Brawl at Atrum gets even nastier Paul Garvey Atrum Coal...

Brawl at Atrum gets even nastier
Paul Garvey
Atrum Coal executive director Russell Moran.
The stoush between one-time high-flyer Atrum Coal and its founders has become uglier, with deposed director Gino D’Anna slamming the fiscal management and corporate governance of the company’s board.
Mr D’Anna has requisitioned a shareholder meeting for Atrum, which was the best-performed initial public offering of 2013, but which has since become increasingly enmeshed in a series of legal disputes.
The meeting on April 1 will decide whether to remove Atrum directors Cameron Vorias and Steven Boulton.
In a letter sent by Mr D’Anna to Atrum shareholders, a copy of which was obtained by The Australian, the former director slammed the board for spending too much money on administration and not enough on exploration and development at its flagship Groundhog anthracite deposit in Canada.
“In my opinion, neither Mr Vorias nor Mr Boulton are adequately conducting themselves in a manner that is consistent with ensuring that the interests of all shareholders are protected,” Mr D’Anna said.
He noted that in the most recent quarter, Atrum spent more than $2 million on administration and only $357,000 on exploration and evaluation.
He also said that after raising $7m in September last year, the company now appeared to be in a position “whereby it needs to raise additional capital to continue as a going concern”.
Mr D’Anna and his fellow Atrum co-founder Russell Moran are both the subject of legal action from Atrum over their plans to establish a new company, BC Anthracite, on the back of acreage secured near Groundhog.