Interesting update today from EXT. Really highlights the PETTY excuse that KAH have cited for the removal of PM. The following article has just come out about it from MiningNews:
Extract responds to boardroom stoush Wednesday, 3 June 2009
EXTRACT Resources has responded to major shareholder Kalahari Minerals’ demands to oust managing director Peter McIntyre, saying the hiring and firing of executive management remains the responsibility of the Extract board.
Last week it was revealed that Alternative Investment Market-listed Kalahari was seeking a meeting of shareholders to have McIntyre replaced by its chairman, Mark Hohnen.
In a statement today, Extract said that while it consulted with shareholders on strategic issues, matters relating to appointment and removal of executive management “remain within the remit of the board of Extract”.
“Decisions will only be taken where, after thorough due diligence and appropriate consultation, the board determines such to be the best interests of all stakeholders,” Extract added.
“No agreements have been concluded with any shareholders or other parties in respect of such issues.”
Extract added it had no desire to be involved in any dispute and sought to maintain open dialogue with its shareholders and other stakeholders.
“The board welcomes constructive input from stakeholders, all of which will be given due consideration where the likely outcomes are considered to be in the best interests of all parties with a vested interest in the successful development of the company’s projects,” Extract said.
Earlier this year, Kalahari, which holds a 38.85% stake in Extract, called for a shareholder meeting to oust Extract non-executive directors John Main and Steve Sikirich.
Kalahari eventually withdrew its legal action to have the directors removed after the two parties agreed on changes to the board.
Extract previously said that recent discussions to resolve the latest disagreement were so far unsuccessful and it was seeking legal advice.
The company also announced on Wednesday that the feasibility study for its Rossing South project was progressing well with the scoping study phase due for completion next month.
Extract has engaged Rothschild as an advisor to review the corporate and business options aimed at bringing Rossing South into production. The review is due in July.
The company has also advised that new appointments would include a locally-based chief executive officer for Swakop Uranium, to guide the project development through the next critical phase.
“The company will advertise the executive positions with a view to having a management team in place by mid-August, to accelerate the development of the project,” Extract said.
Shares in Extract have gained 9c to close today’s session at $5.43.
EXT Price at posting:
$5.40 Sentiment: LT Buy Disclosure: Held
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