Extract Resources MD resigns

Extract Resources managing director Peter McIntyre will resign later this year, three weeks after major shareholder Kalahari Minerals requested his removal.

Mr McIntyre will step down on September 15. No reason was given for his decision to resign.

Extract said it will immediately start the search for Mr McIntyre's replacement.

Last month, major shareholder Kalahari requisitioned a shareholders meeting for the removal of Mr McIntyre and the appointment of its executive chairman Mark Hohnen to the Extract board.

The request comes nearly four months after both companies settled out of court actions by Kalahari to remove certain directors.

Earlier this week, Kalahari increased its interest in Extract from 39.11 per cent to 40 per cent.