Shareholders of embattled company Bellamy's have knocked back Tasmanian business woman Jan Cameron's bid for a seat on the board, while two directors have resigned and another two have been voted out. Key points:
Results of Jan Cameron's push to oust the board will be known today
Chairman Rob Woolley and director Launa Inman resigned ahead of the vote
Bellamy's shares have collapsed in recent months after saying sales in China would be affected by regulatory changes
Ahead of the EGM this morning, Rob Woolley, who had been chairman since Bellamy's formation in 2007, resigned, along with director Launa Inman.
"I have been considering my future with Bellamy's over the last twelve months ... it has reached a point where I believe I cannot make any further effective contribution to the company," Mr Woolley said in a statement. Mr Wooley did not attend the EGM, citing his presence would be an unnecessary distraction.
"I continue to be of the view that there is a need for board renewal. I believe the best outcome is from an orderly and planned transition."
However, Tasfoods has denied speculation that Mr Woolley would stand aside from his role as chairman with that company as well.
Fellow director Michael Wadley was slated to step up as interim chairman, however it appears certain based on proxy votes that both he and Charles Sitch will be ousted from the board.
Patria Mann appears to be the sole survivor from the Bellamy's board that went into the meeting.
Speaking about her resignation to reporters, Ms Inman said she respected the vote for her removal.
"The difficulties Bellamy's faces are in the short to medium term, and I believe the company has a bright future," she said.
Also speaking to the media after the meeting, Ms Cameron said the EGM had been "a fantastic result" despite not gaining a seat herself.
Her close business associate Rodd Peters and fellow board hopeful Chan Wai-Chan were both elected to the board.
Mr Peters, who is the legal representative of BPPF, told shareholders the entity was extremely disappointed in the company's performance and its impact charity activities. Shareholders optimistic
Retail investor and superannuation fund trustee John Braden told the ABC he was uncertain about the impact of the board overhaul, but would retain his shareholding.
"I don't know where the company will go from here.
I only bought in some months ago," he said.
Mr Braden believes the company's woes will not continue.
"We've got to give them time now, the next six to 12 months will tell the story."
The company's shares are in a trading halt pending the results of the meeting.
Shares in Bellamy's have collapsed in recent months, dropping by more than two-thirds from last year's high, before recovering slightly.
Shares in Bellamy's closed at $4.27 on Monday, still close to two-year lows.
Its shares have been battered after the company noted that sales in China would be negatively affected until regulatory registrations are completed in China.
In a separate statement, Bellamy's said it may need to seek registration discussions with the China Food and Drug Administration after China said it will require infant formula products to be registered from January 1, 2018.
PHOTO: Bellamy's shares are currently in a trading halt pending the results of its EGM. (ABC Rural: Brett Worthington)
