Perth-based diamond explorer Paramount Mining Corporation Ltd will retain its current board, with 84 per cent of voting shareholders in favour of current directors Maureen Muggeridge, Bram Janse and jeweller Charles Devenish.
Perth-based diamond explorer Paramount Mining Corporation Ltd will retain its current board, with 84 per cent of voting shareholders in favour of current directors Maureen Muggeridge, Bram Janse and jeweller Charles Devenish.
The votes were cast in an extraordinary general meeting called by major shareholder Cleo Holdings, which hoped to see Cunningham Securities stockbrokers Kyle Haynes and Michael Robson and Lavan Legal lawyer David Sanders take the directors' place.
The full text of a company announcement is pasted below
Shareholders in Paramount Mining Limited have voted strongly to retain the Company's existing Board - rejecting an attempt by a group of Perth business people to replace the diamond explorer's current Directors.
Around 84% of shareholders who voted at yesterday's meeting favoured the retention of founding Executive Chairman - renowned diamond explorationist, Ms Maureen Muggeridge - as well as fellow non Executive Directors, geologist, engineer and internationally recognised diamond explorer, Dr Bram Janse, and mining entrepreneur and
gem specialist, Mr Charles Devenish.
The endorsement for the Board status quo and its growth strategy was voted on by Paramount (ASX code "PCP") shareholders late yesterday at a General Meeting in Perth necessitated by a requisition of interests associated with Cleo Holdings Pty Ltd.
"This is a clear cut result which now allows Paramount to continue its energetic project development strategies," Ms Muggeridge said today.
"In recent times, this has seen the Company acquire a stake in the Peakstar project in a prolific diamond corridor in South Africa, where Peakstar gems from bulk samples have sold at above valuation prices, accelerate work programs on Ochinso in Ghana and maintain our dry season impetus on our exploration plays in the north of Western Australia," Ms Muggeridge said.
"We can now move on from yesterday's outcomes in the interests of all shareholders, including those who originated the meeting, to work towards establishing a commercial diamond mine operation either in Australia or on the African continent."
The vote count from the General Meeting comprised 240 voting shareholders, representing a total of 49,406,040 million shares. Of those 202 shareholders representing 30,334,873 million shares voted in favour of retaining Ms Muggeridge on the Board (including 9 shareholders whose votes were cast at the discretion of the Chairman of the meeting, representing 755,618 shares), with similar support for the non-executive board members, Dr Janse and Mr Devenish. Paramount has just under 65 million ordinary shares on issue and 619 shareholders.
