imc turns hostile, page-17

Ace, jsut incase you haven't read it yet

News
Atlas Iron chairman removed


AAP
22/11/2008 4:18pm


Atlas Iron Ltd's largest shareholder IMC Resources Investment has unseated the iron ore miners' chairman, in a move that could be the prelude to a takeover bid.

The removal of the ex-BHP Billiton Ltd executive David Nixon by the 19.6 per cent shareholder surprised shareholders at Atlas' annual general meeting in Perth on Friday.

IMC Resources Group is an Asian shipping company with operations in Australia, China and Indonesia.

It is believed to be associated with Linq Resources Fund, with holds just under five per cent of Atlas.

Atlas is expected to call an extraordinary general meeting to appoint a new chairman.

Shareholders also voted down a resolution on the company's remuneration report, which is non-binding.

Mr Nixon said the company took the matter seriously and would review the company's remuneration structure.

All other resolutions were carried.

The company is a fortnight away from shipping its first cargo of iron ore to an unidentified customer, which is believed to be a Chinese steel mill.