PharmAust fight

HAVING narrowly survived an attempt to overthrow the board, PharmAust directors Bryant McLarty, Simon Owen and Henry Gulev face another shareholder battle in a fortnight when a motion to have the company wound up is due to be heard. At an extraordinary meeting held on Monday this week, a group of dissident shareholders attempted to remove the board in favour of appointing Peter Remta, Brian John and Owen Coote as directors. The at-times fiery shareholder meeting was forced to go to a poll to determine the result, after a show of hands resulted in a deadlock, with the deciding vote cast by independent chairman David Sanderson, who favoured the incumbent directors. The poll showed that 112.9 million shares were voted in favour of retaining the current directors and 84 million shares were voted against. Mr Owen estimates that the process has cost the company about $400,000. “Management have capitalised the business and refinanced the secured facility in the most extreme circumstances. This has consumed management,” Mr Owen said. He said a move by shareholders Graham Darcy and Lynne Darcy to hold a subsequent extraordinary meeting next month, where shareholders are to vote on a motion to voluntarily wind up the company, was vexatious. Julie-anne Sprague

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