Atrum Coal’s board ructions have taken another turn after Gino D’Anna, Atrum’s co-founder and third largest shareholder, sent a letter to the board of directors requesting a general meeting to consider a resolution to remove current directors, Cameron Vorias and Steven Boulton.
D’Anna founded Atrum with Russell Moran but was forced to resign from the company last year, with Moran, after what The Australian Business Review [subscription required] called an “ugly board dispute” that centered on loans taken out against the pair’s stakes in the company.
The third and second largest shareholders, D’Anna and Moran, still own about quarter of Atrum between them, according to the company’s website. The company’s largest shareholder is Lenark Pty, a company associated with current Non-Executive Director and former Executive Chairman, James Chrisholm.
According to a company statement, the board is now considering its obligations in connection with D’Anna’s letter and will provide an update in due course.
Vorias is currently the Managing Director and CEO of Sojitz Coal Mining, while Boulton most recent role was a CEO of infrastructure and utilities investment company, Hastings Funds Management. Both a Non-Executive Directors of Atrum Coal.
Atrum Coal is developing the Groundhog anthracite project in British Colombia, Canada, It recently announced positive yield results from quality testing at the project and is now working on a revised pre-feasibility study for the site.
Edited by Jonathan Rowland.
Read the article online at: https://www.worldcoal.com/exploration-and-development/04022016/atrum-coal-receives-request-for-general-meeting-2016-172/