Boardroom battles heat up: former Kin chairman wants director gone
Kin Mining is facing a push to have one of its directors removed by a former chairman.
The gold hunter (ASX:KIN) has received a demand from Terrence Grammer, along with former non-executive director Marvyn Fitton and Orbit Drilling, that a meeting be called for shareholders to vote on the removal of executive director David Sproule.
The three shareholders collectively have a stake of more than 5 per cent in Kin.
Mr Grammer retired and Mr Fitton stepped down in February last year as part of a board restructure.
Kin shares closed down 2 per cent at 25c on Monday.
Shares have slipped 30.6 per cent since early December when they were trading at a high of 36c.
Caravel wants shareholders to quit it
Meanwhile, junior copper explorer Caravel Minerals (ASX:CVV) has announced in a letter to shareholders released to the market that Caravel is taking legal action against Mitchell River Group Pty Ltd, Hartree Pty Ltd and Alasdair Campbell Cooke over alleged breaches of a binding confidentiality agreement between Mitchell River and Caravel.
The company is also pursuing Hartree and Mr Cooke for alleged breaches of the Corporations Act 2001 relating to recent share trading in Caravel by Hartree, a wholly owned subsidiary of Mr Cooke.
Caravel further announced that it had written to Mr Cooke asking him to “cease and desist” from making allegedly “false and defamatory claims” against the company.
“We will seek to resolve these matters as quickly and judiciously as possible, while ensuring our focus remains on defining a robust development pathway to support the future construction of the Calingiri project,” chairman Peter Alexander said in a letter to shareholders.