Paynes board in uproar over proxy vote rejection

English: Perth Skyline from Kings Park in Febr...

IT’S a saga with a Penthouse Pet of the Year, a porn king, allegations of sexual harassment, internecine boardroom warfare and the burning of millions of dollars of investor funds for no result.

Now a fresh stoush has broken out between dissident shareholders in listed explorer Paynes Find Gold and the board after millions of votes backing the election of new directors were yesterday alleged to be invalid.

Chairman Paul Berresford and his ally, fellow director Adam Bennett, beat a hasty retreat from a tense shareholders meeting in Perth at which a group of investors were attempting to seize control of the troubled company.

The meeting ended in high drama when the leader of the dissident group, Perth businessman Carl Popal, was told by officials from Advanced Share Registry that about 39.5 million of his 40 million proxy votes would not be accepted because the forms had been filled out incorrectly.

That would lead to the rejection of Mr Popal as a director, as well as his allies Doug Taylor and Ray Muskett.

Mr Popal last night flagged legal action and claimed the rejection of his proxies on technical grounds showed the board did not want to allow the election of new directors because “they don’t want us to see the books”.

Another major shareholder, Perth skimpies king Steve Zielinski, joined fellow investors in calling for the Australian Securities & Investments Commission to investigate Paynes Find Gold, which spent more on directors’ salaries last year than on gold exploration.

via Paynes board in uproar over proxy vote rejection | The Australian.

Strange Random Corruption Quote:

Calvin: Do you believe in the devil? You know, a supreme evil being dedicated to the temptation, corruption, and destruction of man?

Hobbes: I’m not sure that man needs the help”


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Posted on December 10, 2011, in Article and tagged , , , , , , , . Bookmark the permalink. Leave a comment.

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