Viking readies itself for round two stoush with shareholder
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A disgruntled Viking Mines shareholder is once again seeking to oust a director and appoint his own replacement.
Shareholder GTT Global Opportunities called on the directors of Viking (ASX:VKA) to hold a meeting to consider the appointment of Charles Thomas as a director and remove current executive chairman John Gardner.
Viking believes the requisition to remove Mr Gardner is invalid because it doesn’t comply with the Corporations Act.
Viking also noted the resolution to appoint Mr Thomas as a director was one of the resolutions to be voted on at the upcoming annual general meeting.
Viking’s directors will convene a further meeting to consider the appointment of Mr Thomas as a director should he not be appointed at the AGM.
The news comes after Viking received an initial requisition in August from GTT to hold a meeting to vote on removal of Mr Gardner and Peter McMickan and appoint Mr Thomas and George Henderson as directors.
At the October 10 meeting, all the resolutions were defeated with almost 59 per cent of all votes against the appointment of Mr Thomas as a director.
GTT holds a 16.8 per cent stake with 52.6 million shares in Viking and has been steadily increasing its stake after joining the share register with the purchase of 15.8 million shares in June.
The shareholder is linked with Rocco Tassone, a director of GTT. Mr Tassone is also a former non-executive director of Lepidico (formerly Platypus Minerals).
Viking has been delayed in receiving $US8 million cash of the $US10 million sale of its Akoase gold project after ownership of the purchasing company was transferred to a substantial Ghanaian trading company, BXC Ghana.
During the last quarter, Viking received another $2 million from the sale bringing its sales proceeds up to $US5 million.
The remaining $US3 million is due by end of December and is covered by a guarantee from BXC Ghana.
“With cash reserves building from the sale of the Akoase gold project, the board believes Viking is in a strong and unique position to identify and evaluate new value creating opportunities in the mining sector,” Viking said in its last quarterly.
The company remained unchanged in morning trade at 2.2c and has a market cap of around $7 million.