Metgasco hits back at cranky shareholders pushing revolt
METGASCO's directors have hit back at a disgruntled group of minority shareholders seeking to unseat the current board and speed up the company's gas plans around Casino.
Yesterday the board issued a statement saying current CEO Peter Henderson would resign if the attempted coup succeeded.
The statement called on shareholders to remain loyal to the board or risk disrupting the company's fortunes.
The showdown is set to take place at Metgasco's annual general meeting later this month, where the rebel group will move to unseat current chairman Nick Heath and Greg Short.
The group wants to replace the current board with three new directors - including Metgasco's former chief fin- ancial officer Glenda McLoughlin and former chief operations officer, Michael O'Brien.
The final candidate, Stuart Glenn, is a former managing director at global engineering firm Parsons Brinckerhoff.
Another rebel shareholder agitating for change is former senior employee David Johnson, who worked alongside Ms McLoughlin and Mr O'Brien.
"The new board would be keen to focus on the development of gas for local industries around Casino, which has not been a priority for the current board," said local rebel shareholder John Vaughan.
"It's frustrating that those goals have not been pursued."
But the boardroom takeover bid has been labelled as opportunistic by the current crop of directors, who suggested their proposed replacements failed to prove shareholder value when they were at the helm, including spending $71 million on exploration activities.