Shareholder revolt for Modena Resources

Some 14 months after listing on the local stock market, Modena Resources is facing a shareholder revolt after receiving requisitions for the replacement of all current directors.

The company said it had received requisitions from shareholders representing around 24 per cent of the issued capital, calling for an extraordinary meeting.

Included in the requisitions is to replace directors Wayne Bellman and Craig Willis with Herbert Solomon, Simon Kidston and Justin Clyne.

"Modena is considering the validity of the resolutions included in the Requisitions and will inform the market in due course," the company said.

Shares in Modena closed down one cent to 14c today.