Close call for Troy directors after board spill fails by ‘this much’
Besieged Troy Resources directors can breathe a little easier after shareholders voted against a board spill driven by a mutinous Singaporean shareholder.
Republic Investment Management (RIM), a Singaporean-based shareholder with a 5.1 per cent stake, was trying to remove Troy director John Jones and chairman Peter Stern.
The pair were to be replaced with directors including former Kingsgate Consolidated chief Greg Foulis, former Tiger Resources director Russell Middleton and MacPhersons Reward managing director Jeff Williams.
The resolutions put forward by RIM were voted on by shareholders at a general meeting held yesterday in Perth.
The close results show a large number of shareholders were seeking change at the gold play.
Mr Jones’s removal from the board was narrowly defeated with around 52.3 per cent of votes cast against his removal.
Mr Stern retained his position more comfortably with only 34.3 per cent voting for the resolution to have him dumped.
Meanwhile, resolutions to have Mr Foulis, Mr Middleton and Mr Williams appointed to the board were all narrowly defeated.
Votes cast against the resolutions to appoint Mr Foulis and Mr Middleton came in at around 52 per cent while 53 per cent voted against Mr Williams’s appointment.
Shareholders have had reason to be disgruntled with Troy. Its Karouni project in Guyana has suffered technical issues since coming into production last year.
The troubles have been reflected in Troy’s share price which has been steadily falling from a peak of $5 in 2012 to 9.8c in today’s trading.
Leading up to yesterday’s meeting Mr Jones and Mr Stern told shareholders that keeping the current board would stabilise operations at Karouni, which was achieving its highest quarterly production in more than five months.