Board spill a delaying tactic to repay A$1m – Empire
PERTH (miningweekly.com) – The directors of gold junior Empire Resources have urged shareholders to vote against a proposed board spill at the company’s general meeting on July 24, saying that the requisition is a delaying tactic by parties owning the company A$1.02-million.
The Supreme Court of Western Australia earlier this week dismissed an injunction brought about by Empire’s joint venture (JV) partner, Brimstone Resources, to prevent the company from taking action under the mortgage and security documents over its interest in the JV and other properties, after Brimstone failed to make a A$1.02-million repayment to Empire.
Brimstone owed Empire some A$1.1-million, which was due on or before June 6, with the company repaying only a portion of this by that date.
Following the Supreme Court ruling, Brimstone has applied for a hearing before the Court of Appeal, with the court ordering that the appeal be heard on June 26.
In May, Empire received a request from 12 shareholders, holding an approximate 5% combined interest in the company, to call a general meeting in order to vote on the replacement of the current board.
The Empire directors later that month pointed out that the some of requisitioning shareholder were associated with directors of Brimstone.
Empire on Friday told shareholders that the company believed the requisition was opportunistic for Brimstone associates only, and was not in the best interest of all Empire shareholders.
The company warned that the proposed board spill could threaten the company’s share price.
Comments
The
content
you are trying to access is only available to subscribers.
If you are already a subscriber, you can Login Here.
If you are not a subscriber, you can subscribe now, by selecting one of the below options.
For more information or assistance, please contact us at subscriptions@creamermedia.co.za.
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation