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Mindax may face board upheaval
17-October-08 by Rebecca Lawson




Burswood-based resource explorer Mindax Ltd faces the possibility of a board spill after it declined to offer a position to shareholder William Wang, who said the company does not adequately reflect its Asian-based shareholding.

Mindax said it has held a number of discussions with Mr Wang, who sits on the board of Jupiter Mines, and his lawyer over the past few weeks.

Mr Wang said his board appointment request is the initiative of a number of Asian-based investors who hold some 16 per cent of Mindax.

The investors believes that the current Mindax board does not reflect the Asian shareholding although they are said to have "full confidence" in the existing board.

In a statement, Mindax said it has given careful consideration to Mr Wang's request but the directors have concluded that it is in the best interest of all shareholders that the request be declined.

Mindax added that Mr Wang has previously stated that any decision to decline the appointment would be "unacceptable" and the investors may requisition a special meeting to procure his appointment and possibly seek the removal of some directors.