Rebel shareholders win two seats on Caravel’s board
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A dissident shareholder group has won two seats on the board of junior gold and copper explorer Caravel Minerals.
Alasdair Cooke and Alexander Sundich were elected to the board at a general meeting on Monday.
In March, Caravel received a notice demanding a shareholder meeting to vote on the removal of three of the four directors and the appointment of Mr Cooke and Mr Sundich.
There was no mention that the three directors, including chief Marcel Hilmer, had been voted out in Caravel’s corporate update on Monday.
Caravel has been pursuing legal action against Mr Cooke and two associated companies.
The company previously raised concerns with the Australian Securities and Investments Commission over share trading by Hartree, which holds a 5.6 per cent stake and is a wholly owned subsidiary of Mr Cooke, and other associates during a recent entitlement issue.
Mr Sundich is a director and shareholder of Bridge Street Capital Partners, a recent corporate adviser to the company.
Caravel submitted an application to the Australian government-controlled Takeovers Panel over the move to topple the board.
However, the Panel declined to call a hearing over the matter and subsequently refused to conduct a review of its decision.
Caravel’s main focus is its Calingiri copper project located 120km from Perth, Western Australia.
Stockhead is seeking comment.