Padbury Mining mixed on spill meeting.Sarah-Jane Tasker From:...

Padbury Mining mixed on spill meeting.

Sarah-Jane Tasker From: The Australian August 11, 2010 2:33PM

DISGRUNTLED shareholders of Padbury Mining have issued a call for investors to back a move to remove two directors from the explorer.
Perth mining entrepreneur Tony Sage is one of three proposed directors nominated to be appointed to the board if a recommendation to remove non-executive directors Luke Innes and Colin Stirling from Padbury's board is successful, at a meeting the dissident shareholders say is scheduled for next month.

"Padbury Mining's share market performance has been extremely disappointing over the last 6 months, which has seen it fall from a high of 3.9 cents in early December 2009 to a low of only 1 cent on May 21, 2010,'' a statement by the three new board hopefuls said.

Mark Gwynne, a director at another of Mr Sage's juniors, Fe Ltd, which has launched a bid for Padbury, and fellow Fe director Paul Kelly, have also had their names put forward for a position on the board.

The meeting to remove the two directors and appoint three new ones has been called for September 8, according to Mr Sage's statement issued today.

But Padbury managing director Gary Stokes said no valid request had been sent to call a meeting and he does not consider the date set by Mr Sage to be valid.

"The company received three separate letters annexing requests from members,'' he said in a statement today.

"None of the three requests submitted reach the five per cent or 100 shareholder thresholds required by the Corporations Act.''

http://www.theaustralian.com.au/business/city-beat/