18/08/2008 - 13:37

Style rejects board shake-up calls

18/08/2008 - 13:37

Bookmark

Save articles for future reference.

South Perth-based bamboo flooring products company Style Ltd is urging shareholders to vote against resolutions to oust two of its directors put forward by stakeholder Merim Pty Ltd.

South Perth-based bamboo flooring products company Style Ltd is urging shareholders to vote against resolutions to oust two of its directors put forward by stakeholder Merim Pty Ltd.

In a brief statement today, Style said it had become aware that some shareholders had been contacted by Peter Yunghanns, who is spearheading Merim's campaign, ahead of an upcoming general meeting.

Late last week, Merim, which holds a more than five per cent stake in Style, requisitioned a meeting in a bid to remove director Stephen Roux and nominate Robert Stovold and Drew Nuland to the board.

Style has previously said that should Merim's resolutions be successful and chief executive Peter Torreele is elected, Merim would achieve a 40 per cent control of the board while owning a 10 per cent stake.

However if Mr Torreele is not elected, Merim would achieve a 50 per cent voting control of the board.

Style is currently undergoing a selection process to appoint additional independent non-executive directors and has formed a short list. It added that the proposed appointment of Mr Stovold and Mr Nuland could not be considered as independent.

"The Company urges shareholders to take no action in relation to such correspondence and reemphasises the Board's unanimous recommendation to shareholders to vote against the Merim resolutions," Style said today in a statement.

The meeting has been scheduled for September 12.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

Subscription Options