kalahari want director removed, page-7

What's going on? How important if Mr Buchan step down or not?

http://www.londonstockexchange.com/LSECWS/IFSPages/MarketNewsPopup.aspx?id=2041608&source=RNS

Kalahari's focus, as Extract's largest shareholder, continues to be to ensure that the Extract board drives value for all shareholders by maximising the value particularly of the Rossing South discovery. The Company believes that must be the single highest priority for Extract in the short, medium and longer term. Additionally, Kalahari must ensure that Extract's operations are lean, efficient and focussed on activities that provide the most leveraged outcome in terms of shareholder value. These are the same objectives that motivated the proposal to merge the two companies.




To this end, Kalahari recently proposed to Mr Buchan that he should step down from the Board. Mr Buchan refused to stand down therefore resulting in the posting of notice to requisition a meeting of shareholders to consider a resolution to vote him off the Extract board. Kalahari also believes that the dual listing of Extract shares on the Toronto Stock Exchange should be terminated as it is not delivering any advantage for Extract shareholders and is an unnecessary cost at a time when all non-essential costs need to be eliminated. Kalahari believes that it no longer makes sense to have a Chairman located in North America.




Unless Mr Buchan resigns, the Board of Extract must convene and hold a meeting within two months of the date of the requisition.