This from today's Age SLOW BURNOuch. The gloves are off at coal...

This from today's Age


SLOW BURN

Ouch. The gloves are off at coal explorer Carabella Resources where 88 per cent of proxy-holders voted yesterday to block the issue of 1 million 25¢ options to former managing director Mitch Jakeman, who quit last August citing irreconcilable differences with the board.
The options were to be issued once Carabella found measured coal resources of between 25 million to 50 million tonnes, and in November Carabella confirmed there were 41.5 million tonnes at Grosvenor West in central Queensland.
At yesterday's closing price of $1.19 the options would have been worth $940,000. But before Jakeman quit, the shares were trading at $2.10 and the options would have been worth $1.85 million - and there was apparently more upside if resource estimates got higher.
Jakeman told CBD yesterday he was ''very disappointed indeed'' and the vote showed brokers Helmsec, which underwrote the Carabella float, had ''undue influence at the board level''.
Jakeman, who is now consulting to County Coal, has been seeing a solicitor ahead of yesterday's shareholder meeting and said: ''If they haven't met their continuous disclosure obligations, then we'll see.'' Watching with interest will be Fairfax Media's largest shareholder, Gina Rinehart, who snapped up 0.74 per cent of Carabella late last year.


Read more: http://www.theage.com.au/business/asx-marks-off-first-25-years-and-joke-is-all-in-the-timing-20120329-1w12r.html#ixzz1qY7jkCfY