Six directors of Aim- and ESM-listed Conroy Gold and Natural Resources were removed at a general meeting on Friday and the minority shareholder who called the vote now wants the remaining three to be removed too, miningweekly.com notes.
Conroy Gold, which explores in Ireland and Finland, reported on Monday that Patrick O’Sullivan was successful in his quest to have six board members removed, but that the resolution to appoint three new ones, including himself, had failed.
Nonexecutive deputy chairperson Seamus FitzPatrick, FD James Jones, as well as nonexecutive directors Dr Sorca Conroy, Louis Maguire, Michael Power and David Wathen were removed from the board at Friday’s meeting.
A resolution to appoint three new members, including Paul Johnson, Gervaise Heddle and O’Sullivan was declared of “no effect” owing to noncompliance with the provisions of the company’s constitution.
Conroy Gold said that O’Sullivan’s legal council had indicated that the issue of noncompliance would be disputed.
O’Sullivan would also requisition a further general meeting at which he would propose to remove the remaining directors, including founder and executive chairperson Professor Richard Conroy, MD Maureen Jones and nonexecutive director Garth Earls.
The Irish Times reports that O’Sullivan had raised concerns about corporate governance and remuneration of board members.