Business Irish

Monday 21 October 2019

Six directors removed from troubled Conroy Gold

Shareholders pictured at Conroy Gold's EGM.
Shareholders pictured at Conroy Gold's EGM.
Ellie Donnelly

Ellie Donnelly

Six out of nine directors of troubled Conroy Gold and Natural Resources have been removed from their position.

The six directors were removed yesterday following an extraordinary general meeting in Dublin convened at the behest of minority shareholder Patrick O'Sullivan.

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 this time.

Shares in Conroy Gold, whose share price has fallen by more than 99pc since 2000 - from a €13 high to a low of €0.10 - closed yesterday at €0.31.

Prof Conroy, an exploration industry veteran, will remain on the board alongside Maureen Jones and Professor Garth Earls.

The six directors removed are C David Wathen, Michael E Power, Louis J Maguire, Dr Sorca Conroy, Séamus Fitzpatrick and James Jones.

The EGM follows a High Court action earlier this week in 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.

The company last year 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.

Irish Independent

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