Monday 19 March 2018

Conroy Gold urges shareholders to vote against resolutions at EGM

Stock photo: Reuters
Stock photo: Reuters
Ellie Donnelly

Ellie Donnelly

Troubled gold exploration and development company Conroy Gold has issued a statement to the Irish Stock Exchange in respect of resolutions to remove Professor Richard Conroy (executive chairman) and Maureen Jones (managing director) as directors of the company and appoint as new directors Patrick O’Sullivan, Paul Johnson and Gervaise Heddle.

The board of the company, which focuses on exploration in Ireland and Finland, said in a statement that the proposed resolutions are "not in the best interests of the company and shareholders as a whole" and it unanimously recommends that shareholders vote against all of the proposed resolutions.

Patrick O'Sullivan, Conroy Gold's largest shareholder, said earlier this month that he hoped to agree a settlement that would see the company's founder Professor Richard Conroy remain on its board as chairman.

Read more: Board rebel says talks can end Conroy row

A recent emergency general meeting (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.

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

At the EGM held on 4 August, six out of nine directors of Conroy Gold and Natural Resources were removed from their position.

Read more: Six directors removed from troubled Conroy Gold

In addition to the removals, it was proposed that Mr Paul Johnson, Mr Gervaise Heddle and Mr O'Sullivan be appointed to the board with immediate effect. However, resolutions to appoint new directors did not pass at that time.

The EGM will be held at The Davenport Hotel, 8-10 Merrion Street Lower, Dublin 2 on 6 October 2017 at 2.00pm.

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