Wednesday 25 April 2018

Board rebel says talks can end Conroy row

Conroy Gold's largest shareholder hopes to agree a settlement that would see the company's founder Professor Richard Conroy, remain on its board as chairman.
Conroy Gold's largest shareholder hopes to agree a settlement that would see the company's founder Professor Richard Conroy, remain on its board as chairman.

Fearghal O'Connor

Conroy Gold's largest shareholder hopes to agree a settlement that would see the company's founder Professor Richard Conroy, remain on its board as chairman. A recent EGM came to a stormy conclusion after Professor Conroy ruled as invalid three resolutions brought by the shareholder, Patrick O'Sullivan, to appoint himself and two other new board members.

"Six earlier resolutions to remove sitting board members were passed by the same margins, so it is safe to assume the other three would have passed too," said O'Sullivan. Further resolutions to add three new directors were deemed void, with the company saying they did not comply with its constitution. O'Sullivan claimed that the democratic will of the majority of shareholders for change had not been recognised and is seeking a new EGM to propose the removal of Professor Conroy and managing director Maureen Jones.

"We hope that does not have to happen and that there might be dialogue and a negotiated settlement. But the fact is that a majority of shareholders voted for change," said O'Sullivan.

A spokesman for Professor Conroy said that an offer to "have discussions with Mr O'Sullivan and two other proposed directors was made after the last EGM."

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