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AFR columnist’s tilt at miner

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    https://www.copyright link/chanticleer/afr-columnist-s-tilt-at-miner-20220729-p5b5ku

    AFR columnist’s tilt at miner

    The equivalent of a bare-knuckle fight is looming for control of critical minerals mining company TNG, as markets guru and Australian Financial Review columnist Grant Wilson moves to sack the board of directors.

    A new chapter is being written in the colourful history of finance writers who have used The Australian Financial Review as a stepping stone to get into business.Grant Wilson, a former hedge fund manager who has been writing columns for this masthead for two years, is behind an aggressive, activist shareholder campaign against mining company TNG.
    .....

    Wilson claims the TNG board does not “hold the breadth and depth of experience necessary to prosper and navigate the complexities of project permissioning in the Northern Territory, and beyond that, mine development”.“The shareholders are additionally concerned that the board has lost the confidence of financial markets, thereby increasing the dilutive impact of future capital raisings.”Burton tells Chanticleer that TNG’s response to Wilson’s attack has been hampered by the company’s legal requirement to abide by continuous disclosure requirements in the Corporations Act.

    ....
    However, Burton says the company’s progress in obtaining environmental approvals was held back by legislative changes. Also, the COVID-19 pandemic had inhibited the company’s ability to make progress on development issues.Wilson has tried to resolve his fight with the board through negotiation. He invited Burton and the chairman to meet on Friday, but Burton declined.

    ...
    TNG’s largest shareholders are SMS Group GmbH, one of the world’s largest metallurgical engineering companies, and Delphi Unternehmensberatung, a privately owned German institution with a portfolio of investments in Australian resources companies.
    Both Burton and Wilson claim to have the support of the German shareholders.
    ...
    Wilson says in his latest update to TNG shareholders that Burton should call the meeting by September 8. Either way, Burton says the board will fight to keep Wilson out.


 
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