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Thanks MiningNews.net

Miller axed from St Barbara

Michael Quinn


Tuesday, July 20, 2004
STEPHEN Miller has been turfed from the board of St Barbara Mines and replaced by new managing director Ed Eshuys in a corporate execution orchestrated by major shareholder Resource Capital Group.

Miller didn't attend today's shareholder meeting in Perth, where proxy votes ran against him (and his counter resolutions) at a rate of around three-to-one.

Denver-based RCF has spent just under $10 million over the last couple of years in building up a 22% stake in St Barbara.

Those shares are worth around $7 million based on recent trades, though back in May the value of the stake had slumped to just over $5 million.

Incoming director Ed Eshuys made a brief address during formal proceedings, saying it was "clear that the assets have the potential to create value".

He said the company's assets – essentially comprising a low margin and depleting gold operation at Meekatharra and a controlling stake in current mine developer NuStar – would now be the subject of detailed reviews.

Eshuys and Colin Wise join Mark Wheatley and RCF's Hank Tuten on the board, following Miller's exit and fellow director Kevin Dundo's Sunday resignation.

Miller's last action at the helm was a $2.48 million placement that saw shares issued to Ocean Resources Capital (17.48 million shares), clients of Gillon Securities (16.75M shares) and two nominee companies called Spartan (who were allocated a total of 25.3M shares).

Shares in St Barbara closed yesterday at 5.6c.