05/02/2009 - 14:37

Boardroom battle at Extract Resources

05/02/2009 - 14:37

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An Extract Resources director facing the boot from a major shareholder has called for a meeting for the removal of two of his fellow board members.

An Extract Resources director facing the boot from a major shareholder has called for a meeting for the removal of two of his fellow board members.

The uranium explorer today received its second requisition in two days, this time from non-executive director Steve Sikirich who is calling for the removal of directors Neil MacLachlan and Peter Meagher.

Yesterday, 39.5 per cent Extract shareholder Kalahari Minerals again requisitioned a shareholders meeting, this time calling for the removal of Mr Sikirich and newly appointed director John Main.

Earlier this week, Kalahari was successful in its bid to remove chairman Bob Buchan at an extraordinary shareholders meeting.

However Kalahari lodged documents in the Supreme Court of Western Australia yesterday over the appointment of Mr Main, who has previously worked with Rio Tinto.

Rio Tinto is a 12 per cent shareholder in Extract. It emerged with the stake last year shortly after Extract and Kalahari announced a friendly merger.

The merger has since been terminated.

Extract joint company secretary Rance Dorrington said while the requisitions are a distraction, the company was focused on progressing its Rossing South uranium project in Nambia.

The project adjoins the Rio Tinto-operated Rossing uranium mine.

Extract has 21 days to call a shareholders meeting regarding the requisitions, according to ASX guidelines.

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