Shareholders in Peel Exploration have today blocked an attempt by Michael Kiernan to install himself on the board and remove directors Simon Hadfield and Craig McGown.
Mr Kiernan, as managing director of Stirling Resources which holds a 12.6 per cent stake in Peel, had in September called for the appointment of himself and Stirling chief financial officer Keith Vuleta.
Mr Kiernan had previously served as chairman of Peel.
Today, nearly 69 per cent of Peel shareholders voted against Messrs Kiernan and Vuleta's election compared to 31.45 per cent that voted in favour.
"The resolutions to have Mr Hadfield, who is also the Chairman, and Mr McGown removed from the Board were defeated with similar margins," Peel said in a statement.
Messrs Hadfield and McGown thanked shareholders for their support and said the result made it clear that Stirling did not control the company.
"With this distraction now behind us, we look forward to getting on with the business of growing the Company for the benefit of all shareholders," Mr Hadfield said.