shareholder legal action against admiralty

http://www.slatergordon.com.au/files/blog_docs/191_0_doc1.pdf

June 27, 2011
Shareholder commences legal action against Admiralty Resources
Slater & Gordon has today confirmed that it is investigating the company, Admiralty Resources, on behalf of one of its shareholders.
Slater & Gordon litigation lawyer Ben Phi said the firm had commenced legal action on behalf of Admiralty Resources shareholder David Hanks over concerns about a company sale.
He said the firm?s investigations were centred on Admiralty Resources? sale of the Chilean tenements to Icarus.
?Our client is concerned that Admiralty shareholders were not appropriately informed about the competing offer for the Chilean assets when they voted to approve the sale,? Mr Phi said.
"He has repeatedly requested that Admiralty provide information about the due diligence that it conducted before recommending Icarus' offer as superior. Each request has been ignored or denied.?
Mr Phi said the legal action was an example of an individual shareholder challenging an Australian listed company on its corporate governance, when the corporate regulator declined to do so.
"Listed companies have responsibilities to their shareholders and our client has the right to have his questions about this transaction and sale answered,? he said.
"Our client is applying for access to books and records that would finally shed some light on the reasoning behind the company?s actions.?