Saturday 24 August 2019

Karelian Diamond shares plummet after bid to unseat company’s board fails

Chairman Richard Conroy
Chairman Richard Conroy

David Chance

Shares in Karelian Diamond Resources PLC fell by more than 20pc on Friday 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 chair, Richard Conroy, was defeated by 52.25 pc of the company stock against versus 42.75pc in favour.

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

Mr Conroy himself has a 21.7pc shareholding in Karelian and had already survived a bid to unseat him prior to this attempt.

By mid-afternoon the stock was trading 85p lower at £3.15 a share.

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