An attempt to remove the majority of Mesa Minerals' board have prompted the company to seek orders from the Takeovers Panel to block dissident shareholders from buying more shares.
The application to the Takeovers Panel comes two weeks after major shareholder, Mighty River, called for the removal of Mesa chairman Norman Coldham-Fussell and directors Alan Scott, Warren Brown and Marcel Van De Velde.
Mighty River's call is the second attempt by the shareholder, in conjunction with others, to remove the same directors and replace them with Guy Le Page, Shane Hartwig and Justin Brown.
In its application, Mesa explained that Mighty River chief, Yuzheng Xie, exerted significant influence over estranged joint venture partner and shareholder Auvex Resources.
It added that both shareholders held a combined 26.07 per cent, therefore breaching the 20 per cent threshold as outlined in the Corporations Act.
Mesa said that Mighty River and Auvex were also associates of other dissident Mesa shareholders, and all parties were acting in order to effect a merger between Mesa and Auvex.
Mesa is seeking orders from the Takeovers Panel that all shares acquired by Mr Xie and other parties be sold to non-associated parties or the shares be suspended from voting at any future meetings regarding the composition of Mesa's board.
The Takeovers Panel said it had not appointed a sitting panel at this stage and no decision has been whether to conduct proceedings.
Mesa recently recommended a takeover offer by Mineral Resources, which was conditional on the resolutions at the first requisitioned meeting being defeated.
