Rebel shareholder group adds Accelerate boss to list of directors it wants gone
A disgruntled group of shareholders is now calling for the head of junior cobalt explorer Accelerate Resources to be voted off the board.
This is the second request the company (ASX:AX8) has received to call a meeting for shareholders to vote directors out.
The news sent shares down 20 per cent to an intra-day low of 9.6c.
Accelerate said both “249D” notices had been sent by GTT Global Opportunities Pty Ltd along with associated parties Mounts Bay Investments Pty Ltd, Syracuse Capital Pty Ltd, Murdoch Capital Pty Ltd and Kcirtap Securities Pty Ltd.
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).
The first “249D” notice was received by Accelerate in late September and called for a meeting to be held to vote on the removal of chairman Grant Mooney and director Terry Topping.
The notice proposed they be replaced by Charles Thomas.
After Accelerate received the initial notice, managing director Yaxi Zhan and director Andrew Haythorpe said the move was not in the best interests of shareholders and urged them to vote against the resolutions.
This latest notice has added Ms Zhan to the list of directors GTT now wants gone.
Accelerate is set to hold the meeting to vote on the removal of Mr Mooney and Mr Topping today just before its first annual general meeting.
The company said it is now reviewing the validity of the second notice but is “disappointed that it may be required to hold another general meeting for the same group of requisitioning shareholders at the company’s expense”.
“The board would prefer not to be distracted by such matters and would instead like to devote its full attention to progressing the encouraging exploration program being carried out at the
Mount Read project and creating value for all shareholders,” Accelerate said.
Accelerate only listed on the ASX in February this year, but since its debut has witnessed a 61 per cent drop in its share price to a low of 8.5c in late October.
Stockhead is seeking comment.