Bass board faces mutiny
PERTH (miningweekly.com) – Embattled junior Bass Metals was facing another fight after its shareholder Metals Finance (MFC) moved to remove Bass board members and management.
MFC, which owns a 9.61% shareholding in Bass, has called a shareholders meeting under Section 249D of the Corporations Act, seeking the removal of chairperson Craig McGowan, MD Michael Rosenstreich, and nonexecutive director Barry Sullivan.
MFC was also lobbying that its own nonexecutive director Rick Anthon be appointed to the Bass board, along with Gavin Solomon, the MD of Helmsec Global Capital.
MFC said in a statement on Tuesday that between February 2011 and August this year, Bass’ share price had fallen from 49c a share to 1.2c a share, and noted that at the end of June the company only had A$2.4-million cash on hand, compared with the A$3.96-million reported at the end of March.
Furthermore, MFC pointed out that Bass had raised some A$54-million in equity, with most of the funds spent on the Hellyer project, in Tasmania. The operations were sold in February this year.
“MFC has, without success, attempted to engage with the current board of Bass with a view to restructuring the board,” the company said.
“MFC believes that a restructuring of the board is now essential in order to both preserve the value of its investment in Bass and provide the opportunity to increase that value going forward.”
A general meeting was currently being convened by Bass, and would likely be held within six weeks.
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