Iron ore explorer Strategic Minerals has made changes to its board to head off the requisition of a general meeting.
Chief executive Paul Harrison is stepping down from the board and Lyle Hobbs and Julien McInally will join the board once due diligence is completed. Peter Stephens will resign when Hobbs joins the board and David Anderson will leave the board but stay with the company when McInally joins the board. Desire Petroleum founder Stephens joined the board on 12 December 2013.
Lenark PTY Ltd and Kifco PTY Ltd tried to requisition a general meeting. On top of the changes made the requisitioners also wanted to remove executive chairman James Fyfe and put David Weidemier on the board.
Strategic is seeking mineral stockpiles outside high risk and volatile regions. The focus had been on iron ore but the scope of the search will widen. Strategic also wants to generate value from the Iron Glen and Jotanooka tenements in Australia.
The Cobre stockpile in New Mexico generated revenues of $38m in 2013, up from $6m the year before, having sold 438,000 dry metric tonnes of magnetite. However, Strategic is probably still losing money, even before the amortisation charge.
At 1.68p a share, up 0.33p, Strategic is valued at £9.31m.
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