In August the Financial Markets Authority (FMA) filed civil High...

In August the Financial Markets Authority (FMA) filed civil High Court proceedings against New Talisman's chief executive Matthew Hill for alleged information-based market manipulation and making false and misleading representations.Mander said the association was concerned by a lack of action by the company in response to the FMA's allegations against Hill, who is also on the board."We would have thought that Matt Hill would have, at the very least, been stood down by the board pending the outcome of that investigation," he told the Herald.New Talisman, in a notice for its September 29 annual meeting, said the board unanimously recommended that shareholders vote against Upperton."The board and management of the company have found Mr Upperton to be hostile to the existing board and management," New Talisman said."His election is likely to cause disruption to the company and will in the opinion of the board and management be an impediment to the smooth and efficient functioning of the board and company."Upperton, who has a 3 per cent stake in New Talisman, declined to comment to the Herald.Mander said the association recognised that the company had taken some action to make it more difficult for Upperton by coming out against him in the notice of meeting.He added that today's placement of 335 million shares would dilute the holdings of existing shareholders before the company's annual meeting."While there is a rights issue in place to recover some of that dilution, that's after the shareholders meeting," he said.