Copper and gold explorer Auris Minerals has lost its bid to spark a formal investigation into an alleged association between one of its directors and a disgruntled shareholder group.

The government-appointed Takeovers Panel told Auris on Friday that it had rejected a request to investigate Auris Minerals’ claims.

“The Panel concluded there was no reasonable prospect that it would make a declaration of unacceptable circumstances and Auris had not provided a sufficient body of material to justify the Panel making further enquiries as to the alleged association,” the regulator said in a statement released to the ASX on Friday.

Auris’s (ASX:AUR) shares climbed 17.5 per cent to close the week out at 6.7c. The shares have traded bwetween 3.4c and 10.5c over the past year.

A group of dissident shareholders wants chair Bronwyn Barnes and nonexecutive director Susan Vearncombe removed from the board.

Michael Fotios, who has a 15.8 per cent stake in Auris, is trying to keep Ms Barnes and Dr Vearncombe from being evicted by seeking the removal of director Rob Martin.

AHN shares over the past three months.
AHN shares over the past three months.

A substantial shareholder notice lodged with the ASX last week raised an alleged link between Mr Martin and the shareholder group that called for the meeting to vote the two directors out.

The notice shows the group increased its stake in the junior copper and gold explorer to 13.33 per cent from 11.05 per cent.

Auris will hold a general meeting on April 20 to vote on the removal of Ms Barnes, Dr Vearncombe and Mr Martin as well as the appointment of Neville Bassett and Brian Thomas as directors.

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