Copper explorer Caravel Minerals takes shareholder to court
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Junior copper explorer Caravel Minerals is pursuing legal action against one of its shareholders.
Caravel (ASX:CVV) told investors on Wednesday that it had raised concerns with the corporate watchdog in December and February over share trading by Hartree Pty Ltd, which holds a 5.6 per cent stake and is a wholly owned subsidiary of Alasdair Cooke, and other associates during a recent entitlement issue.
In an announcement publicly released to the ASX, the company said the Australian Securities and Investments Commission had confirmed it will be conducting an assessment of the concerns it has raised.
The shares dropped 8.3 per cent to 5.5c on the back of the news.
Caravel has now served a writ of summons against Mr Cooke, Hartree and another of Mr Cooke’s companies, Mitchell River Group Pty Ltd.
In January, the company received a notice of intention from Mr Cooke to put forward a resolution to have Marcel Hilmer removed as a director.
Mr Cooke previously requested a seat on the board, but Caravel said it rejected the request.
“The board consider that Marcel has done an exemplary job in progressing the Calingiri project with finite resources, maintained low overheads and collectively support him remaining as managing director and chief executive officer of the company,” chairman Peter Alexander told investors in the ASX announcement.
“Although the board had wanted to avoid legal action, it was gravely concerned about the actions and motives of Alasdair Cooke and his associates and was left with little choice but to protect the company’s interests and those of the shareholders.”
Caravel declined to comment further on the matter and Stockhead is seeking comment from Mr Cooke.