12/12/2011 - 13:19

Paynes Find critics are confused: chairman

12/12/2011 - 13:19


Save articles for future reference.
Paynes Find critics are confused: chairman

The heated battle for control of explorer Paynes Find Gold has resulted in the election of one out of three candidates who stood at Friday’s specially-requisitioned meeting of shareholders.

Doug Taylor, who was appointed a director on 14 November, was elected and will remain a director.

Carlos Popal and Ray Musket did not secure a majority of votes, according to the results of polls released today.

In announcing the results, chairman and company secretary Paul Berresford criticised people who had questioned the conduct of Friday’s general meeting.

The poll for each resolution was conducted by the company’s share registry, Advanced Share Registry, and overseen by its auditors, Stantons International.

“At the conclusion of the meeting there appeared to be confusion in the minds of some shareholders as some shareholders had lodged multiple proxy forms,” Mr Berresford said in a statement.

“Additionally, in the case of particular shareholders, as well as lodging multiple proxy forms they also lodged letters of corporate representation pursuant to section 250D of the Corporations Act.

“Corporate shareholders who exercised their right to vote pursuant to letters of corporate representation seemed to take issue with not also being able to have the shares voted by their nominated proxy.

“The company is disappointed that following the meeting a number of persons chose to make ill-informed and incorrect statements surrounding the proxies and conduct of the meeting generally that were subsequently reported in the media.”

Paynes Find has been wracked by controversy after incurring a loss of $5.2 million last financial year.

It spent more on directors’ fees than exploration, with former managing director Peter Salter being paid $522,000, former executive director Adam Bennett paid $234,000 and Mr Berresford paid $105,000.

Its annual general meeting, held on 4 November, had to be adjourned after four directors – Peter Salter, Paul Matich, Andrew Caminschi and Brian Leedman – withdrew their nominations for election, leaving the company short of the minimum number of directors. In fact, Mr Berresford was the sole remaining director.

The board currently comprises Paul Berresford, Doug Taylor (appointed 14 November), Adam Bennett (also appointed 14 November, after the AGM voted against his re-election) and John Hatherley, who was appointed on 30 November.




Subscription Options