Business Irish

Sunday 22 October 2017

Conroy Gold encourages shareholders to vote against EGM resolutions

Stock photo: Reuters
Stock photo: Reuters
Ellie Donnelly

Ellie Donnelly

Troubled gold exploration and development company Conroy Gold has issued a statement advising investors to vote against proposed resolutions at its Emergency General Meeting which takes place this Friday.

The statement, released to the Irish Stock Exchange, advises investors to vote against resolutions to remove Professor Richard Conroy, chairman of Conroy Gold, and Maureen Jones, managing director of the company, from the board.

In addition, investors are advised to vote against the appointment of Paul Johnson, Gervaise Heddle and Patrick O’Sullivan to the board, with Conroy Gold stating that the resolutions are "not in the best interests of the company and shareholders as a whole".

Read more: Six directors removed from troubled Conroy Gold

The EGM, which takes place this Friday at the Davenport Hotel in Dublin, comes after what has been a turbulent few months for the company.

Last week, Patrick O’Sullivan a minority shareholder in the company, failed in a bid to have the High Court declare that he and his two nominees had been wrongfully stopped from becoming members of the board of directors at the company’s last EGM in August.

The Judge found that Mr O’Sullivan did not comply with the notification requirements under the company’s Articles of Association in advance of the EGM.

At said EGM, which was convened at the behest of Mr O’Sullivan, six of the nine Conroy Gold were removed from their position.

The company, which is currently looking to develop a commercial gold mine at Clontibret in Co Monaghan, said last year that it had found five new gold zones at Clontibret following a drilling programme.

However, some shareholders have grown impatient at what they believe is a very slow and cautious approach to development of the mine and bringing gold to market.

Since 2000 shares in the company have fallen by more than 99pc.

This morning shares opened at €0.35

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