21/10/2008 - 12:49

WAM directors resign before vote

21/10/2008 - 12:49

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The board shake out at West Australian Metals Ltd continues, with directors Leon Reisgys and Rodger Johnston resigning before a vote to remove them could be held.

WAM directors resign before vote

The board shake out at West Australian Metals Ltd continues, with directors Leon Reisgys and Rodger Johnston resigning before a vote to remove them could be held.

In a brief statement today, the company said both directors have stepped down from the company and its subsidiaries, effective immediately,

A West Australian Metals spokesperson told WA Business News that no reason was given as to why both directors resigned.

Last month, a group of shareholders, Vargas Holdings Pty Ltd, Kaliara Nominees Pty Ltd and Mallee Minerals Pty Ltd, called for the removal of Mr Reisgys and Mr Johnston.

The same group of shareholders also successfully called for the removal of non-executive director Terrence Shanahan and the appointment of Gary Stokes, Kevin Judge and David Sanders to the board.

The shareholders believed that Mr Reisgys and Mr Johnston had acted improperly in the lead up to the general meeting held in August.

Stakeholders were due to vote on the removal of both directors at the company's upcoming meeting, understood to be held next month.

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