Global Lithium management resigns ahead of AGM
Management alleges that Dianmin Chen is working with foreign-linked investors to take control of the board and the Manna lithium project in WA.
MELBOURNE - Australia's Global Lithium Resources said on Thursday two of its three board directors have stepped down ahead of an annual shareholder meeting later in the day that was set to strip them of control of the company and its cornerstone asset.
Executive Chairman Ron Mitchell has resigned while Matthew Allen, a director and former chief financial officer, has withdrawn his nomination for election as a non-executive director ahead of a shareholders' vote on board nominees.
Management had alleged that non-executive director Dianmin Chen was working with a group of foreign-linked investors holding between 30% and 40% of shares to take control of the board and its Manna lithium project in Western Australia.
Mitchell had alleged an undisclosed association among shareholders may violate Australia's takeover laws and the Foreign Takeovers Act. He made the accusations in filings to the Australian Securities Exchange, the Western Australian Supreme Court, and in a report to Australia's Treasury last year.
The Takeovers Panel declined to review the company's request for a finding of unacceptable circumstances, saying last week that evidence pointed to "shareholder pressure rather than combining for taking of control."
The company said Chen will act as chairman of the annual general meeting and that he intends to vote any undirected proxies in favour of his re-election and the appointment of Liaoliang (Leon) Zhu as a director.
Chinese-born property developer Zhu, who controls Sincerity Group, Global Lithium's third biggest shareholder, had pushed to join the board in a letter to shareholders in August, citing a pivot away from lithium by management and excessive spending.
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