18/06/2009 - 17:39

Extract caves to shareholder demands

18/06/2009 - 17:39

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Extract Resources has bowed to requests from several major shareholders to add representatives to the board.

Extract Resources has bowed to requests from several major shareholders to add representatives to the board.

Extract has allowed Rio Tinto and London company Polo Resources to each appoint representatives to the board from July 1.

Rio will appoint Chris Mc Fadden while Polo chairman Stephen Dattels will join the board.

Extract flagged last month that it had received requests from both Rio and Polo to have representation on the board.

The company's largest shareholder, Kalahari Minerals, will also be allowed to appoint an additional representative to the board, following Neil MacLachlan's appointment earlier this year.

The appointments follow an announcement earlier this week that managing director Peter McIntyre will resign from his position in around three months time.

Last month, Kalahari requisitioned a shareholders meeting seeking the removal of Mr McIntyre and the appointment of its chairman Mark Hohnen.

Extract today reiterated that it will soon start the search for a new managing director.

 

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