MARKETS

Rey resignations

AFTER falling foul of the two strikes rule, several Rey Resources directors who were in the cross...

Noel Dyson
Rey resignations

The company announced non-executive chairman Ronnie Beevor, non-executive director Brett Clark and executive director strategy Maree Arnason have resigned.

Those three directors had all been in the sights of 23% shareholder ASF Group, which also had requisitioned a 249D meeting to have them removed.

They also faced a spill motion as a result of the company’s remuneration report being voted down for a second time.

Under Australian corporate law, if the remuneration report is rejected twice, the board is spilled.

With Beevor, Clark and Arnason resigning, the 249D meeting requisition has been withdrawn.

However, the two strikes board spill motion still rolls on. Rey will have to seek Australian Securities and Investments Commission permission for that spill to stopped.

At its annual general meeting on November 22, Rey Resources had the ignominy of having its remuneration report voted down for a second time.

In 2011 its remuneration report had been rejected – largely due to the institutional shareholders disagreeing with its proposal to reward non-executive directors with shares.

That non-executive director share plan was removed from the 2012 remuneration report.

Regardless, that remuneration report was voted down too, with ASF Group chairwoman Min Yang – who also was made a Rey Resources director – voting against it.

That means Yang could also be up for the chop should the spill motion go ahead.

However, given the benefits ASF potentially brings to Rey and the size of its stake in the company, that would be unlikely.

With ASF comes potential access to Chinese money and customers – two things a company trying to develop a coal resource in the Western Australian Kimberley region would find handy.

This article first appeared in ILN's sister publication MiningNews.net.

TOPICS:

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining Monthly Intelligence team.

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining Monthly Intelligence team.

editions

ESG Mining Company Index: Benchmarking the Future of Sustainable Mining

The ESG Mining Company Index report provides an in-depth evaluation of ESG performance of 61 of the world's largest mining companies. Using a robust framework, it assesses each company across 9 meticulously weighted indicators within 6 essential pillars.

editions

Mining Magazine Intelligence Exploration Report 2024 (feat. Opaxe data)

A comprehensive review of exploration trends and technologies, highlighting the best intercepts and discoveries and the latest initial resource estimates.

editions

Mining Magazine Intelligence Future Fleets Report 2024

The report paints a picture of the equipment landscape and includes detailed profiles of mines that are employing these fleets

editions

Mining Magazine Intelligence Digitalisation Report 2023

An in-depth review of operations that use digitalisation technology to drive improvements across all areas of mining production