marketing, stating that a review had indicated Isaac Plains coal could have achieved a better price last financial year.
Stanmore chair Stewart Butel said: “after a failed bid that undervalued Stanmore, Golden Investments is trying to take effective control of the company, this time without paying any premium to their fellow shareholders.
“We have built Stanmore into a successful, independent Australian resources company and Golden Investments’ refusal to discuss its alleged concerns with us shows it is more concerned about achieving its goal of obtaining effective control of the board than about the performance of the business.
“The board and management team of Stanmore are confident of the performance and prospects of the business. We will convene the EGM to resolve the situation and give all shareholders certainty about the future of their company.”
Japanese conglomerate Sumitomo Corporation is putting its money behind the Hillalong coking coal project, about 105km west-southwest of Mackay.Project...