Accelerate says demands for new spill vote are an exercise in futility
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Rebel shareholders continue to agitate for the removal of Accelerate Resources’ leadership group, despite losing an initial vote on November 22.
Cobalt explorer Accelerate (ASX:AX8) told investors that another “249D” notice had arrived from shareholder GTT Global Opportunities, along with associated parties Mounts Bay Investments, Syracuse Capital, Murdoch Capital and Kcirtap Securities.
The resolutions within this notice were the same ones Accelerate shareholders voted against at the general meeting on November 22, namely the removal of non-executive chairman Grant Mooney and non-executive director Terry Topping.
Nearly 60 per cent of the votes cast on November 22 were against the eviction of Mr Mooney and Mr Topping.
It also follows a notice from GTT on November 19 calling for a new meeting to vote out managing director Yaxi Zhan.
With shareholders being asked to vote on the exact same resolutions that were just voted down, Mr Mooney said the actions of GTT and its principals had descended from “a legitimate test of shareholder support for the incumbent board to an exercise in futility”.
“In my opinion this has now gone from providing Accelerate shareholders’ a right to consider the best way forward, to being destabilising and value destructive for all shareholders, with no real point other than petulance in the face of a clear loss,” Mr Mooney said.
Accelerate told investors it was in the process of reviewing the validity of the notice and the proposed resolutions from GTT.
If valid, the company will hold another general meeting to consider the proposed resolutions.
GTT holds about 5.35 million Accelerate shares. As of July, Ms Zhan, Mr Topping, and Mr Mooney collectively held 5.5 million shares.
GTT has also been involved in other battles to oust directors including its successful push to have a director of West Africa-focused gold explorer Viking Mines evicted.
More recently, GTT won control of Baraka Energy & Resources (ASX:BKP) — a company it once raised money for.