AN HOUR AGO | 1.10PMMarket bids up Galaxy farewell Galaxy Resources sits top performer on the ASX200 index in lunchtime trade with a surge over 8 per cent to a six-month high of $2.57.
Shares leapt up at the open, far higher than peer miner stocks after the company said recently appointed director Ms. Xi Xi had accepted a request by the company for her resignation promptly after Mineral Resources had welcomed her to its board yesterday.
Ms. Xi Xi served as director of the Shanghai International Group-backed $2bn private equity firm Sailing Capital after managing oil, gas and mining portfolios in New York.
Galaxy Resources said it tailored the request “upon becoming aware of the obvious and direct conflict of interest, and a potential breach of fiduciary duties.”
The market seems relieved — GXY last up 8.7 per cent at $2.58.
GXY Price at posting:
$2.61 Sentiment: Buy Disclosure: Held
