coup quelled

Came across this on Drillsearch website and thought it might interest some:

The plans of a rogue shareholder to appoint himself as director of Australian minnow Cooper Energy and liquidate the company’s assets have been shot down.

Josh Lewis 04 November 2011 09:43 GMT




An extraordinary general meeting was held on Friday to vote on resolutions brought forward by shareholder Edward Scott Smith.

In August Smith approached Cooper chairman Laurie Shervington and expressed that he wished to axe all existing directors, with the exception of Shervington, and appoint himself and Bernard Crawford in their place.

However shareholders shot down the resolution to install Smith and Crawford as directors, with almost 58% of the vote against the plan.

A vote to remove Gregory Hancock, Stephen Abbott and Christopher Porter as directors was not needed following their resignation last month.

Cooper managing director David Maxwell said the vote showed shareholders support for the new board and its strategy for the company.

“The calling of the general meeting provided the company with a valuable opportunity to engage in discussions with our shareholders regarding the company’s new plans and underlying value,” he said.

“The board recognises that the company’s performance needs to improve and along with the new board, I am determined that we will deliver this.”

The company’s new strategy, which was developed by Maxwell, will see it develop and further grow its Cooper and Eromanga oil businesses and pursue and develop gas opportunities in the Cooper and Otway basins to supply the east Australian gas market.

It also intends to identify and implement the best method to maximise value from its assets in Indonesia, Poland and