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Finders Resources board reshuffled

23rd August 2013

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

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PERTH (miningweekly.com) – The board of ASX-listed copper developer Finders Resources has been reshuffled, putting an end to a tug-of-war with investor Taurus Funds Management.

Earlier this month, Taurus called for an extraordinary general meeting to consider the removal of three of the seven Finders directors, as well as the appointment of Taurus representative Gordon Galt to the board.

The move was rejected by the Taurus board.

However, on Friday, Finders announced that Galt had joined its board.

The company also announced the appointment of Barry Cahill as MD.

Further, Finders announced that Gary Comb had been re-elected as chairperson of the company, following the resignation of interim chairperson Russell Fountain earlier this week.

Fountain, along with Stephen de Belle and Stephen Lonergan resigned as directors of the Finders board on August 20. Fountain had been appointed as interim chair to replace Comb, who had thrown his lot in with Taurus in the apparent “change of control” bid.

Finders was quick to point out to shareholders that Comb was an independent director and had no association with Taurus or any other substantial shareholder, adding that the board changes did not transfer control of Finders to either Taurus or fellow major shareholder Provident, as each of the companies had only one seat on a board of five directors.

Edited by Chanel de Bruyn
Creamer Media Online Managing Editor

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