JOHANNESBURG (miningweekly.com) – Dual-listed Resource Generation (Resgen) on Thursday slammed an attempt by certain shareholders to overthrow the board, claiming illegal collective action by Shinto Torii, Noble Resources International and the Public Investment Corporation (PIC), led by Shinto parent company Altius Holdings.

Shinto, which held a 10.7% stake in Resgen, earlier this week requested a shareholders meeting to have the four current directors sidelined on the basis that they had failed to obtain the funding required to progress the Boikarabelo coal mine development, in Limpopo.

The ASX-listed coal explorer subsequently requested Altius withdraw its 249D request to avoid jeopardising a newly acquired $480-million financing package, which could potentially be withdrawn should there be a change of directors.

On Wednesday, Resgen announced the signing of a memorandum of agreement with Swiss private company HAB & JPR Privée that would be more favourable than the “incomplete proposals” received from the club of financiers, including Noble Group and PIC.

Resgen had also written to the Australian Securities and Investments Commission stating that Altius was acting on behalf of itself, Noble and PIC to replace Resgen’s directors with their own nominees.

The move had emerged shortly after Resgen dismissed funding partner Noble’s request for the appointment of additional directors to the boards of the company and its black economic-empowerment subsidiary Ledjadja Coal.

Resgen explained that it disclosed confidential material information to Altius, Noble Group and PIC during financing negotiations.

“This information may have been used for other purposes in breach of this condition. If shareholders vote to remove Resgen’s existing board, this potential breach is unlikely to be pursued,” the company claimed in a statement on Thursday, adding that other actions in response to the matter were being considered.