02/08/2019 - 15:13

Wyllie successfully spills Redbank board

02/08/2019 - 15:13

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The entire board of Redbank Copper has been spilled and replaced today after the company’s largest shareholder, Wyllie Group, requested the motion just over a month after chairman Michael Fotios was declared bankrupt.

Wyllie successfully spills Redbank board
Michael Fotios resigned as executive chairman in May after he was declared bankrupt.

The entire board of Redbank Copper has been spilled and replaced today after the company’s largest shareholder, Wyllie Group, requested the motion just over a month after chairman Michael Fotios was declared bankrupt.

Michael Hannington, Daryl Henthorn and Keith Middleton were appointed as directors of the company, each receiving about 63 per cent of shareholder votes.

Mr Hannington was elected as executive chairman, while Mr Henthorn and Mr Middleton will join as non-executive directors.

Wyllie Group, which owned a 19.9 per cent stake in Redbank as of September last year, requested the motion in June.

They will replace non-executive directors Alan Still, Craig Hall and Carol New.

Mr Still, Mr Hall and Ms New also serve on the board of Horsehoe Metals, of which Michael Fotios was also chair.

Redbank was without an executive chairman since early May, when Michael Fotios had to resign from his directorships after he was declared bankrupt.

In September 2018, Investmet and Delta Resource Management, which are entities related to Mr Fotios, had a combined 18.6 per cent share of Redbank.

Additionally, Mr Fotios had a 2.2 per cent stake in the company under his name.

Shares in Redbank were up 11.8 per cent to trade at 1.9 cents each at 3.30pm AEST.

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