Sunday 25 August 2019

Karelian chairman survives board vote

Karelian chair Richard Conroy
Karelian chair Richard Conroy

David Chance

Shares in Karelian Diamond Resources fell by more than 20pc yesterday after a bid to unseat the company's board failed.

A proposal to replace the majority of the board at an extraordinary general meeting, including its chairman, Richard Conroy, was defeated by 52.25pc of the company stock, versus 42.75pc in favour of the move. "Accordingly, the board of the company will remain unchanged, and be composed of Professor Richard Conroy, Maureen Jones, Seamus Fitzpatrick, Louis Maguire, Dr Sorċa Conroy and Brendan McMorrow," the business said in a statement.

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The vote had been called by Alan Osborne, Richie Taberner, Steve Coomber and Kevin Taylor, who combined own 17pc of the company.

Professor Conroy has a 21.7pc shareholding in Karelian, and had already survived a bid to unseat him prior to this week's attempt.

By mid-afternoon yesterday, the stock was trading 85p lower at £3.15 a share, in heavy trading volume.

The company was formed in 2005 when it bought Karelian Diamonds Ltd from Conroy Diamonds and Gold and Nordic Diamonds Limited from Conroy plc.

Professor Conroy himself is a former Fianna Fáil politician, who was elected to Seanad Éireann.

Irish Independent

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