Caravel Minerals has announced the resignation of its entire board today, while the outgoing directors have agreed to withdraw legal proceedings against incoming director Alasdair Cooke.
West Perth-based Caravel released a statement to the ASX this morning, advising that chief executive Marcel Hilmer, chairman Peter Alexander and non-executive directors James Harris and Dan Ryan have all resigned, effective immediately.
In a separate statement, Mr Alexander, on behalf of the board, apologised to Mr Cooke, his company Mitchell River Group and a group of dissident shareholders who had requisitioned a meeting to spill the board earlier this year.
The outgoing board also said it would withdraw legal proceedings against Mr Cooke, which it commenced in February.
The company had outlined concerns around the share trading of Hartree to the Australian Securities and Investment Commission.
The group had been seeking to remove Messrs Hilmer, Harris and Alexander, but Caravel said those requisitions were not valid, without providing any details of why.
Caravel had made an application to the Takeovers Panel against the shareholders, but the panel declined to conduct proceedings.
Caravel’s primary asset is the Calingiri copper project located in the Wheatbelt.
Shares in Caravel were flat at 7 cents each at 1pm AEDT.