04/02/2009 - 11:44

Extract faces legal action from Kalahari

04/02/2009 - 11:44

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Kalahari Minerals has filed documents in the Supreme Court of Western Australia over the appointment of newly elected Extract Resources director John Main.

Kalahari Minerals has filed documents in the Supreme Court of Western Australia over the appointment of newly elected Extract Resources director John Main.

In a notice lodged with the Australian Securities Exchange, Extract said it is seeking legal advice in relation to the Supreme Court action.

Earlier this week, Mr Main was appointed as a non-executive director after an extraordinary meeting requisitioned by 39.59 per cent major shareholder Kalahari.

Kalahari successfully sought the removal of Extract chairman Bob Buchan after claiming the executive had underperformed.

Kalahari has again requisitioned another shareholders meeting, this time seeking the removal of Mr Main and non-executive director Steve Sikirich.

Late last year, Kalahari and Extract terminated a friendly merger deal after Rio Tinto bought a 12 per cent stake in Extract.

Extract's Rossing South project in Namibia adjoins Rio Tinto-operated Rossing uranium mine.

 

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