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From The West Australian newspaper today:
Shemesian in move to sack Lambert board

PETER KLINGER

Businessman Mick Shemesian wants to roll the board of Cape Lambert Iron Ore because he opposes the cashed-up Perth miner’s $250 million plan to buy into a Sierra Leone iron ore asset controlled by entrepreneur Frank Timis.
Mr Shemesian is understood to have told other leading Cape Lambert shareholders of his intention to requisition a meeting at which he wants executive chairman Tony Sage and fellow directors Tim Turner and Brian Maher sacked and replaced with his representatives.
Mr Shemesian last month converted 50 million options into an 11.5 per cent stake in Cape Lambert, which has $320 million in cash following the sale of its Pilbara magnetite project to China Metallurgical Group Corp (MCC).
Mr Sage said last night he was yet to be served the requisition notice.
However, it is understood that Cape Lambert’s biggest shareholder, Russian steel giant Evraz, is not part of the Shemesian move and unlikely to back the proposal, despite itself pushing for a board seat amid unease with Mr Sage’s plans to spend the MCC sale proceeds.
Revelation of the Shemesian move came as Cape Lambert confirmed it had received an $80 million down-payment from MCC to take proceeds from the $400 million sale to $320 million. The final $80 million instalment is due once MCC is granted a mining lease and related construction approvals.
Cape Lambert intends to return up to $100 million to shareholders, leaving it with enough cash to pursue projects such as Mr Timis’ Marampa asset.