ASF Group has been successful in overthrowing the board of Rey Resources, with shareholders supporting a spill resolution at the company’s annual meeting today.
Just over 314 million proxies were received on the resolution, with more than 218 million voting in favour of ditching executive director Maree Arnason, as well as non-executives Ronnie Beevor and Brett Clark.
Non-executive chairman Charlie Lenergan and director Lex Graefe resigned from the Rey Resources board prior to the annual meeting late yesterday.
A spill meeting will be held in coming weeks, the company said.
The Chinese-backed ASF Group is Rey Resources’ largest shareholder, with a 23 per cent stake.
In other results from the meeting, Min Yang and Geoff Baker were elected to the board of directors, while shareholders also approved the grant of incentives to managing director Kevin Wilson.
Shareholders also voted down Rey Resources' proposed remuneration report.
At 11:00AM, Rey Resources shares were down by 6.2 per cent, trading at 6 cents.