Corporate: Aguia directors take issue with the recent attempt to remove them

A serious boardroom scuffle remains ongoing at Brazil-focused phosphate explorer Aguia Resources (ASX: AGR).

The company today updated its response for a shareholders meeting request pursuant to Section 249D of the Corporations Act, first issued on April 11.

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The basis of the request was forthright; shareholders sought the “removal of all directors of the company other than Justin Reid, the Managing Director”.

At the time, the directors of Aguia said they were seeking advice about the request, to ensure it was valid. If it was deemed to be so, then a meeting was required to be called within 21 days and held within two months of the April 11 date.

However, today the incumbent directors had an update for the market: they don’t think it’s valid.

Having reviewed the documents in question, the directors said they have “identified a number of irregularities and defects in relation to the Notice”.

Shares in Aguia were down just over three per cent in morning trade to 14.5 cents, down from a 12-month high of 25 cents reached last June.

The directors said they have advised the irate shareholders (and their legal advisors) who are seeking their removal of the irregularities in question.

On April 8, the company had to answer an ASX query after its share price shot from 8.9 cents to 22 cents in one day. In response, Aguia said it was not aware of any information which caused the share price to jump.

In other ASX corporate news today

Rare earth explorer Pensana Metals (ASX: PM8) has a new boss. Taking the reins will be Cape Town-based Tim George, a mineral engineer with 30 years industry experience including a long stint at Anglo American. George lives in relatively close proximity to Pensana’s Angola-based operations.

His base salary will be $300k, with a short-term incentives of up to $150k. George will also get two trances of 12.5m PM8 shares if the company can start construction by December 2020 and concentrate sales by December 2021. Shares in PM8 were up 11 per cent to 2 cents.

And biotech Imugene (ASX:IMU), which is developing a treatment for stomach cancer, also announced a key staff appointment. Dr Lesley Russell will join the board as a non-executive director. Russell has 25 years in the global pharmaceutical industry, with direct experience in companies developing oncology and haematology treatments.

Subject to shareholder approval, Russell will be issued with 25 million options which will vest at between 4-4.5 cents and expire in three years. Shares in Imugene were up 5.88 per cent in morning trade at 1.8 cents.