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ASF has requested the size of the Rey board be cut and its composition changed.
It is asking for the board to be four directors – two of them ASF nominees.
ASF has roughly a 23% stake in Rey and has two nominees on its existing board of eight directors.
One of the board members ASF has asked to be removed is director of strategy Maree Arnason.
In a letter to shareholders Rey Resources chairman Charlie Lenegan says the company has had talks with ASF but has not been able to reach agreement on the appropriate board make-up.
“During these discussions ASF has requested the resignation of all but one of the existing independent non-executive directors and has proposed the future appointment of a non-executive director introduced by ASF,” Lenegan writes.
Rey is pursuing a coal project in Western Australia’s Canning Basin.
