Monday 18 December 2017

Another general meeting requested at Conroy Gold

Richard Conroy’s position is under threat from a shareholder
Richard Conroy’s position is under threat from a shareholder
Ellie Donnelly

Ellie Donnelly

Conroy Gold and Natural Resources has announced that it received a communication on 8 August regarding a requisition for a General Meeting to remove its chairman Professor Richard Conroy and Maureen Jones (MD) as directors of the company.

The communication also requested that Patrick O’Sullivan, Paul Johnson and Gervaise Heddle be appointed as new directors.

In a statement released to the stock exchange today, the gold exploration and development company said that it has also received a request from Mr. O’Sullivan’s solicitors for a number of undertakings including undertakings that it will not, in the period pending the requisition of the general meeting, appoint any new directors or issue new shares.

Read more: Conroy Gold's board pays itself too much, says top shareholder

The company said that it is considering the request in conjunction with its legal advisers and that a further announcement will be issued in due course.

The news comes in light of a turbulent few months for the company culminating in the removal of six out of nine directors at an Emergency General Meeting (EGM) last Friday.

The EGM was held at the behest of minority shareholder Patrick O'Sullivan, who earlier last week took High Court action, during which Mr O'Sullivan informed the court he had concerns about corporate governance and remuneration of board members.

The company is currently looking to develop a commercial gold mine at Clontibret in Co Monaghan.

Last year Conroy Gold said 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.

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