Knox knocked from Firestone board after shareholder vote
PERTH (miningweekly.com) – The shareholders of dual-listed Firestone Energy have ousted former CEO David Knox from the board of directors, with more than 1.6-billion votes being cast against his re-election.
This compared to the 21.6-million votes in favour of his re-election.
Knox stepped down as company CEO in July this year, to be replaced by Stephen Miller, who himself had been re-elected to the company’s board.
Knox had been dead-set against a takeover by fellow-listed Waterberg Coal Company (WCC), formerly known as Range River Gold, which earlier this year made a play for Firestone, offering Firestone shareholders 1.25 of its own shares for every two Firestone shares held.
Firestone even went so far as to apply to the Australian Takeovers Panel, seeking a declaration of unacceptable circumstances in respect of the takeover offer. This resulted in WCC being ordered to dispatch a supplementary bidder’s statement.
The takeover offer closed in October, and resulted in WCC holding 45.88% of Firestone.
Moreover, in September, Firestone accepted a A$3-million loan from WCC to finance feasibility work on the ten-million-tonne-a-year Waterberg coal project, in which Firestone holds a 60% interest.
The Waterberg joint venture partner, Sekoko Resources, has signed a memorandum of understanding with South African energy provider Eskom for a 30-year offtake agreement, which would see the project supplying Eskom with an initial two-million tonnes a year by 2014, ramping up to ten-million tonnes a year by 2019.
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