10/08/2009 - 11:15

Indago concedes to GoldLink request

10/08/2009 - 11:15

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Indago Resources is set to get a new board after its current directors conceded a request from Subiaco-based GoldLink IncomePlus to appoint Miles Kennedy, Karl Simich and Matthew Fitzgerald.

Indago Resources is set to get a new board after its current directors conceded a request from Subiaco-based GoldLink IncomePlus to appoint Miles Kennedy, Karl Simich and Matthew Fitzgerald.

Indago managing director George Bauk, executive director Geoffrey Chapman and non-executive director John Fitzgerald have decided to resign immediately.

In a statement today, Indago said the appointments follow discussions with shareholders who requisitioned for a shareholder meeting next week.

It said the meeting will still go ahead for shareholders to approve the new appointments.

In a statement today, Mr Bauk said the directors decision to resign was to ensure the company could remain focused on generating value for all shareholders.

"We remain very pleased with the acquisition of the Nyanzaga and Kitongo Gold Projects, and the strategic platform that provides for Indago in Tanzania," he said.

"We are leaving the company in a very strong position, having taken the company from a market capitalisation of A$6M in 2006 to A$37 million today.

"Indago is now well placed to move beyond the exploration phase into project development.

"Like all shareholders, we look forward to seeing the incoming board continue to grow the company value as they take it forward."

In June this year, the Karl Simich-chaired investment company GoldLink requisitioned a shareholders meeting and launched a proportional takeover bid for a further 10 per cent of Indago shares it did not own.

At the time, GoldLink held a 9.94 per cent stake in Indago.

The proportional takeover offer comprised of 50 GoldLink shares for every one Indago share. Indago had previously advised shareholders to take no action on the proposal.

GoldLink had claimed that Indago, formerly Western Metals, had shelled out about $20 million over the past two years for a "pitiful" return.

GoldLink currently holds a 15.73 per cent interest in Indago.

Comment was being sought from Goldlink at time of publishing.

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