re: Ann: Grange - Notice of AGM & Proxy Form ... Hi Paxman
Thanks for bringing this up, there has been a lot of behind the scenes questioning of the independence of GRR Directors.
When Anthony Bohnenn was the Chairman of Grange and he agreed to the reverse takeover (merger) with ABM it was agreed that there would be a total of 8 directors, 3 of whom would be nominated by Shagang as their representatives, 3 would be non independent (previous executives and directors and the MD).
However when Anthony resigned from the Grange Board this agreement has not been adhered to.
Therefore many minority shareholders now have concerns regarding the Board, many of these shareholders are Dutch as they still hold a large minority stake in Grange, much of that due to their close association and respect for Anthony.
Most are not at all convinced of the independence of the new appointee and will still need to push for another Independent Director to be appointed to succeed Neil Chatfield.
I agree
"Suggest you think very carefully about whether or not to support these resolutions and ask yourself whether the minor shareholders are being looked after with what is NOT an independent Board - look at Asia Iron, Mt Gibson, Gindalbie...there's a trend.
Minorites will not win the vote, but they can stand up and be counted!"
I am not a Dutch shareholder, although I guess that you and Multi are, however I was a good Aussie friend of Anthony and a long term GRR holder.
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