Global Lithium seeks court approval to postpone AGM amid foreign control concerns
Australian lithium developer Global Lithium Resources has applied to the Supreme Court of Western Australia for a deferral of its upcoming AGM until March 29, 2025.
The move comes as the company faces concerns about potential foreign control over its operations, particularly in relation to its flagship Manna lithium project, located near Kalgoorlie.
The request for a deferral is being made to allow the Treasury of the Australian government more time to review a report submitted by Global Lithium regarding possible breaches of the Foreign Acquisitions and Takeovers Act 1975. The company is seeking clarity from the government over the implications of proposed changes to its board composition, which could result in a shift in control over the company’s assets.
The AGM, which was originally scheduled for November 20, is set to include resolutions put forward by Sincerity Developments, a property development and migration services company owned by Chinese national Liaoliang (Leon) Zhu. Sincerity, which holds a minority stake of 6.9% in Global Lithium, has proposed two key resolutions: the appointment of Zhu to the board and a limitation on the number of directors to three.
Global Lithium, however, has expressed concerns that these changes could lead to a shift in control of the company, particularly in relation to its Manna project.
The Australian company’s board has urged shareholders to vote against Zhu’s appointment and instead support the election of CFO Matthew Allen to the board.
Manna holds a significant mineral resource estimate of 51.6-million tonnes at 1% lithium oxide, with contained lithium of 515 000 t. Global Lithium points out that Manna is important to Australia’s desire to protect ownership and control of critical mineral projects of this type.
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