Ten Sixty Four chair quits after six months

UPDATE: The gold miner's managing director Jeff McGlinn and two board members have also flagged their exit on the eve of an extraordinary general meeting and after the resignation of non-executive chair Kate George. 

Ten Sixty Four issued a statement late on Monday revealing managing director Jeff McGlinn as well as non-executive directors Simon Mottram and Andrew Hunt would resign at the upcoming EGM. 

It comes hot on the heels of the resignation of non-executive chair Kate George, who announced her departure this morning after just over six months as chair of the company. 

The exits are the result of a planned ousting by the miner’s former managing director Ryan Welker and his company Vitrinite, as well as US-based private equity fund Arbiter Partners Capital Management. The companies own about 20 per cent of Ten Sixty Four between them. 

Departing board members are to be replaced by Andrew Brown, Debra Bakker, William DeCooman Jr, Jonathan Shellabear and Walter Milbourne Jr per conditions of the meeting scheduled for tomorrow. 

This was the shareholder group’s second attempt to remove the current board.

Mr McGlinn, who founded contractor NRW, had this week acknowledged investor ‘frustration and anxieties’ regarding the company’s four-month suspension from trading.

He recommended shareholders vote against the resolutions by Vitrinite but has ultimately been unsuccessful. 

"This group has gone above and beyond to put the Company in a stronger position for shareholders and I want to thank the entire team for their outstanding efforts," Mr McGlinn said in the resignation announcement. 

"We deeply appreciate the support of those shareholders who recognised what we were trying to achieve on their behalf."

In a statement from earlier this year, Vitrinite claimed Ten Sixty Four had failed on a critical governance matter and urged shareholders to vote the now incoming board members in instead. 

Vitrinite has claimed it had received reports of a ‘near complete relationship breakdown’ between the Ten Sixty Four board and in-country mine management in the Philippines, where its main asset Co-O mine is located.

Ms George was appointed chair of the West Perth-based company in November 2022 and considered one of the first Aboriginal women to chair an ASX listed company. 

Ten Sixty Four shares have not traded since February.