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After building a substantial shareholding in chocolate-maker Yowie Group in February, Aurora Funds Management has pulled the trigger on chairman Louis Carroll.

Aurora has today demanded a meeting to remove the chairman, who was only appointed in September.

Shareholders will be asked to vote on a resolution: “That Louis Carroll be removed as a director of the Company with immediate effect.”

The iconic brand sells chocolates in the shape of mythical Australian “yowie” beasts — and has a significant presence in the US.

Aurora built a stake in the company earlier this year alongside Bentley Capital (ASX:BEL), Keybridge Capital (ASX:KBC), and HHY Fund which is controlled by Aurora.

The three have cross-shareholdings and manage each other’s funds.

They built a combined voting block of 19.998 per cent.

Australian-made Yowie chocolates.
Australian-made Yowie chocolates.

At the time Bentley Capital director William Johnson told Stockhead he saw Yowie as a good, but undervalued brand.

Aurora said it had spoken to directors at Keybridge and Bentley about the issues, but was in fact acting on its own.

Stockhead is seeking comment from Aurora.

Yowie has faced several problems this year, from a surprise drop in sales forecasts in January to a shock $2.5 million bill, followed by a legal battle over its iconic wrapper.

Yowie shares have struggled over the last 12 months, but the news that Aurora is exercising its muscle lifted Yowie shares by 1 per cent to 8.3c.

Yowie shares over the last 12 months.